What is AePS?
The AePS refers to the Aadhaar authentication-based network of micro ATMs and the full form is Aadhaar Enabled Payment System (AePS). This allows banking transactions at PoS (microATMs) through the business correspondent of any bank by using Aadhaar authentication.
What is NEFT?
The National Electronic Funds Transfer (NEFT) was started by the Reserve Bank of India to facilitate consumers in transferring money between any two bank accounts of the same or a different bank on a one-to-one basis. As long as both the bank accounts are NEFT-enabled, a money transfer is possible within minutes.
What is IMPS?
The Immediate Payment Service (IMPS) is governed by the National Payments Corporation of India (NPCI, which is an RBI body) for instant payment via the inter-bank electronic funds transfer system in India.
What is RuPay?
The NPCI has launched RuPay cards to facilitate banks and financial institutions by providing them a purely Indian card with universal acceptance.
