With reference to Aadhaar-enabled Payment System (AePS) consider the following statements:1.It is a bank-led model which allows online financial transactions at Point-of-Sale (PoS) devices and micro-ATMs of any bank using Aadhaar authentication. 2.The AePS only require the user’s bank account to be linked with their Aadhaar number for the financial transaction.3.The AePS model removes the need for OTPs, bank accounts and other financial details.Which of the statements given above are correct?

Q. With reference to Aadhaar-enabled Payment System (AePS) consider the following statements:
1.It is a bank-led model which allows online financial transactions at Point-of-Sale (PoS) devices and micro-ATMs of any bank using Aadhaar authentication.
2.The AePS only require the user’s bank account to be linked with their Aadhaar number for the financial transaction.
3.The AePS model removes the need for OTPs, bank accounts and other financial details..
Which of the statements given above are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: D

Notes:

Explanation –

Statement 1, 2 and 3 are correct. AePS is a bank-led model which allows online financial transactions at Point-of-Sale (PoS) devices and micro-ATMs of any bank using Aadhaar authentication. The AePS only require the user’s bank account to be linked with their Aadhaar number for the financial transaction. The AePS model removes the need for OTPs, bank accounts and other financial details.

Source: ForumIAS

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