Revolutionizing Financial Inclusion – Aadhaar enabled Payment System (AePS)

In the 21st century India, where urban sections have easy access to UPI, IMPS, Cards, ATMs, etc., to meet their day-to-day financial needs, there exists an underprivileged part that is still deprived of these facilities.

The elderly, migrant laborers, and people from rural parts of India are still hesitant. They lack the confidence to use the said facilities for various reasons. This includes not having substantial knowledge of how to use a phone or they don’t have access to their bank accounts, and many such reasons, which make it difficult for them to enter the digital-financial ecosystem of the country.

To resolve this prevailing problem, the government of India introduced AEPS: Aadhaar Enabled Payment System wherein any individual can show their Aadhar card number and provide a biometric thumbprint to withdraw cash and make day-to-day financial transactions.

What is AEPS?

AEPS service is a government-authorized banking service that facilitates interoperable digital transactions through Aadhaar authentication. It aims at enabling financial inclusion at the grass root level. The service can be availed only if one’s bank account is linked with Aadhaar.

Any AEPS agent can help withdraw cash, check account balance, and produce a mini statement by entering their Aadhaar number and biometric punch. This facility is very easy to use and reliable – since biometric data back it up. Leveraging AEPS systems can empower these segments and make them effortlessly part of the digital – financial ecosystem.

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What are the benefits of the AEPS System?

Implementing the AEPS infrastructure can lead to numerous benefits:

  • AEPS system will smoothen the process of financial inclusion
  • Easy access to Cash Withdrawal
  • AEPS agents can earn a livelihood by providing this facility. Hence – it brings more employment
  • Promotes last-mile connectivity

What are the requirements for AEPS Transactions?

AEPS is a very simple process that does not require using cards, phones, or documents. All you need is your

  • Aadhar card
  • Biometric punch

Even if you don’t have your Aadhaar card, your Aadhaar number or Aadhaar picture will also work.

What is the key objective of AEPS service?

The AEPS service was started with the aim of:

  • Providing banking facilities in the areas where there is no banking infrastructure
  • To facilitate financial inclusion
  • Bring more employment opportunities
  • To enable quick E-KYC service

Where can customers use AEPS Service?

Customers can walk to any agent or shop authorized by a business correspondent to offer the facility of AEPS in their local or nearby area.

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What are the steps to perform an AEPS transaction?

The customer can give their Aadhar card to the authorized agent, which he will put in his mobile application along with their biometric punch. The customer will then receive an OTP in their Aadhar-linked mobile number, which will help to complete the transaction.

The entire process of cash withdrawal through AEPS (Aadhar-enabled payment system) will hardly take 5 mins.

How can Merchants offer the facility of AEPS?

Anyone willing to start their own business of AEPS can sign-up with Biznext for FREE and complete their process of E-KYC.

After completing their E-KYC successfully, they can activate their service of AEPS through the service panel on the left-hand side. This is entirely free of cost.

Once the service is activated successfully, the agents can offer their customers the benefit of cash withdrawals, mini statements, balance checks, etc., and earn a lucrative commission of 13+2 rupees on every cash withdrawal.

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To get a detailed idea of how to become an AEPS agent, watch the video –

How and Why can banks and merchants offer AEPS?

Almost all the banks, private as well as public bans across the nation offer AEPS services for the following reasons:

  • To reach the unbanked parts of India easily without spending a lot of money
  • To reduce the expense spent on printing cards, cheques, ATMs, and manpower.
  • AePS will help smooth and easy flow of financial inclusions throughout the country.
  • Earn a commission on every transaction

Great security, trust, and inclusion.

AEPS is a cash withdrawal system that runs based on aadhaar authentication and biometric punch. With these two authentications, the chances of fraud become “0”.

AEPS, being a government-regularized system, is 100% safe and secured.

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By Alisha Bharmal

I am Bharmal Alisha, a seasoned Social Media Marketer and Content Writer with a rich background spanning over 3 years. My expertise lies in the dynamic intersection of digital marketing and content creation. Having dedicated substantial time to the study of the fintech industry, I bring a comprehensive understanding of its nuances. My skills are honed towards effectively translating the complexities of the fintech sector into compelling and engaging content. Through strategic social media marketing, I aim to enhance visibility and drive meaningful engagement within the fintech realm.