AADHAAR ENABLED PAYMENT SYSTEM – A NEW INNOVATION TO DIGITAL PAYMENTS OF INDIA

Aadhaar enabled payment system (AEPS) is a type of payment system that is based on the unique identification number and allows Aadhaar card holder seamlessly make financial transaction through Aadhaar based authentication. The AEPS framework expects to enable all the areas of society by making monetary and banking administrations accessible to all the Aadhaar. AEPS is context through one can make fund transfer, make disbursement, make cash deposit, make extractions, make request for information about bank balance etc.