Money Transfer By Aadhaar Card: Aadhaar card is the strongest proof of our identity today. Aadhaar has become mandatory almost everywhere today. You cannot use Aadhaar Card only as an identity card, but with the help of it you can also withdraw money.
You can also transfer money from one account to another. All this has been possible because of the Aadhaar Enabled Payment System (AePS) . This system has been developed by the National Payment Corporation of India (NPCI) . Digital transactions can be done by entering the Aadhaar number and verifying with fingerprint. It is also quite secure as it does not require providing bank details.
This payment system is based on the Unified Payment Interface (UPI) platform. It is a type of bank-based model that allows online transactions through Aadhaar authentication at ATMs, kiosks and mobile devices.
If you want to take advantage of this service, then it is necessary that your Aadhaar card is linked to the bank account. If your account is not linked with the bank, then you will not be able to do money transactions through this system. Under this system, no OTP and PIN is required for doing transactions. One Aadhaar card can be linked to multiple bank accounts.
What are the services related to AePS?
With the help of AePS system, the user can withdraw money, check balance, deposit money and transfer funds from Aadhaar to Aadhaar. Aadhaar Based Payment System (AePS) includes balance enquiry, money withdrawal, deposit, Aadhaar to Aadhaar fund transfer, payments, transactions and other such services. This service allows the customer to do doorstep banking and avail basic facilities of the bank without visiting any bank branch.
How to do transaction
You can use Aadhaar Enabled Payment System (AePS) by visiting the banking correspondent or you can avail this service by calling him at home. Common Service Center (CSC) operators also provide this service. Banking correspondents are authorized by banks for digital transactions.
- Visit the Banking Correspondent or CSC Center of your area.
- Enter the 12 digit Aadhaar number in the OPS machine.
- Now choose the work to be done from Money Withdrawal, KYC or Balance Enquiry.
- If you want to withdraw money, enter the name of the bank and the amount you want to withdraw.
- Now place your finger on the machine to verify the biometric transaction.
- Once the biometric is verified, your transaction will be complete.
