Aadhaar Enabled Payment System | AEPS Software For Mini Banking

Aadhaar Enable Payment System

Best Aadhaar Enable Payment System For Business| Aadhaar Payment System

AEPS Stands for aadhaar enable payment system, a new launch technique under digital India project which makes easy cashless transaction. Before study that what is AEPS software and how it works, we learn about what is Aadhaar?

What is Aadhaar | What is Aadhaar Number

The unique identification authority of India (UIDAI) a central government agency of India collected all the data of people who live in India and then stored in a centralized database it means we can say our all data is stored like a very huge pen drive.

Against this data, the government provides us a 12 digit unique identity number for every person it works like the green card in the US. This 12 digits unique identity number is known as Aadhaar number and this issued card is known as Aadhaar card which is the biggest identity at this time in India. All your document are connected to aadhaar card means if you have aadhaar card, you are not required any other documents.

How Aadhaar Helps in Cashless Transaction

The main Moto of digital India project is to make all the business transactions cashless which helps to stop black money storage. For this great project, the Indian government first stored all the data and issued Aadhaar card and then connected it to the bank accounts of individuals.

Now Indian citizens can make all the transaction cashless without using credit or debit card, no smartphone required, and no need to learn any password or pin code.

Yes, this is true

Indian central government launched an app “Aadhaar Pay” which required Aadhaar number and biometrics to make payments. The main aim of aadhaar payment app is to increase digital transactions among merchants in the country.

How AEPS Works

Aadhaar enabled payment system is the payment system which helps bank customers to using basic financial services by using aadhaar identification number. AEPS service is the new age of cashless banking service which is approved by Reserve Bank of India (RBI) which makes easy cashless transaction by using Aadhaar number authentication.

But do you know how AEPS works?

Now we will learn point vise how AEPS works-

Step1- First of all merchants needs to download an application on the Android smartphone which is connected to the biometric scan machine.

Step2- After downloads the app, now merchants would be registered on the app and connected it with the individual bank accounts where they want to receive payments from customers.

Step3- If customer want to make a payment, he just needs to type his aadhaar number in the app

Step4- Linked bank name will open, now the customer will select from linked banks and merchant will enter an amount.

Step5- Now app required a biometric scan of the customer, here biometric works as password if the biometric scan is right, your transaction takes place into merchants account.

Get Your AEPS Amount in Your Bank or E-Wallet

Learn More: Get Aadhaar Enabled Payment System with Integrated API

What is AEPS | How Aadhaar Enabled Payment System Help To Grow Business

Role of Aadhaar Enabled Payment System for Banking Transactions

Aadhaar Enabled Payment System is a payment service empowering a bank customer to use basic financial services (cash deposit, balance inquiry, cash withdrawal, and remittance) through Aadhaar Number Authentication. AEPS, a new age banking service has been approved by the Reserve Bank of India (RBI). The AEPS allows transactions using biometric authentication to identify aadhaar number which is the link with a corresponding bank account and enables a person to carry out the financial transaction on a micro-ATM provided by a banking correspondent. It is a unique and innovative system that allows trader/merchant to collect a payment, operate as mini ATM for cash withdrawal, deposits, fund transfer and balance inquiry using Aadhaar Enabled Payment System.

Now we learn what AEPS service you can offer to your customers by using AEPS Software. 

Advantage of AEPS Service

1. The AEPS is empowering a bank customer to use AADHAAR number to access his/her bank account and perform basic banking transactions that are intra-bank or interbank in nature through a business correspondent.
2. Aadhaar enabled Payment system is secure and easy to use the platform to avail benefits by using Aadhaar number & finger prints.
3. Aadhaar enabled Payment system is based on the Aadhaar number or biometric information of an individual, it eliminates the threat of any fraud and non-genuine activity.
4. Aadhaar enabled payment system (aeps) allows online interoperable financial inclusion transaction at pos (micro atm) through the business correspondent of any bank using the aadhaar authentication.

Learn More: Addhaar Enable Payment System