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.