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Aadhaar Enabled Payment System (AEPS)
In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.
The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.
AEPS is a new payment service offered by the National Payments Corporation of India to banks, financial institutions using ‘Aadhaar’. This shall be known as ‘Aadhaar Enabled Payment System’ and may also be referred to as “AEPS”. AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication. Any resident of India holding an Aadhaar number and having a bank account may be a part of the Aadhaar Enabled Payment System.
The customer conducting an AEPS transaction may visit a BC Customer Access Point. The BC using the Point of Sale (MicroATM) device will be able to process transactions like Cash Withdrawal, Cash Deposit, Balance Enquiry and Fund Transfer by selecting the transaction of
their choice. The Customer needs to provide their Aadhaar Number and their bank name or bank IIN number.
IIN number identifies the bank to which the customer has mapped his/her Aadhaar number. Each bank would be issued a unique Issuer Identification Number (IIN) NPCI. This is a six digit number. The customer service point will have the IIN number represented on the terminal by various bank logos/ bank names or the Business Correspondent (BC) agent will have a chart displayed of various banks IIN in the customer service centre. Therefore the customer need not necessarily remember the IIN. It is however recommended that the customer be aware of their bank IIN to completely ensure an AEPS transaction.
The four Aadhaar enabled basic types of banking transactions are as follows:-
• Balance Enquiry
• Cash Withdrawal
• Cash Deposit
• Aadhaar to Aadhaar Funds Transfer
The only inputs required for a customer to do a transaction under this scenario are:-
• IIN (Identifying the Bank to which the customer is associated)
• Aadhaar Number
• Fingerprint captured during their enrollment
Objectives
• To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, Cash deposit, cash withdrawal, remittances that are intrabank or interbank in nature, through a Business Correspondent.
• To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
• To sub-serve the goal of RBI in electronification of retail payments.
• To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency.
• To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.
• To facilitate inter-operability across banks in a safe and secured manner.
• To build the foundation for a full range of Aadhaar enabled Banking services.
Services Offered by AEPS
• Balance Enquiry
• Cash Withdrawal
• Cash Deposit
• Aadhaar to Aadhaar Fund Transfer
• Gateway Authentication Services
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