The Aadhaar enabled Payment System (AePS) is a revolutionary digital payment system introduced by the National Payment Corporation of India (NPCI) that allows individuals to withdraw money from their bank account without an account number. This system has made banking more accessible and convenient for people, especially those living in remote areas where banks are not easily accessible.
With AePS, individuals can carry out a range of financial transactions such as checking their bank balance, withdrawing money, depositing money, and transferring funds, among others. This payment system is based on the Unified Payment Interface (UPI) and works similarly to other UPI-based payment systems like Google Pay and PhonePe. However, what sets AePS apart is that it only requires an individual’s Aadhaar number to make transactions, making it more secure and reliable.
Here’s a step-by-step guide on how to withdraw money from your bank account with Aadhaar number using the AePS payment system:
Step 1: Locate an AePS-enabled bank or business correspondent
To use the AePS payment system, you need to find a bank or business correspondent that supports this service. You can find an AePS-enabled bank or business correspondent in your area by visiting the NPCI website or by contacting your bank.
Step 2: Provide your Aadhaar number and bank name
Once you have located an AePS-enabled bank or business correspondent, provide your Aadhaar number and bank name to the agent. This will enable the agent to locate your bank account and verify your identity.
Step 3: Choose the transaction type
After your identity is verified, the agent will present you with a list of transaction types you can carry out using the AePS payment system. Choose the transaction type you want to carry out, which in this case is “Cash Withdrawal.”
Step 4: Enter the transaction amount
Once you have selected the transaction type, enter the amount you want to withdraw from your bank account.
Step 5: Authenticate the transaction using your fingerprint
To complete the transaction, you need to authenticate it using your fingerprint. Place your finger on the biometric scanner provided by the agent to verify your identity. Once your identity is verified, the agent will dispense the cash you requested.
It is important to note that there may be transaction fees associated with using the AePS payment system. These fees vary depending on the bank or business correspondent you use and the type of transaction you carry out. It is best to check with your bank or the agent beforehand to determine the fees associated with the transaction.
The Aadhaar enabled Payment System (AePS) has made banking more accessible and convenient for individuals, especially those living in remote areas. With AePS, individuals can carry out a range of financial transactions, including withdrawing money from their bank account without an account number. By following the steps outlined in this guide, individuals can easily withdraw money from their bank account using their Aadhaar number and the AePS payment system.
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