Aadhaar Enabled Payment System is a way to get money from the bank account without your signature or debit cards. Through the Aadhaar Enabled Payment System, customers don't even need to visit a bank branch for getting money.
Recently, the government has launched the BHIM Aadhaar Pay system. It has the virtues of BHIM app as well as AEPS. Using this platform, one can pay to merchant without the card or mobile. The thumb impression is used for authentication.
AEPS provide a lot of convenience to the rural people. It would bring bank to their doorstep and save much time and transport expense. It would be just like a visit to ATM at every doorstep. That is why government calls the POS as micro-ATM.
Aadhaar to Aadhaar Fund Transfe
The Aadhaar Enabled Payment System gives you banking facility on the go. However, it gives you only basic services. These 4 services can be done through the AEPS.
Through the AEPS,you can get moneywithout producing any paper or card. However, your Aadhaar number should be registered with your bank account. If you did not linked your Aadhaar with a bank account the AEPS would not be useful to you. For AEPS trasaction, you need following
Bank IIN or Name information.
It means, you have to only remember your Aadhaar number to do the bank transaction. It is just like remembering own mobile number.
A PAN card is a document that no taxpayer can do without. Besides being compulsory in order to file your Income Tax returns and to receive a tax refund, a PAN card also serves an accepted proof of identity and has now been made mandatory for a number of transactions of both a business as well as a personal nature. A comprehensive list of the various activities that require a PAN card to complete or authenticate the activity are mentioned below:
Apply for Correction in PAN
Apply for Lost or Damaged PAN
Apply for Other than Individuals
Apply for New PAN
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