Aadhaar enabled Payment System (AEPS) is a protected payment method provided by the National Payments Corporation of India (NPCI) that allows aadhaar linked bank account holders to avail basic banking.
Fingerprint authorization is done using a bio metric device to avail the service.
Customers simply need to tell their 12-digit Aadhaar number or VID (virtual ID) which is link to their respective Bank.
Under AePS currently,the following services are present:
eKYC is Electronic Know Your Customer. It is an electronic way of doing real-time KYC of a customer using Aadhaar authentication. The Customer has to provide his/her Aadhaar number and biometrics/OTP. eKYC enables an organization to get an electronic copy of customer identity and address details, as present in the UIDAI database, with customer consent
The benefits of AePS are as follow:
eKYC as a product has the following benefits:
RRN number is a 12 digit number generated to record the transaction and to identify a transaction uniquely.
What I can do when transactions declined at the BC location and the account gets debited/credited incorrectly by the acquirer/issuer Bank?
In such a situation one should visit the bank where his/her account is located i.e. the nearest branch of the issuer bank.
Business Correspondent (BC) is an approved Bank Agent providing basic banking service using a MicroATM (terminal) to any bank customer wishing to avail their bank BC service.