How To Withdraw Money Using Aadhaar

Submitted by shivam on Tue, 12/22/2020 - 15:12

Aadhaar Enabled Payment System (AePS)

To bring all citizens in the banking framework and to carry out financial transactions through Aadhaar, National Payments Corporation of India (NPCI) has developed Aadhaar Enabled Payment System (AePS) which allow users to send funds from one bank account to another simply through their Aadhaar numbers.

As the system works on a centralized server, people can send money from their account to any account irrespective of the bank in which the receiver's account is operated. It will add another layer of security to financial transactions as bank details would no longer be required to be furnished while carrying out these transactions and fingerprints of the account holder will be required for authorizing the transaction.

Service Offered

  1. Cash Deposit
  2. Balance Enquiry
  3. Cash Withdrawal
  4. Aadhaar to Aadhaar Fund Transfer
  5. Mini Statement
  6. BHIM Aadhaar Pay
  7. eKYC
  8. Demo Auth
  9. Aadhaar Seeding Status
  10. Authentication
  11. Tokenization
  12. Best Finger detection

Inputs Required

The only inputs required for a customer to do a transaction under this system are:-

  1. Bank Name
  2. Aadhaar Number
  3. Fingerprint captured during enrollment.

Benefits of Aadhaar Enabled Payment System (AePS)

Benefits of AePS are as follow:

  1. Aadhaar enabled Payment System facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication.
  2. Aadhaar enabled Payment System is based on the demographic and biometric/iris information of an individual, it eliminates the threat of any fraud and non-genuine activity.
  3. Aadhaar enabled Payment System is easy to use, safe and secure payment platform to avail benefits by using Aadhaar number & biometrics.
  4. People do not have to furnish their debit/credit card for making transactions through AePS.

How to use AePS?

If you would like use this Aadhaar Enabled Payment System(AePS) then you have to follow these simple steps

  1. Link your Aadhaar with your bank account
  2. Visit a banking correspondent in your area.
  3. Enter your 12-digit Aadhaar number in the PoS Machine.
  4. Select the transaction type (cash deposit, withdrawal, mini statement, fund transfer, balance enquiry or eKYC.)
  5. Select the bank name.
  6. Enter the amount for the transaction.
  7. Authenticate the transaction using your biometric (fingerprint or iris scan).
  8. The transaction gets completed in seconds.
  9. A receipt will be given to you by the banking correspondent.