Presentation on "Aadhar enabled payments system (AePS)"

1. Aadhar enabled payments
- Omkar Hankare

2. Transforming Digital Payments in India
AePS is a service developed by the National Payments
Corporation of India which allows users to conduct
transactions on a micro-ATM by providing their
Aadhaar number and biometric information.

3. What Is Required to
Use the AePs Facility?
Aadhaar number
Micro ATM
Fingerprint biometric of the
Aadhaar card holder

4. key features of AePS: Interoperability :
Ease of Access:
AEPS is a bank-led model that allows online
interoperable financial transactions at point of sale
(POS) or micro ATMs through the Business
Correspondent (BC) or Bank Mitra of any bank using
Aadhaar authentication. This means that a
customer linked to any bank can perform
transactionsfromanylocation
AEPS is a simple, secure, and user-friendly platform
for financial transactions. It brings banking to every
individual's doorstep and makes it easier for them to
do all the banking activities without visiting the
branch, worrying about carrying cards, or
rememberingpins

5. key features of AePS: Security:
Promoting Financial Inclusion:
The submission of biometric data and Aadhaar
number adds an extra layer of security to AePS
transactions, making them highly secure and
reliable. Users are not required to share their bank
account details during the transaction, enhancing
privacyandsecurity.
AEPS is aimed at providing banking services to every
section of society, especially the underprivileged
sections, thereby achieving financial inclusion. It
helps in reaching out to the rural and remote areas
of the country where banking facilities are not
available

6. Banking
Services
Offered by
AePS
Cash Deposit
Cash Withdrawal
Balance Enquiry
Mini Statement
Aadhaar to
Aadhaar Fund
Transfer

7. How to Use the AePs Facility?
Visit a local banking correspondent.
1.
Enter the Aadhaar number into the Point of Sale (PoS) machine.
2.
Select the transaction type and specify the bank’s name.
3.
Enter the transaction amount to proceed with the transaction.
4.
Provide biometric authentication (fingerprint or iris scan) to
confirm the payment.
5.
Upon successful completion, a receipt will be issued for the
transaction.
6.

8. AEPS CASH WITHDRAWAL LIMIT
The maximum transaction amount for a single AePS financial
transaction has been set by NPCI at Rs. 10,000.
AEPS FUNDS TRANSFER LIMIT
The Reserve Bank of India (RBI) does not impose any restrictions on
AePS transactions. However, some banks have implemented a daily
limit of Rs. 50,000 on the total number of transactions.

10. Disadvantage of AEPS
Vulnerable to Fraud: AEPS transactions, like any other
digital transactions, can be prone to fraud. The system's
reliance on biometric data makes it susceptible to potential
misuse and fraudulent activities. Biometric data can be
duplicated or manipulated, and once compromised, it is
challenging to secure again.

11. How to prevent misuse?
Experts suggest users utilise the official UIDAI website to lock their
biometric details. This ensures that users' fingerprints and other biometric
information cannot be misused for unauthorised authentication.
Users should regularly review their bank statements for any unauthorised
transactions and swiftly report any suspicious activity to the bank.

12. Thank You
Your presence has made this presentation meaningful and valuable!