New Delhi: In order to make India a digital, the government has introduced a blueprint for a new India which will focus on making the nation a cashless economy in the near future. It works on the Aadhar Enabled Payment System (AEPS).
The Unified Payment Interface (UPI) requires an internet enabled smartphone and also you need bank account details at the time of registrations.
So far 28 bank apps are already offering UPI apps that can be downloaded. However, what we do not have so far is a unified integrated app which allows you to access each and every bank account.
E-wallet is divided into two categories – the consumer wallet, the limit of which is Rs. 20,000 per month and the merchant wallet, with a limit of Rs. 50,000 per month. To increase the limit, the consumer will need to fill out a KYC form.
Benefits of AEPS is that you can check your account balance, deposit cash and withdraw cash. The consumer can also do an Aadhar to Aadhar funds transfer.