AePss is the acronym for Aadhaar Enabled Payment System same for UPI as Unified Payment Interface. They are both used for digital payment services an initiative by NPCI (National Payment Corporation of India) to ensure Cashless society under the digital India program.
Here we explain both the subject like what they are, daily benefits in life and usage. Foremost we begin with the UPI transaction.
Keep in touch on fascinating facts on UPI transaction.
As learned above UPI is also known as Unified Payment Interface a digital payment service drive by NPCI to ensure that India is digitally secured.
Before we begin UPI Transaction I would like to ask, if you have ever heard of UPI?
Reminding you, ever used Pay Tm?
Maybe you recount this service now; indeed I am explaining the function same way as
UPI transaction.
The main objective behind the initiative is competing with mobile online payment platforms such as e-wallets with a bank supported network. UPI is the real-time payment system based on IMPS facilities; used basically for instant money transfer between banks.
What are the benefits of UPI transaction, how can you apply it in your daily use?
The platform is the cheapest way to make transfers
Save you the stress of carrying physical cash
Does not require a bank account
Best alternative to POS machine
Usage is safe and secure
Real-time money transfer infrastructure
Ideally, there are benefits of using UPI transaction in daily life. This service can be used in PayTM wallet by transferring money directly without further details.
A form of payment system that enables payment for a cashless transaction with the use of credit or debit card. AEPS service is also supported by NPCI (National Payment Corporation of India) with aim developing cashless society under digital India program.
AEPS service enhances basic banking activities such as cash deposit, withdrawal, cash transfer and balance inquiry using aadhaar card and fingerprint as authentication. The facilities can be used anywhere as long as your bank details are connected to the aadhaar card.
The AEPS service ensures cashless transaction without the use of debit or credit card. No need to remember any pin or code; just your 12 digit aadhaar card numbers to the dealer and fingerprint as authentication to carry out basic banking activity.
Benefits of AEPS to your daily life includes
Cash Deposit
Cash Withdrawal
Fund Transfer
Balance Inquiry
The service is beneficial to our daily life for cashless activities. If you are unable to go bank or ATM for a transaction, this service will be of great assistance in rendering excellent basic banking transactions.
In conclusion, the two most popular digital payment services in India was discussed, what they actually are, how it can be used and its daily life impact. With the recent volume of banking activities, these methods of payments are way too important to overlook.
