YES BANK AADHAR ENABLED PAYMENT SYSTEM (AEPS) or AEPS Yes Bank API is a medium to get money from bank account. You neither need your signature nor Debit Card to get money from this system. You do not need to visit a bank branch to receive money through Aadhaar Enabled Payment System (AEPS). Actually, it uses Aadhaar Card for authentication. Like UPI and USSD, this is also another new initiative of NPCI. Apart from fund transfer, you can do all transactions through Banking Correspondent of any bank. For fund transfer, you need BC of your bank.
It is surprising that you can access your bank account through Aadhaar number. But it is possible when your Aadhaar is linked with your bank account. This linking takes your Aadhaar to your bank account. Fingerprints are certified by UIDAI. And UIDAI informs the bank about the authenticity of the user. Once, UIDAI authenticates the user, the bank gives green signal to the user to do the transaction. This means, you only need to remember your Aadhaar number for bank transactions. It is just like remembering mobile number.
Benefits of YES BANK AEPS :-
You can do financial and non-financial transactions through Banking Correspondent.
Banking Correspondent of any bank can do specified transactions of any bank.
There is no need for Signature or Debit Card.
It is Fast and Secure. No one can print your fingerprint.
Banking Correspondent can reach remote rural place with micro POS.
SERVICE IN YES BANK AEPS :-
1- You can check the balance of any bank.
2- You can deposit the balance of any bank.
3- You can withdraw the balance of any bank.
4- You can transfer money to any bank.
5- You can withdraw balance from credit card
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