AePS (Aadhaar Enabled Payment Service) Through iPPB Details

What is Aadhaar Enabled Payment Services?

       Aadhaar Enabled Payment System (AEPS) is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal and remittances.

What is important for AEPS to work?

      The customer looking to avail AEPS should mandatorily:

a) Have a Bank Account with a Bank               participating in AEPS 
b) His / Her Aadhaar should be linked to         his/her Bank account with other Bank. 
C) Transaction is completed using                   his/her  biometric authentication only. 

What all services are covered under AEPS offering?

•Cash Withdrawal

•Cash Deposit *

•Balance Enquiry

•Mini Statement 

•AadhaartoAadhaarFund Transfer

*** These Services are currently Disabled by NPCI for all Banks and shall be rolled out in near future

**IPPB will be rolling out this service in Phase –II

AEPS – How Does it Works?

How does the transaction works? 

1.The customer holding an Aadhaar Seeded Bank account may approach any of our Access Point and initiate a transaction through AEPS Micro-ATM / CBS by: 
•Providing his Aadhaar Number•Selecting his/her Bank name (IIN of the Bank)
•Selecting the type of transaction e.g. Cash Withdrawal/Deposit and amount •Authenticating the transaction through his Aadhaar biometric fingerprint.

2.The transaction is routed to NPCI which in turn authenticates the Aadhaar & Bank details through UIDAI & NPCI Mapper and then sends the transaction to the issuing bank (where account is held) for confirmation.

3.Issuing Bank checks the customer’s a/c and reverts back with relevant response depending upon the transaction type to NPCI which in turns sends the response back to Acquiring Bank (IPPB)

4.The transaction is completed basis response received and Customer gets a confirmation message through SMS. Either Cash is handed over or accepted (depending on Cash Withdrawal or Deposit transaction type)

5.Financial settlements between the Banks are done at pre-defined intervals

What is “Pull Money” Feature offered by IPPB?
    Pull money is an option provided in IPPB Micro-ATM / CBS Interface for operational ease which allows the user to Withdraw Cash from A/c held with other Bank and perform deposit in IPPB A/c in one flow only. This feature allows the customers to access their funds held with Bank account which cannot be operated due to proximity issues. 

AEPS -Benefits

Benefits for India Post Payment Bank

•Compliments our vast network which is now being made available to under serviced / under banked customers of other Banks.

•In line with our commitment to provide banking services at the doorstep of the citizens. 

•Steady Income stream for IPPB generated from transactional revenues earned. 

•Opens up opportunity to engage with underserved customers and migration to IPPB leveraging local connect and proximity advantages

•No Incremental Investment for POS devices, works with existing Micro-ATM & Biometric Scanner Benefits for Customers:

•Ability to access their accounts held with other banks where Bank branches / ATMs are not available in close vicinity

•Ability to access funds including DBT credits available in other Bank accounts. 

•Considerable saving in time & cost to travel to Bank branches, Account may be operated/accessed from IPPB Access Points/GDS

•Other Bank customers especially elderly & housewives may avail Doorstep Banking Services even for non IPPB A/c.

•AEPS is easy to use, safe and secure payment platform to avail benefits by using Aadhaar number & biometrics

•Aadhaar enabled Payment System is based on the demographic and biometric/iris information of an individual, it eliminates the threat of any fraud and non-genuine activity