Aadhaar Enabled Payment System (AePS) Explained: What It Is, How It Works, Features and More

National Payments Corporation of India (NPCI) introduced the Aadhaar Enabled Payment System (AePS) in 2016 as a new method for direct benefit transfers from the government to the citizens, plugging leakages in the system. AePS, a “bank-led model”, is claimed to bring people living in underserved parts of the country into the fold of the formal banking system. Usin…

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