Mobile Funds Transfer Online Aadhaar App Download
Mobile Funds Transfer Online Aadhaar App Download
Aadhaar enabled payment system (AePS) is an application developed through the National Payments Corporation of India (NPCI) which allows users to conduct financial transactions with a micro-ATM by providing your Aadhaar number and validating it using their fingerprint or iris scan.
It is not necessary to disclose the bank account information for these transactions. Thanks to this system of payment, users can transfer money from one account to another with their Aadhaar numbers. Because the system is based on a centralized server, individuals can transfer money from their accounts to any account regardless of the bank where the account of the receiver is managed.
This will add a layer of protection to financial transactions since bank details will no longer be required for these transactions. However, fingerprints from the account’s owner would be required to authorize the transaction.
Benefits of AePS
There are many advantages to AePS. A few of them are listed below:
Banking, in addition to transactions that are not bank-related, can be completed by a bank correspondent.
Bank correspondents from one bank may be able to perform transactions with other banks too.
The customers do not need to present their credit/debit card to use AePS.
The fingerprint is necessary to authenticate transactions, which helps to ensure its security.
Micro PoS devices are portable and can be carried to distant locations, allowing people living in remote villages to conduct transactions immediately.
What are the facilities available through AePS?
APS offers its customers a choice of 6 services through AePS. These include:
Cash Withdrawal
Cash Deposit
Balance Enquiry
Aadhaar to Aadhaar Fund Transfer
Mini Statement
KYC – Best Finger Detection/IRIS Detection
How to use AePS?
The procedure of making use of AePS is very simple. Follow these steps to get started:
Contact a bank representative in your region. (It does not matter if the correspondent is an executive at the bank that you don’t have an account with It is possible to make transactions using AePS).
You can enter your 12-digit Aadhaar number into your PoS Machine.
Select the type of transaction you want to make such as cash deposit, withdrawal mini statement, fund transfer, balance inquiry, or KYC.
Select the bank’s name.
Enter the amount to be used for the transaction.
You can authenticate the transaction by using your personal biometric (fingerprint or an iris scan).
The transaction can be completed in a matter of seconds.
Receipts will be provided to you by your bank correspondent.
Important Information to Keep in Mind when making use of AePS
It is important to keep these in mind before using this new method of payment:
Your bank account must be linked to Aadhaar to use this service.
If you have multiple accounts at one bank only the primary account is used under AePS.
There is no OTP nor PIN will be required to make transactions with AePS.
AePS facilitates transactions between Aadhaar linked bank accounts, but only.
Many bank accounts may be connected to Aadhaar to make use of the AePS facility. Only one account per bank can be utilized to avail of this facility.
The transfer of transactions through AePS occurs at 11 pm each day. Any transactions completed before this time during the entire day will be included in the settlement.
APS Fund Transfer Limit
RBI has not set a restriction on transactions that can be made using AePS. However, several banks have set limits on transactions processed through AePS to prevent fraud that occurs through the payment system, if it exists. Certain banks have established an annual limit of up to Rs 50,000 for all transactions.
Mobile Funds Transfer Online Aadhaar App Download
Why did the government launch AePS?
The government has established itself to bring every citizen into the banking system. However, it’s impossible to establish banks in every village. So, the government came up with AePS which allows people from remote areas will be able to transfer or receive cash and access other non-financial and financial banking services through the use of Micro ATMs and bank correspondents.
Transactions made via this channel require biometric authentication with the most accurate finger and iris detection. Signatures can be faked, however, fingerprints and iris cannot be. This has made transactions more secure. It is no longer necessary for the bank’s passport, or debit card to transfer funds since the only requirement is an Aadhaar number and fingerprints will be needed to complete the transaction making it easier for everyone to utilize this service.
Transferring funds or payments through Aadhaar numbers is possible through the federally specific Aadhaar Pay service made available through the BHIM app, which will allow users to pay with biometric authentication without the need for mobile phones to verify or provide codes.
BHIM Aadhaar Pay enables users to make and receive digital payments via Aadhaar Authentication. It permits anyone who is associated with a banking institution that acquires funds to be that is live on BHIM Aadhaar Pay, to accept payments from any bank through authentication of users with biometrics.
The person to who you’re sending money must possess an Aadhaar number connected to an account at a bank. If this isn’t the case the payment method Aadhaar isn’t a good idea.
Follow the steps below to transfer money with your Aadhaar number:
Launch the BHIM application on your phone.
Click on the “Send Money option.
Click on three dots on the right-hand side of the screen.
Choose Aadhaar Pay.
Input the beneficiary’s Aadhaar number.
Tap on Verify.
Then enter the amount and the reason for the payment.
Then, finally, tap on Pay.
About BHIM App:
BHIM (Bharat Interface for Money) is an Indian mobile payment app that was developed in collaboration with the National Payments Corporation of India (NPCI). BHIM app allows users to perform transactions with the Unified Payments Interface (UPI). It allows direct bank transfers to anyone who is on UPI with their UPI ID, or by scanning their QR code with the app BHIM. You can also request funds via the app using the UPI ID.
Note:
When you transfer money using an Aadhar number, keep in mind that the BHIM app does not display the name of the account holder, therefore double-check the account number before transferring money