The Aadhaar based payment system has given yet another purpose to Aadhar card beyond its identity as an identity card. The Aadhar enabled payment system has made the transaction easier. The government of India has made use of the Aadhaar database to give shape to the digital future. The Aadhar enabled payment system has a streamlined authentication process. This is a great way for handling banking services for people who don’t have a smartphone. In this article let us take a look at what are the benefits of Aadhar enabled payments system in daily life.
What is an Aadhar enabled payment system?
The AePS is a system formulated by the national payments corporation of India for people to make various financial transactions through Micro-ATMs. This process is done using the unique 12-digit Aadhaar number and biometric authentication.
To carry out the transactions people need not provide their bank account number and other bank details. You can carry out 6 different types of transactions at the point of sales.
- You can deposit cash
- Cash withdrawal
- Make balance inquiry
- Perform Intra-bank or Interbank fund transfer
- You can purchase at fair shops
- You can also get a mini-statement.
Aadhaar Bridge Payment System (ABPS)
The Aadhar bridges system is an Aadhar based payment system used by the government to offer special facilities and subsidies to the beneficiary.
Now let us take a look at the benefits of using AePS banking in daily life one by one.
Ease of use
A major advantage of Aadhar enabled payments system is that it is easy to use. You don’t require knowledge of operating a smartphone or complex applications to make use of this system. The ease of use makes it the perfect mode of transaction for people from all sections of society. Uneducated people can easily avail themselves, various transactions offered by the bank. To make a transaction using your Aadhar card, follow the following steps:
- Go to the nearest AePS service providing company and check whether they have registered with your bank.
- Provide your 12-digit Aadhaar number and the name of your bank
- Now, choose the type of transaction you need to perform such as cash withdrawal, deposit, and fund transfer, or balance inquiry.
- Followed by the selection of transactions, authenticate the process via biometric scans such as fingerprint scan or iris scan.
- Once you complete authentication, the transaction gets completed in a jiffy and you can collect the receipt
When you perform transactions daily, it is inevitable that the process is highly safe and secure. AePS fulfills the requirement truly. As the transfer is authenticated only through a biometric scan, only you can do any transaction.
Advantages for retailers
The retailers and shop owners can also make use of the AEPS service to accept payments from the customers.
- Hassle-free and secured payment by the customers
- Cashless payment
- Easy and facile
The FinAEPS is an online immediate Aadhar based solution that connects with the AePS interface of NPCI and supports Aadhar based transactions. It is hosted as a switch of the bank’s financial transaction and connected to the core banking system. The FinAEPS can be used in a multitude of ways
- Regular ATMs
- Business Correspondent Model
- Agent Banking through Micro-ATMs or Tablets
Aadhar has become mandatory for almost every banking-related process and it is inevitable that you adapt the best AePS solution to perform transactions. As one of the best providers of AEPS solutions, we will help you with a demo and required information.