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Players on the payments turf: UPI, AePS, PPIs boost digital outreach

UPI and AePs together have changed India's payments landscape. AePS's playing field is rural and semi-urban India Tamal Bandyopadhyay Listen to This Article In the last week of June, the Reserve Bank of India (RBI) issued guidelines to strengthen the Aadhaar Enabled Payment System, or AePS. All of us are familiar with UPI – Unified Payments Interface. What's AePS? We can call AePS UPI's elder brother. Launched in 2011, five years before UPI came into being, it's a bank-led model that allows online, interoperable financial transactions at MicroATM terminals using Aadhaar authentication. Aadhaar is a 12-digit unique identity number for all residents of India, based on their biometrics and demographic data. UPI, in contrast, is a system that allows for real-time, person-to-person and