AEPS is the new payment mode being accepted by people across the country, which stands for Aadhar Enabled Payment System, which allows a user to make transactions with the help of identification and authentication through the database.
This payment service has been developed by NPCI, allowing banks, and other financial institutions to use a person’s Aadhar number, for authentication, along with online authentication through UIDAI to carry out the required transactions. AEPS solution is also approved and accepted by Reserve Bank of India.
Finacus, an AEPS solution provider company, is recognized by National Payments Corporation of India i.e. NPCI.
FinAEPS, is a solution curated by Finacus to support AEPS payments. It has a seamless integration with CBS applications making the transactional processes hassle free, allowing one account linked to Aadhar to transfer money to another account through an Aadhar enabled device. Here are a few ways in which financial institutes can use this AEPS solution:
- ATMS: Card-less transactions are now possible in ATMs through FinAPES. The transaction can be easily initiated by a person’s Aadhar number and a biometric authentication. Thus, one won’t have to worry about carrying ATM cards and remembering the pin number for the same.
- Tablets and Micro-ATMs: An interface is formed between Tablets or Micro-ATMs, Bank’s ATM switch and the CBS software, to carry out hassle free transactions authenticated by Aadhar cards.
Payments and online transactions are becoming simpler day by day. To know more about how this AEPS solution can help your financial institution grow and curate a great customer experience for all your customers, get in touch with our experts today.