AEPS (Aadhar-enabled payment system) is an NPCI-authorized cash withdrawal system. This system is developed to bring banking facilities in the unbanked parts of the country and to smoothen the process of financial transactions.
After the dreadful corona time, awareness and acceptance of digital transactions has increased. AEPS cash withdrawal services have become a medium to disburse cash in government based schemes and this industry has witnessed a high increase in demand. This industry will keep growing only in the future as this is the most convenient form of cash withdrawal and provides the opportunity of starting a business to village youth at a bare minimum investment. AEPS agents have reportedly been making about 20,000 to 50,000 monthly income, which is a sizable return considering the fact the investment is very less.
Before you start your own business of AEPS; below are a few things that you need to understand:
What will be your role as an AEPS agent?
After completing the process of AEPS portal registration with your choice of company, a person can activate the service of AEPS from the mobile application and offer the facility of cash withdrawal, balance inquiry and mini statement to their customers and earn a handsome commission in exchange.
Here the AEPS agent needs to take the customer’s Aadhar card or Aadhar number and place the details in AEPS portal after which the customer will receive an OTP to authenticate the transaction. The Agent has to enter this OTP in his AEPS portal after which cash will be deducted from the customer’s account and get credited to the AEPS agent’s account with the commission. After which, the AEPS agent will give cash from the same account to his customer.
Once the transaction is done AEPS agent should maintain the transaction details like the customer’s name, mobile number, Aadhar number, withdrawal amount, date, and time to make sure there is transparency in case of any problems in future.
What do you need to do in order to become an AEPS agent for FREE?
Choose your business partner wisely. Check the ease of AEPS Portal registration and the service of the company. The company should have good reviews and should be an established brand with the partners. Check for free Online AEPS Registration, so that your cost of setup is reduced. 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 service panel
- Voila! You are all set to start your own business of AEPS