AEPS (Aadhar Enabled payment system/Aadhar-based payment system) is a payment service that permits Indian bank users to use their aadhar card as their unique identity and access their bank account through it, to perform basic banking transactions like cash withdrawal, e-KYC, checking bank balance, mini statement, etc.
Under the Aadhar based payment system, any person can withdraw cash from their aadhar linked bank account by providing their aadhaar authentication to the AEPS agent.
Here, the AEPS agent will enter the customer’s aadhar details which will allow the agent to access the customer’s aadhar linked bank account. Then the agent will enter details of the amount to be withdrawn on the portal. For double authentication, the customer will receive an OTP on his phone which the agent needs to enter on his portal to complete the transaction.
Immediately after the transaction is completed the customer will receive a message from the bank about the amount withdrawn and the agent will get a commission for the transaction.
What services are offered by the Aadhar based payment system?
The following are the services that an AEPS agent can offer:
- Cash withdrawal
AEPS is mainly developed by the government of India, to facilitate the service of cash withdrawal in unbanked parts of the country.
- Bank balance
Any person can view/ check their monthly, quarterly, and yearly bank balance through AEPS
- Mini Statement
Customers can check their balance post the transaction for further clarity.
What are the benefits of an Aadhar enabled payment system?
The following are the benefits of the AePS system:
- The AePS system facilitates banking services to the citizens residing in the unbanked parts of the countries.
- AEPS system help and promotes digitalization and a cashless economy
- It supports and promotes financial inclusion in the country by making the government allocated fund reach their rightful owner
- With the innovation of the AEPS system, now the rural folks will not have to walk miles to go to the bank
- To facilitate the disbursement of government entitlements such as NREGA, Social Security pension, Handicapped Old Age Pension, and so on, from any Central or State Government body, using Aadhaar and authentication as supported by UIDAI.
- This system lays a background for a comprehensive suite of aadhar enabled banking services.
How to start your AEPS business?
Any person can start their own business of AEPS by completing the process of aadhaar enabled payment system registration in just 5 minutes.
- All that a person needs to do is to register and make their FREE id in an AEPS portal
- Complete the signup and registration process
- Complete the process of E-KYC
- Activate your service of AEPS from the service portal
After activating the service of AEPS, AePs agents can offer the service of cash withdrawal, mini statement, balance inquiry, aadhar seeding, etc. to their customers and earn up to 13+2 rupees on every transaction.