AePS stands for Aadhaar Enabled Payment System. It is a bank-led model that allows basic banking services through the banking/business correspondents at your doorsteps.
It is observed from records that more than 89% of India’s population has been received their Aadhaar number till Feb 2018. So, to make the best use of this unique identity, NPCI introduced AePS service for rural or remote areas where bank branches are not present. The only thing required for the processing of this system is Aadhaar authentication. It is designed to handle both ON US and OFF US requests effectively enabling authentication gateway for all Aadhaar linked account holders.
Enabled Transactions Using AePS
AePS provides an easy and instant basic financial service and RBP Finivis is always available with its secure and transparent banking services. There are mainly four types of transactions offered using AePS API Portal. They are:
Cash withdrawal – you can withdraw cash from your account by entering the desired amount using Aadhaar number and fingerprint.
Aadhaar to Aadhaar fund transfer – this type of fund transfer is used by merchants for payments using Aadhaar authentication.
Balance inquiry – with this option you can view the current balance in your account on the screen.
Mini statement – it shows the list of your last 5-10 transactions.
How can You use AePS Service?
Our country is moving rapidly towards digitalization and customer is now started using new forms of digital payments. The process of using this service is quite easy and simple. You just need to follow few steps:
- Visit AePS Service Provider in your area.
- Give your 12- digit Aadhaarnumber to the AePS Service Provider
- Select the transaction type from the various options
- Select the bank name
- Enter the amount for the transaction
- Aadhaar authentication needs to be done via biometric verification
- Transaction will get done within few seconds
- Then, the correspondent will provide the receipt of the transaction
Is There Any Need Debit Card or Account Details?
Transactions through Aadhaar Enabled Payment System require Aadhaar number and biometric authentication. There is no need for debit or credit cards to perform transactions. Even bank account details such as account number and IFSC Code are also not required. Hence, we can say that this model is safe and easy to access because the signatures of two individuals can be the same but fingerprints can never. Also, if you forgot to take your passbook or account details, you can access your account and get the desired financial transaction done.
Benefits and Features of Aeps:
AePS is a kind of payment system that allows payments using a unique identification number. Hence it is a safe and secure mode of payment. It has some amazing features with many benefits. They are as follows:
•uncomplicated and convenient to use
•safe and secure mode of payment
•interoperable and easily accessible across all banks of India
•promotes financial inclusion
•serves un-banked and under-banked fragments of society
•service available 24*7 including bank holidays or Sundays
•no need to take any leave from your work for getting banking services done, as this facilitates services after banking hours.
You get benefits from all of these features of AEPS API and enjoy convenient and transparent service. We as an AePS API provider Company in India deliver amazing services with our innovative products.
Why Choose us as an AePS API Provider for Setting Your Own Brand?
RBPFinivis is a direct API provider company. It offers you dedicated APIs and SDKs which are easy to use and compatible to fulfill your needs as per your requirements. It takes care of privacy and makes sure that every person has original identification documents. It is comfortable with all the languages such as Java, PHP, Dot Net, etc.
It provides 24*7 help support for all your transaction-related issues. It intends to empower rural people to provide them an opportunity to set up their company and offer services to others. As the name suggests, it a is rural banking programme that highlights the essential contribution of financial inclusion towards the achievements of global development goals.