What are the Benefits of Using AEPS Services as a Service Provider?

The Aadhaar enabled payments system is a type of payment system launched by the national payments corporation of India. The system is based on the unique identification number that is the Aadhaar number to make seamless transactions. The Aadhaar holders can conduct various types of financial transactions through the system. The Aadhaar enabled payment system was launched with a motto to connect all sections of society. As almost everyone in the country has Aadhaar, the system allows anyone to perform a financial transaction. Through AEPS you can transfer funds, make payments, deposit cash, withdraw cash, perform a balance enquiry. AEPS not only benefits the customer but also benefits the service provider. In this post let us see how it benefits the service provider.

How does AEPS work?

Before seeing how AEPS benefits a service provider, let us understand how the system works.

  • First, you should visit the nearby micro-ATM or a banking correspondent who provides AEPS service.
  • Now, give your Aadhaar number and the bank name that is linked to your Aadhaar number.
  • Once the service provider enters the Aadhaar number, choose the type of transaction that you want to perform.
  • Authenticate the transaction by verifying fingerprint or an iris scan.
  • The transaction will complete within no time and you can collect your receipt.

Benefits as a service provider

You can be a service provider and set up a micro ATM and provide the benefits of AEPS for customers. You can enjoy the following benefits as a service provider

  • If you are a shop owner, you can set up a mini banking service and offer AEPS service to the customers
  • You can offer various transaction facilities to the customer
  • You can attract a lot of customers by offering a single solution platform under one roof.
  • For every transaction you do via Aadhaar enabled payment system, you will earn commission
  • You customers can enjoy complete banking solutions nearby their homes.
  • The commission you earn will differ based on the type of transaction done.
  • On average, for every transaction done by the customer from your service, you will get a commission of 1.25 percent.

How to get the AEPS system

If you are an eligible candidate, you can get the AEPS service for your shop. If you are going to any financial firm there are some criteria for registration like you should be an Indian citizen, have full-time, part-time or work from home jobs. Also, you should have access to the internet and computers. You then have to provide some ID such as Pan Card and Aadhaar card along with a passport size photo. You can register and get the AEPS system for your shop or service providing centre.

FinAEPS

The FinAEPS is an online immediate Aadhaar based software that connects the AePS interface of a National payment corporation and supports Aadhaar 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

Bottom line

The Aadhaar enabled payment system is one of India’s top payment solutions. Get AEPS service from the best financial solution provider Finacus. Call now for information and a demo from our executives.

Advantages of Aadhaar Based Payment in Daily Life

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

Safe authentication

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

FinAEPS

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

Bottom line

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.

AEPS – A Simple, Secure, and User friendly Mode of Payment Solution

The Aadhar enabled payments system or the AEPS is developed by the umbrella of the digital transaction- the National payments corporation of India. It is a system of payment that allows the customer to perform various transactions with Aadhar as the base for verification. AEPS is driven by the unique identification number or the Aadhar number for an effort transaction. The AEPS system works cordially with the banks and is aimed at empowering all sections of the society. The Aadhar enabled payments system makes easy transactions to all people of the society. Let us see how AEPS has become one of the most sought-after and user-friendly platforms for digital transactions.

Aadhar enabled payments system

About AEPS

The Aadhaar enabled payment system allows the customers to make payments and transactions using their Aadhaar number and Aadhaar verification at point of sale or micro ATM. It is an initiative taken by the national payment corporation of India to instill cashless transactions. AEPS makes financial transactions a cakewalk.

How can you use AEPS?

Step 1: Visit a micro ATM that is nearby or a banking correspondent

Step 2: Provide your Aadhar number and the bank account number that is linked to Aadhar.

Step 3: Among the various options provided, choose the type of transaction that you want to perform

Step 4: Confirm the payment by providing verification through a fingerprint scan and iris scan.

Step 5: Collect your receipt for the transaction that you have made.

Services provided by AEPS

  • Cash Deposit
  • Payment Transactions (C2B, C2G Transactions)
  • Balance Enquiry
  • Cash Withdrawal
  • Aadhaar to Aadhaar funds transfer
  • Obtain mini statement

What do you need for AEPS?

The Aadhar enabled payment system doesn’t require any documents but it is mandated that you have to link your Aadhar to the bank account. The following are the main requirements that are required for a successful AEPS transaction.

  • Aadhaar Number
  • Bio-metrics –Fingerprint
  • Name or Bank IIN or Issuer Identification Number
  • Micro ATM
  • Assisted mode

Charges for AEPS

The customers need not pay any fee to avail of this service. The merchant or the bank correspondent might be charged based on the decision of the bank. The cost of the transaction will be divided into various sections:

  • UIDAI charge a very less fee
  • NPCI charge 15 paise to 25 paise for settlement of the transaction
  • Banks may charge till 1% of the particular transaction with the minimum charges being INR 5 and the maximum is INR 15

Benefits of AEPS

The main aim of AEPS banking is to lay a strong foundation across the country for cashless transactions. The AEPS offers various banking benefits to people from all sections of society.

  • Very easy to use and handle
  • The method of payment is safe and protected
  • It offers interoperability across various banks
  • It boosts financial inclusion and helps people who belong to the underprivileged part of the society
  • Using AEPS, the account holders in a bank can access their bank accounts just with the Aadhar authentication.
  • With AEPS the only prerequisite that is needed to initiate a transaction is the Aadhar number and biometric information of the respective candidate.
  • This system eases the payment of various government schemes such as the Social Security Pension, NREGA Handicapped Old Age Pension, etc.

