AEPS Offus (Aadhaar Enabled Payment System Offus) helps you transfer money between different banks using your Aadhaar number. Here’s how it works in an easy-to-understand way:
- Inter Bank Transactions: Let’s say you want to send money from your bank account to someone who uses a different bank. This is called an interbank transaction. AEPS Offus is designed to make this process smooth and easy.
- How It Works: When you use AEPS Offus, you verify your identity with your Aadhaar number and fingerprint. The system then safely transfers the money from your bank to the other person’s bank. Since two different banks are involved, they need to coordinate to make sure the money is sent correctly. This process is called interbank settlement.
- Why It Matters: AEPS Offus is important because it lets you do banking across different banks without any complications. Whether you’re sending money, withdrawing cash, or checking your balance, AEPS Offus ensures that everything happens securely, even when multiple banks are involved.
In short, AEPS Offus makes it easy to manage your money across different banks using your Aadhaar number, ensuring that transactions are quick, simple, and safe.
What is an Offus Transaction?
An AEPS Offus transaction is when you send money from your bank account to someone else’s account in a different bank. Here’s a simple breakdown:
1. Transferring Between Banks:
If you have money in Bank A and want to send it to a friend’s account in Bank B, that’s an Offus transaction.
2. How It Works:
The two banks (Bank A and Bank B) need to work together to move the money. This coordination is called interbank settlement.
3. Everyday Use:
You do Offus transactions all the time, like when paying for online shopping or sending money to a family member who uses a different bank.
4. Safe and Secure:
These transactions are secure. Banks use measures like account details and OTPs (One-Time Passwords) to ensure your money is transferred safely.
In short, an Offus transaction helps you send money from one bank to another smoothly and securely.
What is AEPS Offus Issuer?
The AEPS Offus Issuer is the bank or financial institution that manages your account during an AEPS (Aadhaar Enabled Payment System) Offus transaction. Here’s a simple breakdown:
What They Do:
The AEPS Offus Issuer is the bank that holds and manages the account where your money is kept. When you use AEPS for transactions, this bank takes care of processing them.
During an Offus Transaction:
When you use AEPS to do things like withdraw cash or check your balance, the Offus Issuer is the bank that processes your request and provides the service.
Example:
Imagine you use an AEPS service at a Biznext Retailer to withdraw money. The bank that holds your account and gives you the cash is the Offus Issuer.
Their Role:
The Offus Issuer makes sure the transaction is secure and accurate. They verify your identity using your UID number and biometric data and handle the movement of funds in your account.
In short, the AEPS Offus Issuer is the bank that manages your account and ensures everything runs smoothly during an AEPS Offus transaction.
Also read – The Ultimate Guide to Choosing the Best AEPS App
What is AEPS Offus Issuer Withdrawals
What It Means:
- AEPS Offus Issuer Withdrawals are when you take money out of your bank account using an AEPS service, even if the service is provided by a different bank or a local kiosk.
How It Works:
- Using AEPS: When you use an AEPS service, like an ATM or a retail outlet, to withdraw cash, the bank that holds your account (the Offus Issuer) processes the withdrawal.
- Interbank Communication: The bank where you’re withdrawing the money (the service provider) talks to your bank (the Offus Issuer) to complete the transaction and make sure the money comes from your account.
Example:
- If you use an AEPS-enabled ATM from another bank to withdraw cash, the bank that manages your account (the Offus Issuer) handles the transaction and gives you the money.
Role of the Offus Issuer:
- The Offus Issuer is the bank that takes care of your account and makes sure the withdrawal is done correctly. They check your identity using Aadhaar and biometric data before approving the cash withdrawal.
In short, AEPS Offus Issuer Withdrawals lets you get cash from your bank account through AEPS services provided by another bank or kiosk, with your bank ensuring everything is done securely.
Also Read – Aadhaar Payments Bridge System (APBS)
