AEPS (Aadhar Enabled Payment System) is a bank-led model that facilitates easy service of cash withdrawals through licensed agents (primarily retailers) to empower all the backward, scattered, and unbanked sections of society by making banking services available to them.
Aadhar enabled payment system (AEPS) is a form of cash withdrawal technique/ payment platform founded on an Aadhar-led unique identification number. Here, any licensed agent can help their customers withdraw cash just with the help of their bank linked Aadhar number and their biometric punch.
How can you become an AEPS agent?
The process of becoming an AEPS (Aadhar-enabled payment system) agent is very simple. All you need to do is to create your FREE agent account in Biznext and complete the process of E-KYC.
Once the process of E-KYC is successfully completed, you can activate your service of AEPS from the left-hand side service panel
How to offer the service of cash withdrawal through AEPS?
To offer the service of AEPS, all one needs to do is:
- Connect your phone/ laptop with a biometric device.
- Ask your customer for their Aadhar number and enter it in the AEPS portal
- Ask your customer for their biometric punch
- Enter the OTP received in the customer’s phone to authenticate the transaction
- Transaction will be successful instantly and you will receive the commission for carrying out the transaction in your wallet
Which services can be offered by AEPS?
AEPS is a bank-led model that aims to bridge the gap between rural and urban areas by providing local folks following banking facilities:
- Cash withdrawal
- Balance check/ Balance inquiry
- Mini statement
- Payment gateway
What are the objectives of the Aadhar-enabled payment system?
The main aim of the Aadhar payment system is to enhance the Digital India movement by bringing banking services and financial inclusion to all the rural, scattered, untapped, and unbanked parts of the country. Apart from this main objective, the following are other main objectives of introducing the AEPS system:
- To help meet the goal of the Indian government in establishing a system of smooth financial inclusion and to make allocated funds reach the rightful owner at the right time.
- AEPS helps in fulfilling RBI’s aim of the electronification of retail payments
- AEPS system is the most affordable form of cash withdrawal which leads to the reduced overall cost of setting up banking infrastructure.
- The Aadhar payment system establishes a foundation for the services related to Aadhar and promotes the same
- It provides a stage for retailers/ agents to start their own business at very low investment and earn good commission out of it
- What is AEPS?
AEPS (Aadhar payment system) is a bank-led model governed by NPCI, which aims to bridge the gap between rural and urban areas by making banking facilities like cash withdrawal available to them.
AEPS helps anyone to withdraw cash and make payments just by entering the Aadhar number and authenticating the same with a biometric punch
- Who can use AEPS?
Any Indian resident, who holds a valid Aadhar card and a bank account can use the facility of AEPS
- How can users enable the service of AEPS?
The user can contact a licensed/ authorized AEPS agent to avail the service
- Is it possible to link more than one bank account to your Aadhaar card?
Yes, it is possible to link more than one bank account to your Aadhar card.