What is AESP Full Form, Meaning, And Definition

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from which you can know what activity has happened in your account or when and how much money has been deposited or withdrawn.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

AcronymsAeps Meaning
AEPSAssessment Evaluation and Programming System
Computing
AEPSAmerican Eagle Protective Services
Miscellaneous
AEPSApplied Evolutionary Psychology Society
Education
AEPSAdvanced Electronic Support Product
Business
AEPSAlternative Electric Power Systems
Business
AEPSAssessment, Evaluation, and Programming System
Education –
AEPSAviation English Private School
International
AEPSArmy Electronic Product Support
Education
AEPSAutomated Electronic Product Support
Governmental
AEPSadhaar Enabled Payment Service
Miscellaneous
AEPSAmerican Electric Power Service Corporation
Business
AEPSAdvanced Energy Portfolio Standard
Business
AEPSAircrew Escape Propulsion System
Governmental
AEPSAlternative Energy Portfolio Standards
Governmental
AEPSAadhaar-Enabled Payment System
Miscellaneous
AEPSAlternative Energy Portfolio Standard
Governmental
AEPSAlternative Energy Product Suite
Governmental
AEPSArctic Environmental Protection Strategy
Governmental
AEPSAssessment Evaluation Programming System
Software
AEPSAdvanced Electric Propulsion System
Governmental
AEPSAdvanced Electrical Power Systems
Governmental
AEPSadhar Enabled Payment System
Miscellaneous
AEPSAgricultural and Environmental Plant Sciences
Governmental
 

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