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Financial technology, often abbreviated as fintech, refers to the innovative use of technology in the design and delivery of financial services. This broad field encompasses a wide range of applications and advancements aimed at improving traditional financial services, making them more efficient, accessible, and affordable. Some key areas of fintech include:

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Aadhaar Enabled Payment System (AEPS)

AEPS is bank-agnostic, allowing transactions across different banks.

AEPS is an initiative by the National Payments Corporation of India (NPCI) that allows online financial transactions at Micro-ATMs through the Business Correspondent (BC) of any bank using Aadhaar authentication. It aims to empower all sections of society by enabling them to carry out banking transactions using their Aadhaar number and biometric information.

(AEPS) Benefits

Aadhaar Enabled Payment System (AEPS) is a payment service that allows individuals to conduct financial transactions using their Aadhaar number and biometric authentication. Here are the benefits of AEPS:

Financial Inclusion:

AEPS helps in promoting financial inclusion by enabling banking services in remote and rural areas where traditional banking infrastructure is limited or unavailable.

Secure Transactions:

Transactions are highly secure due to biometric authentication, which reduces the risk of fraud and unauthorized access.

Interoperability:

Users can access banking services across different banks and locations, as long as they are linked to the AEPS network.

Efficiency:

Streamlines various banking processes like balance inquiries, fund transfers, and cash withdrawals, making transactions faster and more efficient.
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