AEPS (Aadhar-enabled payment system) is an NPCI-authorized cash withdrawal system. This system aims to provide banking services to unbanked parts of the country. It is also meant to make financial transactions easier.
After the dreadful coronavirus time, awareness and acceptance of digital transactions have increased. These have become a way to disburse cash in government schemes. This industry has seen a big increase in demand. This industry will keep growing. It is the easiest way to get cash. It lets village youth start a business with very little investment. AEPS agents reportedly make about 20,000 to 50,000 per month. This is a large return considering the very small investment.
Before you start your own business AEPS; below are a few things that you need to understand:
What will be your role as an AEPS Agent?
After registering with a company on the AEPS portal, a person can activate the service in the mobile app. They can then offer cash withdrawals. They can also offer balance inquiries and mini statements to their customers. They can also earn a handsome commission.
Here the AEPS agent needs to take the customer’s Aadhar card or a number and put the details in the AEPS portal. Then, the customer will receive an OTP to prove the transaction. The Agent has to enter this OTP in his AEPS portal. The AEPS agent will take cash from the customer’s account. They will deposit it into their account with the commission. After that, the AEPS agent will give cash from the same account to his customer.
After the transaction, the AEPS agent should keep the transaction details. These details include the customer’s name and mobile number. They also include their Aadhar number, withdrawal amount, and the date and time. They do this to ensure transparency in case of future problems.
Why Become an AEPS Agent
Below is a list of reasons why becoming an AEPS agent can be beneficial:
- Community Service: You can offer key banking services to people in your community. Banks limit access, especially in rural areas.
- Extra Income: As an AEPS agent, you earn a commission on every transaction you help with. This can provide a steady source of extra income.
- Simple process: It usually needs a small investment and some basic training.
- Flexible work hours: You can set your hours and work when you want. It’s a flexible way to earn money.
- Financially empowered: Being an AEPS agent can also help grow your business. It makes you a trusted financial service provider in your area.
Becoming an AEPS agent offers a blend of community service, money, and flexibility. It is an attractive option for many.
How to Register AEPS Service and Activate AEPS Service Online
Choose your business partner. Check the ease of AEPS Portal registration and the service of the company. The company should have good reviews. It should be an established brand with the partners. Check for free Online AEPS Registration to reduce your setup costs. To become an AEPS agent below are a few easy steps that you need to follow:
- Signup with an Online AEPS registration free portal
- Complete the process of Sign up and E-KYC
- Activate your service from the service panel
- Now! You are all set to start your own AEPS service business
Also read – AEPS vs Other Payment Methods: Which One is Better?
