Aadhar Enabled Payment System

An AEPS is a system which enables customers to identify their bank details using his/ her identity, for the performance of basic services like banking transactions, cash withdrawals, and balance enquiries. Mazerpay AEPS services encourage cashless transactions by using a fingerprint sensor or iris scan for biometric verification, by ensuring a high level of security for each and every transaction. The service benefits by providing a maximum withdrawal of RS 10, 000 per transaction within a few minutes. Though there is no limit, in some banks there is a daily limit of over Rs 50, 000 on total transactions. It facilitates interoperability across different banks. The purpose served is electrification of retail payments. With AEPS there are some other services also offered, like mini statement, kyc, BHIM Aadhar Pay. For carrying out AEPS transactions, some major information of the person is required, like Aadhar Number, fingerprint, and (IIN) Name or Bank’s Issuer Identification Number. Mazerpay helps India to move towards cashless payment, using digitalization, with more security and less chances of fraud.