Banking behavior in India has been changed after demonetization. Before 2016 when demonetization occurred, people were used to for cash transactions. During monetization people slightly moved to online banking through UPI, net banking etc. If we talk about AEPS payment, it played a vital role in banking to rural areas. Covid-19 was the key time when digital banking increased exponentially in India. So in this blog, I will explain to you an overview of AEPS payment and whether should you use AEPS service in banking or not?
So without wasting time, I come to the point.
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What is AEPS Payment?
AEPS payment is an online Aadhaar-based payment system that
allows a bank customer to perform basic banking
services using an Aadhaar card. It is also known as AEPS payment banking.
It is a fast, highly secure, and easy-to-use payment system
for bank customers. Anyone whose Aadhaar card is linked to a primary bank account can use the AEPS payment system.
NPCI started the AEPS banking system to link unbanked areas in
India. It was the initiative that helped in creating a cashless society in India.
Today in 2022, India is one of the top countries that are using online banking.
Anyone can use banking through AEPS, by visiting nearby mini
ATM/Pos, BC (business correspondent), or AEPS service provider.
List of AEPS Payment Services
By using AEPS payment, a bank customer can perform all the following AEPS transactions.
- AEPS Cash Withdrawal
- Cash Deposit
- Balance Enquiry
- Mini Statement
- Aadhaar Pay
- Fund Transfer
Here is the list of all AEPS payment services that a bank
customer can use through an Aadhaar card. There are no charges for using AEPS
service from the NPCI side but an AEPS service provider agent can charge you for a
service according to their terms.
Benefits of AEPS Payment System
Basically, AEPS payment was started to link unbanked areas
to banking so that they can get facilities for banking. Today not only in rural
areas but also in semi-urban and urban areas people are using banking through
AEPS.
Here are the key benefits of AEPS payment that are
encouraging people to use banking through AEPS.
- Anyone can use banking through Aadhaar
- Doesn’t need to visit bank or ATM for banking
- Easy, fast, and secure banking method
- No time limit, you can use banking anytime, anywhere
- Any bank holder can use banking, no bank limit
- Bank customers can directly get government scheme facilities into account through Aadhaar authentication
- Helping the economy through financial inclusion across India
- Encouraging a cashless society in India
So these are a few benefits of AEPS payment service that are
attracting people to use banking through AEPS.
How Are AEPS Aadhaar Payment Generating Business Opportunities?
Along with providing banking services, AEPS Aadhaar payment is helping people in employment. AEPS banking is a B2B business model. You can start the AEPS payment business on multiple levels which are the following.
- Admin
- Master Distributor
- Distributor
- Retailer
These are all levels on which you can start an AEPS payment
business and can make money accordingly.
To start the AEPS banking business at the Admin level, you need AEPSsoftware. While on other levels you need an AEPS ID that an admin provides you
and you can work under him.
Conclusion
So here we discussed AEPS payment, its benefits, and how
it can help you as a bank customer or in employment. I hope this blog helped
you to understand either AEPS payment is right for banking or not.
For more information related to AEPS, visit my blog where we share a lot of Information that can help you in daily life. Along with this, you will find more knowledge about recharge software, money transfer software, bill payment software etc.
If you are planning to start your own AEPS business as an admin and looking for a free live demo then click here.
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