Aadhaar news: Do you use an Aadhaar card to make payments? If yes, you will have to shell out more money as fees to avail of the service from December 1, 2022. Aadhaar Enabled Payment System or AePS a system is wherein you can conduct your entire banking through your Aadhaar number. This service can only be availed from your Aadhaar-enabled bank accounts. A person can enquire about her balance, debit, credit, and funds transfer.
According to the latest notification, a person will have to pay Rs 20 GST per cash transaction while using AePS. This will be taken after exhausting the free limit. For a mini statement, Rs 5 GST will be charged. Those who don't have an account in the Indian Post Payment Bank can do one transaction every month.
A customer can use his name, Aadhaar number and fingerprints to complete the transaction.
Since AePS employs Aadhaar numbers and biometrics for authentication, it is one of the safest methods for banking. Since it employs fingerprints and IRIS scans, no impersonator can take out money from your account. A person is safe from fraud while using Aadhaar-based payments.
With this system, a person can also do Aadhaar-to-Aadhaar fund transfers, authentication, and Bhim Aadhaar Pay banking services. A person can also do e-KYC, demographic authentication, and other services.
