Aadhaar updates: Do you make payments using your Aadhaar card? If you answer yes, you will have to pay extra money in fees beginning December 1, 2022. Aadhaar Enabled Payment Technology (AePS) is a system that allows you to do all of your banking through your Aadhaar number. This service is only available through Aadhaar-enabled bank accounts. An individual can inquire about her balance, debit, credit, and funds transfer.
According to the most recent notification, a person using AePS will have to pay Rs 20 GST each cash transaction. This will be taken after the free limit has been reached. GST of Rs 5 would be paid for a tiny statement. Those who do not have an account with the Indian Post Payment Bank are permitted to make one transaction each month.
To complete the purchase, a consumer can utilise his name, Aadhaar number, and fingerprints.
AePS is one of the safest 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 from 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.