Aadhaar enabled payment technology or AePS rates have increased


Aadhaar Updates: Do you make payments with your Aadhaar card? If you answer yes, then you will have to pay additional money in fees from December 1, 2022. Aadhaar Enabled Payment Technology (AePS) is a system that allows you to do all your banking transactions using your Aadhaar number . This service is available only through Aadhaar enabled bank accounts. A person can check their balance, debit, credit and fund transfer.

As per the latest notification, a person using AePS will have to pay Rs 20 GST per cash transaction. This will be taken once the free limit has been reached. GST of Rs.5 would be payable on a small extract. Those who do not have an account with the Postal Payments Bank of India can make one transaction every month.

To complete the purchase, a consumer can use their name, Aadhaar number and fingerprints.

AePS is one of the most secure banking systems because it uses Aadhaar numbers and biometrics for authentication. Because it uses fingerprints and IRIS scans, no one can steal money from your account. When using Aadhaar based payments, a person is protected against fraud.

Aadhaar to Aadhaar financial transfers, authentication and Bhim Aadhaar Pay banking services are also available through this technology. Individuals can also perform e-KYC, demographic authentication and other services.

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