Difference between AePS Service and UPI Transaction
AePS stands for Aadhaar Enabled Payment System, and UPI stands for Unified Payment Interface. Both the digital payment services are initiatives introduced by the National Payment Corporation of India (NPCI) to make society cashless under the digital India project. To know the difference between AePS and UPI transactions, let us have a look at the benefits of the two:
UPI Transaction - UPI is the instant payment system totally based on IMPS infrastructure. It is basically an instant money transfer from one bank account to another.
● It is the cheapest means of money transfer
● It releases you from the burden of cash
● It is not necessary to provide bank details
● The cheaper option to the POS machine
● It is safe and secure to use
● Facilitates instant money transfer
AePS Service - Aadhaar Enabled Payment System is a type of payment system which enables us for the cashless transaction to develop the cashless economy in India under the Digital India project. However, make sure that your bank account is linked to your aadhar card. AePS facilitates basic banking transactional activities, including cash deposit, cash withdrawal, fund transfer, and balance inquiry, using Aadhar number and fingerprint authentication. There is no need to remember any pin or account number. Simply, provide your 12 digits aadhaar number to the merchant and fingerprint authentication to perform basic banking transactions.
● Cash deposit
● Balance Inquiry
● Mini statement
● Cash Withdrawal
Suppose you are busy somewhere, and cannot visit the bank or ATM for any banking services, then AePS is the best way to perform basic banking services.
You can enjoy the benefits of basic banking services using AePS by visiting any nearby Zambo retailer, or you can simply visit the official website of Zambo, www.zambo.co.in