Introduction 

AEPS stands for Aadhaar Enabled Payment Method  Since Modi government established his demonetization drive, the nation was facing a serious cash issue. Pursuing persistent complaints from individuals, Opposition, and bankers, the government introduced a set of steps to make sure individuals can eliminate money, and also one particular step is micro ATM.

Micro ATMs was published essentially to ease residents of these regions of the nation, where no more banks can be found readily with almost any ATM facilities.

Micro ATMs are essentially a card swipe system exactly enjoy a PoS (Point of Sale) terminals, this terminal can connect into the bank's core banking system through GPRS to do banking transactions. This system can also be facilitated with bio-metric apparatus, which may confirm The user. These machines have been carried by lender correspondent or storekeepers in a distant place where a bank can not reach. The lender correspondent confirms the consumer and then consumer able to perform the financial trade.

Basically here we'll discuss regarding the most recent edition of Micro ATM, dependent on Aadhaar Enabled Payment Method (AEPS), in which ATM card or swipe machines aren't required.

Aadhaar Enabled Payment Method (AEPS)
Aadhaar Enabled Payment Method or AEPS is the newest payment service suggested by NPCI (National Payments Corporation of India) to banks, financial businesses utilizing Aadhaar amount and online UIDAI authentication via their various Business representative service centers.

AEPS is a banking headed model that permits online interoperable monetary inclusion trade at PoS (MicroATM) via the Business correspondent of any lender utilizing the Aadhaar authentication.

Balance Enquiry
Money Withdrawal
Money Deposit
Aadhaar into Aadhaar Funds Transport
The only inputs needed to get a client to perform a trade under this situation are:-

IIN (Assessing the Bank to what the client is associated)
Aadhaar Number
Fingerprint seized during their registration and an OTP to their registered mobile amount
How can AEPS Work?
APB is a repository of Aadhaar variety of taxpayers as well as their principal bank account number used for getting all societal security and entitlement payments from several government agencies.

It requires utilizing Aadhaar amount as the main key for all entitlement payments.

This advantage has a much larger ramification as more and more social safety programs are shifting from in-kind into in-cash subsidies.

Aadhaar Enabled Payment Method
Technology Must Allow The Banks To Go In Which The Client Is Current, Rather Than The Other Way Round.
Technology Needs To Enable Interoperability Among Various Systems Embraced By Various Banks.
The Aadhaar Payment Process Is Meant To Tackle Both The Aforementioned Difficulties ..

AEPS Procedure Steps
The main steps in doing trades via AEPS are:

Resident offers his / her Aadhaar amount, details of financial trade fingerprint and searched impression in the micro ATM device.
Digitally encrypted and signed data packets are moved through Bank Switch to NPCI into UIDAI.
When the authentication answer is Yes, lender carries out the necessary authorization procedure and advises micro ATM on appropriate next steps.