Bottom line

For seamless transactions, you can visit the best AEPS service provider in your area. The Aadhar enabled payment system will make all your transactions a jiffy process.

Aadhaar Enabled Payment Solution For Aadhaar based Transactions

The speeding of the banking system and financial inclusion is the goal of any country. The Aadhaar Enabled Payment System has empowered the citizens of the country to access the Aadhar enabled bank account with help of Aadhar Unique Identification Number. It was launched by the Reserve Bank of India. The method is provided by the National Payments Corporation of India that enables the members with Aadhaar linked bank accounts to avail basic banking services. The Aadhaar enabled payment system or AEPS allows transactions at PoS that are at micro ATMs. The AEPS works cordially to empower all the sections of the society by making banking services available through Aadhaar.

Aadhar enabled payments system

About AEPS

The AEPS allows users to make payments using their Aadhaar number and Aadhaar verification at point of sale or micro ATM. The AEPS is an initiative taken by the National Payment Corporation of India to promote cashless transactions. AEPS makes financial transactions seamless and effortless.

The Objectives of Aadhar Enabled Payment System

If one has an Aadhaar Account that is linked to their bank account one can perform the following banking transactions:

  • Cash deposit
  • Cash withdrawal
  • Interbank and intra bank money transactions
  • Balance inquiry 
  • Obtain mini statement
  • Aadhar to Aadhaar fund transfer

How to operate AEPS?

Availing the banking transactions using Aadhar identification is as easy as ABC. All one has to do is follow the following steps.

  • First, go to a micro ATM or an AEPS service providing company near you
  • Give them your 12 digit Aadhaar number and the bank name that is linked to the Aadhaar number
  • Then choose the transaction that you want to do. Whether it is fund transfer or cash deposit or balance inquiry
  • Enter the amount of transaction
  • Now verification is done. It is done either by scanning your fingerprint  or retina
  • Your transaction will be completed within a matter of seconds
  • The agent will receive a transaction receipt from the bank and the same will be confirmed through an SMS to the customer

The Working of Aadhaar Enabled Payment System

The simple working of AEPS has made it so reliable and most sought after the method. The micro ATM or the AEPS service provider company has a small electronic device like the normal debit or credit card machines using which the transaction is done.

Benefits of Aadhar Enabled Payment System

  • The AEPS method enables card fewer withdrawals of cash just using Aadhaar UIN via Aadhaar Enabled Payment Software 
  • It is an easy and secure way for all basic banking transactions
  • The AEPS method has enabled all people of the society to access banking transactions. Even elders and people from rural area can use this method as this is highly reliable and easy to operate
  • The AEPS method has made everyone free from remembering the bank account number or carry it along all the time. For this method, if you just have your Aadhaar card than it’s enough
  • It is also interoperable across any banks
  • You can also link your Aadhaar identification number with up to five banks
  • The AEPS also facilitates the payment of government schemes like NREGA, social security pension, handicapped old age pension, and much more of any central or state government bodies
  • It also helps the Government of India and Reserve Bank of India to scale financial inclusion and  make retail payments electronic

AEPS – Going Cashless Using Aadhaar.

UIDAI’s Aadhaar National Identity Project was launched with a vision to bring Indian citizens under a single fold and also as an aid for financial inclusion. Aadhaar number is a 12 digit unique number obtained by a resident of India containing all the details of an individual. Aadhaar enrollment has opened a new opportunity as to how we function as a Nation. It has enabled the government to collect bio-metric and Residential data of all the individuals enrolled under Aadhaar. Aadhaar was primarily used as a means to authenticate identity of an individual and it still continues as to be a prime document for the proof of identity. Aadhaar ecosystem is designed to eliminate duplicate identities and allow residents to establish their identity anywhere in India thereby enabling greater access to multiple services. Also facilitating a paperless and electronic identity verification platform, this allows a resident to establish his/ her identity at a service provider.

Aadhar enabled payments system

Linking bank account(s) to Aadhaar was a stepping stone towards Digital Banking and Cashless economy in India. To achieve this UIDAI with collaboration with National Payment Corporation of India (NPCI) and RBI launched Aadhaar Enabled Payment System (AEPS) that allows banking transaction on the basis of Aadhaar. AEPS allows Banks and Business Correspondents (BCs) to authorize financial transactions of a customer using biometric data.

AEPS was created with a vision to enable banking to the unbanked regions of India. It allows to perform transaction on various platforms like – ATMs that are enabled with bio-metric Scanner, Micro ATM devices with inbuilt Printer and bio-metric scanner to authenticate user identity. AEPS allows customer to perform basic banking transactions like – Balance Enquiry, Cash Deposit & Withdrawal, Payments and Fund Transfer. In future Aadhaar Payment Systems can also be integrated at local stores to enable digital payment.

Further to the launch of the Aadhaar Payment System, Aadhaar Pay App was launched to change the way we perform day to day monitory transaction. It was developed to perform transaction with the help of a mobile phone app. The Aadhaar Pay App also allows merchants to accept payments. To enable this, the merchant has to register himself with the bank, provide e-KYC details and download the app through the provided link and install the app. The app interacts with a STQC (Standardization Testing and Quality Certification Directorate) certified bio-metric scanners that is separately attached to a mobile phone in order to process payments.

AEPS solution is transforming the way we are banking today by enabling banks to use Business Correspondent or Agent Banking model to reach its customers at remote location with added layer of bio-metric security. It plays a very important role in converting India into a Cashless Economy by pushing the use of Digital Transaction. AEPS brings transparency in the transaction and helps govt. to monitor it for suspicious transactions.