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.
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
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.