PayRupy will help you conduct AEPS services at your shop to make you a successful AEPS service provider. For areas where there are no banks or branches, such a mode of banking operations provides great convenience in accessing banking services. As an AEPS agent, your customers can now use your Aadhaar-enabled payment system for mini statement, balance enquiry, fund transfer, money deposit or cash withdrawal.
Aadhaar Enabled Payment System (AEPS)
Aadhaar Enabled Payment System is a project started by the Government of India to enable all citizens to make digital payments. This system is based on the Aadhaar card number, which is a unique identification number issued to all Indian residents. The system allows Aadhaar holders to make digital payments from their bank accounts, without the need for a physical card or mobile phone. To use this system, you must first link your Aadhaar card number with your bank account.
The Aadhaar Enabled Payment System (AEPS) Service is a payment system launched by the Reserve Bank of India in November 2016. The AEPS allows bank customers to use their Aadhaar numbers and fingerprint scans to make and receive payments. The system is built on the Unified Payment Interface (UPI). The AEPS Service was developed to promote financial inclusion in India, as it allows bank customers without debit cards or smartphones to conduct transactions. As of August 2017, the AEPS Service was used by over 190 million people
What is Aadhaar Enabled payment System?
Aadhar Enabled Payment System (AePS) is a system developed by National Payments Corporation of India (NPCI) which allows people to carry out financial transactions through Micro-ATMs by verifying with the help of Aadhaar number and their fingerprint/iris scan.
People do not need to provide their bank account details to do this transaction. With the help of this payment system, people can send and receive money from one bank account to another through their Aadhaar number.
The system is very secure for financial transactions, as the transaction will not require bank information whereas the account holder’s fingerprint will be required to authorize the transaction.
How Does AEPS Work?
The AEPS machine works like a Point of Sale (POS) machine. Instead of a debit/credit card pin, the merchant will have to key in the customer’s Aadhaar number and authenticate the transaction using the customer’s biometric data.
You will require the following formation to carry out an AEPS transaction:
- Bank’s Issuer Identification Number (IIN) or name
- Aadhaar Number
Benefits of Aadhaar Enabled payment System
- Easy to use
- Safe and secure payment method
- Interoperable across various banks
- Encourages financial inclusion and serves the underbanked sections of society
- Through AEPS, all bank account holders will be able to access their bank accounts through Aadhaar authentication
- With AEPS, the only information required to initiate a transaction is Aadhaar number and biometric information
- AEPS facilitates disbursements of Government schemes like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication.