Motive of Launching AePS service
As the name suggests, it promotes payments based on Aadhaar without debit/credit cards, and even there is no requirement for Passbook. But the most important thing is customer’s bank account must be linked to the Aadhaar. Transactions done through an AePS service provider are safe and secure because transactions can only be performed after biometric authentication. However, the signatures of two individuals might be the same but fingerprints and iris prints can never be the same. Hence, there are no chances of fraudulence.