Q. With reference to Aadhar Enabled Payment System (AePS) , consider the following statements:
1.It allows online interoperable financial inclusion transactions at Point of Sale
.2.AePS is developed by National Payment Corporation of India.
Which of the statements given above is/are correct?
Statement 1 is correct: It is a bank-led model which allows online interoperable financial inclusion transactions at Point of Sale (Micro ATM) through the Business correspondent (BC) (informal bank agent) of any bank using the Aadhaar authentication.
Statement 2 is correct: AEPS is developed by the National payment corporation of India (NPCI). It allows easy access to basic financial services through a micro ATM by just entering your Aadhaar pin and verifying it with your fingerprint.