Aadhaar Enabled Payment System or AEPS is a new payment service offered by the National Payments Corporation of India to banks and financial institutions using ‘Aadhaar’. Aadhaar is a unique identification number issued by Unique Identification Authority of India (UIDAI). This service can be availed at Customer Access Points (CSPs) managed by Business Correspondents (BCs) using Point of Sale (POS) devices. Oxigen, being one such financial institution, provides AEPS services across India through its appointed BCs who use Oxigen Micro ATM PoS machines.
It is surprising that only through the Aadhaar number you can access your bank account. But it is possible then when your Aadhaar number is linked to your bank account otherwise not possible to access your bank account. This linking leads you to your bank account. The fingerprint is authenticated by The Unique Identification Authority of India (UIDAI). In response to a transaction, UIDAI tells to the bank about the authenticity of the user. Once, UIDAI authenticates, the bank gives a green signal to the transaction.
Through the Aadhaar Enabled Payment System, you can withdrawal money without producing any card. However, your Aadhaar number should be registered with your banking account. If you have not linked your Aadhaar with your bank account then you won't able to get benefit from Aadhaar Enabled Payment System (AEPS). For Aadhaar Enabled Payment System (AEPS) transactions, you will need the following details.
