AEPS Full Form | What Does AEPS Stand For?

AEPS: Aadhaar Enabled Payment System

AEPS Full Form

AEPS full form stands for Aadhaar Enabled Payment System. Aadhaar is a unique 12-digit identification number, which can be obtained voluntarily by Indian residents or passport holders based on biometric and demographic data.

The data has been compiled by the Unique Identification Authority of India (UIDAI), a legislative body that was compiled in January 2009 under basic provisions under the purview of the Ministry of Electronics and Information Technology.

Brief Explanation

Aadhaar is the world’s largest biometric ID system. Paul Roemer, the World Bank’s chief economist, called Aadhaar “the world’s most complex ID program.” Proof of residency and proof of citizenship is not considered, Aadhaar does not grant any right to reside in India.

A network of micro ATMs that verify Aadhaar. The Aadhaar Enabled Payment System (AEPS) transaction for the month of July 2019 has crossed 200 million milestones. EPPS is a bank-led model that allows basic interbank transactions in POS (micro ATM) through any bank’s business representative using Aadhaar authentication.

What Is The Full Form Of AEPS?

AEPS full form stands for Aadhaar Enabled Payment System. Aadhaar is a unique 12-digit identification number, which can be obtained voluntarily by Indian residents or passport holders based on biometric and demographic data. Aadhaar is the world’s largest biometric ID system.

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