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Aadhaar-Enabled Payment System: Connecting the Banks with the Unbanked & Underbanked

In one of the villages of Jharkhand, the lives of Basudeb Pahan and Kalamati Devi are not the same anymore. There’s been a change, and one that’s for the better. Now with old-age pensions and school stipends being paid through the Aadhaar enabled payment systems or AEPS, the lives of thousands are being transformed. As Basudeb puts it, those days of walking a 15 kilometer stretch through hilly and difficult roads and then queuing up at the bank for hours for a just a meager sum of Rs. 400 are now over.

So, what exactly does AEPS do? The AEPS system leverages Aadhaar online authentication and enables Aadhaar Enabled Bank Accounts (AEBA) to be operated in anytime-anywhere banking mode through Micro ATMs. This system is controlled by the National Payments Corporation of India (NPCI).

The 5 Aadhaar enabled basic types of banking transactions are:

  • Cash Withdrawal

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