On this page, We are going to learn about the full form of AESP and the meaning of AESP, As well as the meaning, definition, abbreviation, and acronym for AESP in different categories. So you should read this post till the end.
The Full Form of AESP: Aadhaar Enabled Payment System
AESP stands for Aadhaar Enabled Payment System. AeSP is a type of payment system developed by the National Payments Corporation of India (NPCI).
With the help of AePS, financial transactions or easy fund transfers can be done by verifying the Aadhaar number, fingerprint as well as an iris scan. But this payment system will work for only those persons whose bank account already has an Adhaar card link.
A fingerprint or iris scan is done by AEPS, and it verifies the authentication for the identity of the person from the database of Micro-ATM UID and approves the person to transact with his bank account.
There is no need for a bank passbook while doing a transaction. For this only the fingerprint of the account holder is required
All the public and private banking sector of India is linked to the AEPS Payment System, it is the goal of the National Payment Corporation of India (NPCI) that everyone can be connected to the bank with the help of AEPS.
Feature and Benefits of AEPS
- Balance Inquiry: Through AePS, you can get information about the amount deposited in your account. For this only you have to use Micro-ATM.
- Cash Withdrawal: You can get cash withdrawals from your bank account by scanning your fingerprint through AePS, you do not need to go to the bank.
- Cash Deposit: With Aadhaar Enabled Payment System (AEPS), you can deposit cash in your or someone else’s account.
- Mini Statement: AEPS also gives you the facility of mini statements related to your account, from which you can know what activity has happened in your account or when and how much money has been deposited or withdrawn.
- Mobile no. update: Any account holder can update and change the mobile number associated with his account with the help of AEPS. And all the updates and notifications of your bank keep getting on this mobile number.
- Aadhaar to Aadhaar Fund Transfer: AePS Payment System gives you the facility of Aadhaar to Aadhaar Fund Transfer, with the help of which funds can be transferred from one base to another.
- eKYC ( Finger Detection/IRIS Detection): It also provides the facility of eKYC, with the help of eKYC you verify your identity and address in your bank. Although you have to go to the bank to get KYC done, with the help of the AEPS Payment System and Micro-ATM, online KYC is also done through an Aadhaar card.
Some Other Meaning of AEPS
| Acronyms | Aeps Meaning |
|---|---|
| AEPS | Assessment Evaluation and Programming System Computing |
| AEPS | American Eagle Protective Services Miscellaneous |
| AEPS | Applied Evolutionary Psychology Society Education |
| AEPS | Advanced Electronic Support Product Business |
| AEPS | Alternative Electric Power Systems Business |
| AEPS | Assessment, Evaluation, and Programming System Education – |
| AEPS | Aviation English Private School International |
| AEPS | Army Electronic Product Support Education |
| AEPS | Automated Electronic Product Support Governmental |
| AEPS | adhaar Enabled Payment Service Miscellaneous |
| AEPS | American Electric Power Service Corporation Business |
| AEPS | Advanced Energy Portfolio Standard Business |
| AEPS | Aircrew Escape Propulsion System Governmental |
| AEPS | Alternative Energy Portfolio Standards Governmental |
| AEPS | Aadhaar-Enabled Payment System Miscellaneous |
| AEPS | Alternative Energy Portfolio Standard Governmental |
| AEPS | Alternative Energy Product Suite Governmental |
| AEPS | Arctic Environmental Protection Strategy Governmental |
| AEPS | Assessment Evaluation Programming System Software |
| AEPS | Advanced Electric Propulsion System Governmental |
| AEPS | Advanced Electrical Power Systems Governmental |
| AEPS | adhar Enabled Payment System Miscellaneous |
| AEPS | Agricultural and Environmental Plant Sciences Governmental |