IPPB enables Aadhaar ATMs; Withdraw cash without visiting ATM or bank

New Delhi: India Post Payments Bank recently shared a post on social media (previously known as Twitter) announcing their new service, the IPPBONLine Aadhaar ATM (AePS).

With this service, customers can withdraw cash from their homes without having to visit the bank. The post highlights the convenience of the service, mentioning that customers can withdraw cash with the help of their local postman.

Using the Aadhaar Enabled Payment System (AEPS), individuals can withdraw cash or make payments from their Aadhaar-linked accounts using their biometric data. AEPS allows customers to withdraw small amounts of money without having to visit an ATM or bank, which saves time and effort.

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As per the IPPB FAQs, the Aadhaar Enabled Payment System (AEPS) is a payment service that enables a bank customer to use their Aadhaar as their identity to access their Aadhaar-enabled bank account and perform basic banking transactions such as balance inquiry, cash withdrawal, and remittances through a Business Correspondent

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According to the NPCI, "Business Correspondent (BC) is an approved Bank Agent providing basic banking service using a MicroATM (terminal) to any bank customer wishing to avail their bank BC service."

The customer looking to avail AEPS should mandatorily:
a. Have a Bank Account with a Bank participating in AEPS
b. His / Her Aadhaar should be linked to his/her Bank account with another Bank.
c. Transaction is completed using his/her biometric authentication only.

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