The AEPS payment scheme is focused on the Specific Id Code. It helps holders of Aadhaar cards to actually make financial transactions quickly and effortlessly mostly through Aadhaar-based authentication system. The goal of AEPS is to help empower every segment of society by actually providing financial and banking services to all of those through Aadhaar.
It is an Aadhaar-enabled payment mechanism by which transfers can be made money exchanged, cash deposited, deposits made, balances made. There is a lot of Recharge API Provider. Anyone can start paying via AEPS mostly at Point of Sale (PoS) or even withdraw cash somewhat from new micro ATMs too by simply providing Aadhaar authentication with the Aadhaar number and also fingerprint. AEPS itself is an initiative taken now by the NPCI to promote cashless transactions in India. You can get the Multi Recharge Distributorship yourself.
What is the Aadhaar?
Aadhaar is a 12-digit completely unique number given to Indian citizens by the UIDAI-Unique Indian Identity Authority. Any person regardless of age and gender, can voluntarily register to have just his own or her Aadhaar number. You can get the Aeps Id and also the Aeps Portal. The person shall, at the time of the registration process, provide his or her demographic and biometric details and shall probably not have to pay any fees out for the same. Aadhaar Enrolment is performed only once and is effective for a lifetime. You can easily get the Aeps Distributorship. And with this exclusive card, then you really will not only be able to get a lot of perks, but you will also all be better able to use certain the same for other financial transactions that are needed in our everyday lives.
All transfers can be further carried out by a Business Correspondent (BC) or any other micro-ATM, except for a conversion of funds, where a particular bank BC must be visited. AEPS can only operate for those who have connected their personal bank account to Aadhaar. You can also become a Domestic Money Transfer Distributor.
How to submit AEPS
This step-by-step quick guide will help you make use of AEPS
1: plan to visit instead a micro-ATM or a whole bank correspondent.
2: Include your Aadhaar number and the name of your bank
3: Pick the type of transaction that you sometimes want to execute
4: Verify by scanning fingerprint/iris
5: Collection of the receipt
Resources rendered by AEPS
*Deposit of currency
*Removal of currency
*Transactions for reimbursement
*Balance Survey
* Transfer of Aadhaar funds to Aadhaar
AEPS: Functions and Advantages
*It is very easy to use
*Provides a safe and even secure means of payment
*It is interoperable across all of multiple banks.
*Promotes financial participation by serving under-banked parts of society;
* Facilitates entry to bank accounts by Aadhaar for all bank account holders.
*Only the Aadhaar number and therefore the biometric information are necessary to carry out the whole transaction.
* Promotes the disbursement of government schemes
AEPS: How is it working?
The AEPS computer is like a POS machine. However the trader must actually enter perhaps the Aadhaar number whatsoever of the customer like this instead of the debit or credit card safety pin and then somehow authenticate again the financial transaction only with the biometric details of the paying customer. You can get the Aeps Franchise and then set u your own Aeps Website as well.
In order to carry out another AEPS transaction, here the following new information is required:
*Bank name or Issuer Identity Number (IIN)
* The current number of the aadhaar
* Customer’s fingerprint data