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In the last week of June, the Reserve Bank of India (RBI) issued guidelines to strengthen the Aadhaar Enabled Payment System, or AePS.
All of us are familiar with UPI – Unified Payments Interface. What’s AePS?
We can call AePS UPI’s elder brother. Launched in 2011, five years before UPI came into being, it’s a bank-led model that allows online, interoperable financial transactions at MicroATM terminals using Aadhaar authentication. Aadhaar is a 12-digit unique identity number for all residents of India, based on their biometrics and demographic data.
UPI, in contrast, is a system that allows for real-time, person-to-person and
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