Aadhaar Enabled Payment System (AEPS) is a type of payment system that is based on the Unique Identification Number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar-based authentication.
Aadhaar Banking is AEPS (Aadhaar Enabled Payment System) powered digital banking service that enables retailers to provide basic banking functions such as cash withdrawal, balance inquiry, and domestic money remittances to their customers and earn money as commission. All that any retailer needs to do is to signup as a Direct pe retailer and start providing these services.
It is a win-win situation for both – the local retailers and the customers. Instead of searching for ATMs or standing at long queues at bank branches, customers can walk up to any Direct pe retail store and conduct banking transactions with their Aadhaar number and fingerprint authentication.