Overview :
Are you tired of long queues and tedious paperwork when it comes to banking transactions? Well, get ready to bid adieu to those struggles because AePS is here! AePS (Aadhaar Enabled Payment Services) is a new age financial innovation extending banking To remotest corner with digital payments. Whether you’re in Urban or Rural areas, AePS makes banking accessible for everyone. So buckle up and let’s dive deeper into the world of AePS!
AePS Transforming Financial System
AePS is a new age financial innovation system that is changing the way people bank, making it easier and more convenient for them to manage their money. AePS is based on the idea of using technology to connect people while extending banking to remotest corners . This means that instead of having to go through a bank, people can use their Aadhaar cards and biometric punch to access their accounts and make transactions.
Promoting digital Power Through AePS
The AePS system is designed to promote digital competence and financial transformation in rural and underserved areas. By allowing customers to transact using their Aadhaar-linked bank accounts, AePS provides them with a simple and convenient way to access banking services. This not only helps them to better manage their finances, but also provides them with a secure and efficient way to make payments. In addition, AePS transactions are conducted through the use of biometrics, which eliminates the need for customers to carry cash or cards. As a result, AePS can help to reduce Cyber crime & middlemen in rural areas, while also promoting financial transformation.
The Acceleration in AePS Transactions
AePS is an compatible system that allows customers to use their Aadhaar-enabled bank account to withdraw cash from any AePS-enabled microATM.
With the increasing penetration of mobile phones and internet in rural areas, AePS has the potential to extend banking to the remotest corner and bring financial transformation.
AePS can help in reducing leakages in government schemes as payments can be made directly into the beneficiary’s bank account.
With AePS, banks can offer basic banking services in remote areas without having to set up a physical branch.
AePS has the potential to Accelerate banking in India and help achieve financial transformation for all.
AePS Transactions Can Be Smoothly Done at any PoS
AePS transactions can be done at any Point of Sale (PoS) with the help of a Micro-ATM. This is because AePS uses the Aadhaar Enabled Payment System (AEPS) infrastructure for authentication, which is already present at PoS devices across the country. All that is required is for the customer to provide their Aadhaar number and fingerprint at the time of making the transaction. The authentication will then take place in real-time, allowing the transaction to be completed quickly and securely.
Customer Delight With Fingerprint Banking
Much of India’s population is still unbanked, which means they don’t have access to formal financial institutions. This lack of access can make it difficult to manage money and make financial transactions. The government of India has been working to increase financial inclusion by offering simplicity through the AePS platform.
AePS is an compatible platform that allows customers of participating banks to use their Aadhaar number and fingerprint to conduct basic banking transactions like cash withdrawal, balance enquiry, mini statement at any AEPS-enabled bank or business correspondent agent. The idea behind AePS is to extend banking to the remotest corner and make basic banking services more accessible for everyone in India, especially those who are unbanked or underbanked.
The AePS platform is built on the Aadhaar infrastructure, which gives it the scale and reach necessary to serve the entire country. There are currently over 200 million AePS transactions taking place every month, with more than 1 billion unique Aadhaar numbers registered on the platform. This makes AePS one of the most successful examples of extending banking to remotest corners in India.
Conclusion
AePS is a great way to leverage technology in order to facilitate extending banking to the remotest corner . It has the potential to open up access to banking services and other financial products for many people who may not have access otherwise. The system also offers an efficient, secure, and cost-effective solution that can be easily implemented across multiple locations. With its impressive features and low operational costs, AePS is set to Transform & Extending Banking To Remote Corners.
