Enquiry Form

Blogs

AADHAAR Enabled Payment System

Updated On : June 2015  |  by Amol S. Khanvilkar

AADHAAR Enabled Payment System (AEPS)

AADHAAR Enabled Payment System provides basic financial services (cash deposit, balance enquiry, cash withdrawal and remittance) at low cost access devices (called MicroATMs) maintained at Business correspondents in an inter-operable way.

The 5 AADHAAR enabled basic types of banking transactions are:

  • Cash Withdrawal
  • Cash Deposit
  • AADHAAR to AADHAAR Funds Transfer
  • Balance Enquiry
  • Gateway Authentication Service

The objective of AADHAAR Enabled Payment System (AEPS) is to empower a bank customer to use AADHAAR to access his/her AADHAAR – enabled bank account and perform basic banking transactions that are intra-bank or interbank in nature through a business correspondent. It serves another important goal of RBI in electrification of retail payments. It would enable banks to route the AADHAAR -initiated interbank transactions through a central switching and clearing agency. It would 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. Another important goal AADHAAR Enabled Payment System (AEPS) serves is to facilitate inter-operability across banks in a safe and secured manner. AADHAAR Enabled Payment System (AEPS) allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the AADHAAR authentication.

The four AADHAAR enabled basic types of banking transactions are as follows:-

  • Balance Enquiry
  • Cash Withdrawal
  • Cash Deposit

AADHAAR to AADHAAR Funds Transfer

Inputs required for a bank or a Banking Correspondent (BC) 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.

This powers the banking agent to operate on the field, doing transactions for their customer in an effective manner. Another system AADHAAR Payment Bridge Solution (APBS) is be used to

  • EBT Credit disbursements based on UID number.
  • To sub-serve the goal of Government of India (GOI) and Reserve Bank of India (RBI) in furthering Financial Inclusion by way of processing government disbursement using AADHAAR number.
  • To support various Schemes like NREGA, Social Security Pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, to send financial details to the beneficiary using AADHAAR number. Nelito has been in the forefront in providing banks with ABPS and AEPS systems. It has already gone live with 12 banks for these projects and preparing more banks for the platform.

Also Read

CLIENT SPEAK

  • CBS

    “The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has been our CBS vendor since 2009. The Products, quality of service offered by them are excellent. They have a very good support team and are trained enough for handling any type of situation.”

    D K Kandpal | Vice President (IT)

    Nainital Bank
  • MIS ADF

    “Good & Co-operative.”

    Ronniee Gupta | DGM

    UCO Bank
  • CBS

    “We appreciate your local team who continuously supported & assisted our team to meet the goal.”

    Nagendra Nath Sinha | Principal Secretary IT

    Government of Jharkhand, Ranchi
  • CBS

    Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others .

    Rachelle F. Rivas | IT Project Manager (Senior Manager)

    Bank of the Philippine Islands (BPI)
  • CBS

    • As Vendor strict adherence to process & procedures
    • Risk Mitigants in Place
    • Flexible to customer requirements

    Dinesh Negi | VP (Clg)

    DCB Bank Ltd
  • Custom Application Development testimonial

    Bank has implemented CBS of Nelito Ltd in the year 2008-09 in phase manner. Also integrated RTGS/NEFT, CTS, MMS etc which help us in smooth automation of banking operation.

    K.T. Wadia | CEO

    The Sutex Co-op bank Ltd
  • CBS

    Experience during development of Rating Engine Module has been good in the context of commitment to meet timelines & lot of hard work has been put by Nelito's team.

    Ashuthsoh Satsangi | VP-Operations

    SMERA
  • CBS

    Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth.

    Frithjof Ramb | Vice President

    SBI- Frankfurt, Germany
  • CBS

    Nelito and its team has always been supportive and efficient in achieving the tasks set up by the Dept. Apps developed by the software engineers for the Public Health Dept have proved to be excellent among the top competitors and have been acclaimed for its effective service delivery to the end user at the grass root level which is the foremost object of any Govt organization. Many thanks for the sincere efforts.

    Sanjay Kamlakar | Under Secretary to GoM

    Govt of Maharashtra