What do you mean by AEPS? How does it work?

Posted by e24pay on March 30th, 2021

In order to facilitate further financial inclusion with either the Aadhaar card, Aadhaar Enabled Bank Account holders from deprived parts of the business have been given access to the banking system.

The UIDAI that further serves as a central authority towards Aadhaar however has joined forces with RBI and otherwise National Payments Company of India (NPCI) to somehow develop a platform that focuses mainly on the neglected segment to secure access to further banking through micro ATMs mostly via the Aadhaar authentication. You can easily become an Aeps Agent. 

What is the Aeps?

The word Aeps, which is actually known as Aadhaar Enabled Payment System, and which aims to promote financial inclusion by Micro ATMs or POS which will then be set up by the business correspondent of further any bank by using Aadhaar-based authentication process. The Aeps enables a person to carry out 6 types of further transactions. Aeps Cash Withdrawal is very easy.

Under this Aeps, consumers are expected to have the following inputs in order to carry out transactions:

• Aadhaar Number

• Identification of the bank of which the customer is affiliated (IIN)

• Fingerprint collected during registration.

Resources rendered by Aeps

The below is the list of particular Aeps Services:

• Balance public inquiry

• Currency Withdrawal

• Mini Statement

• Cash Depositary

• Best Finger Identification

• Aadhaar to Aadhaar Money transfer

Objectives of Aeps

The core goals of Aeps are as follows:

• To allow banks in India to somehow route inter-banking transactions initiated by the Aadhaar through another central switching and otherwise clearing agency. Aeps Portal should be clean.

• Building a solid base for a wide spectrum of Aadhaar-enabled particular banking services. Aeps Registration work is actually very easy.

• To enable inter-operability through either banks in a safer and stable manner.

• Building a solid base for a wide spectrum of particular Aeps Portals banking services.

• To underpin the objective of the RBI in the electrification of retail payments.

• Promote the entitlements of the whole Government, such as with Social Security pension plan, severely handicapped Old Age Pension Schemes, NREGA and otherwise so on, through Aadhaar, both central and otherwise state government entities. You should always get the Best Recharge Api.

• To endorse the objective of the whole Government of India and therefore the National Central Bank (RBI) to promote financial inclusion.

How is Aeps working?

• Step 1: Initially, the customer would have to provide details of his or her Aadhaar number, fingerprint data and otherwise financial transaction through micro ATMs. Best Recharge API Commission is also more.

• Step 2: More processing of the digital data that will be heavily encrypted will be actually sent to the UIDAI via the 'Bank ability to switch'

• Step 3: The data will be checked and validated by the particular UIDAI and the outcome will be expressed either with now the YES/NO answer.

• Step 4: If the answer is "YES," the commercial bank will start the necessary authorization.