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Aadhaar Banking Is AEPS (Aadhaar Enabled Payment System) Powered Digital Banking Service That Enables Retailers To Provide Basic Banking Functions Such As Cash Withdrawal, Balance Inquiry, And Domestic Money Remittances To Their Customers And Earn Money As Commission. All That Any Retailer Needs To Do Is To Signup As A Panchyajanya CSP And Start Providing These Services..
It is a win-win situation for both – the local retailers and the customers. Instead of searching for ATMs or standing at long queues at bank branches, customers can walk up to any Panchyajanya CSP and conduct banking transactions with their Aadhaar number and fingerprint authentication. At the local CSP, customers can withdraw cash, or instantly transfer money to any bank account in India with ease and convenience.
Instant Pay-out Facility available in AEPS
Aadhar Enabled Payment System is abbreviated as AEPS. AEPS Service is a digital payment gateway that allows online payment of money using Aadhar data. We are a leading Aeps Service Provider Company in India.
The Aadhar Enabled Payment System is an initiative by the government that was launched by NCPI. The AEPS Software enables customers to access their Aadhar enabled bank account using the Aadhar details. It was started with the view of speeding the financial inclusion in the country.
The AEPS model is structured in a manner that allows easy interoperable financial transactions to be carried out through Micro ATM with the help of business correspondent of any bank. Herein, the Aadhar information is used by the banks for authentication purposes.
Background
In order to further speed track Financial Inclusion in the country, Two Working Groups were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.
The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.
AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions.
The only inputs required for a customer to do a transaction under this scenario are:-
Bank Name
Aadhaar Number
Fingerprint captured during enrollment.
Uses of AEPS
1. AEPS money transfer serves as a medium for including as many citizens as possible in the bracket of financial inclusion.
2. Build a secure and safe medium for transactions in addition to boosting the electrification of retail payment using AEPS White Label Software.
3. AEPS service registration allows merchants to render a route for disbursing government entitlements including Social Security pension, Handicapped Old Age Pension, NREGA of both Central and State government.
4. The high commission AEPS service aids in carrying on mundane transactions of the bank in an easy and safe manner.
Explore the rewarding white label AEPS business opportunities only with Panchyajanya.
Banking Services Offered By AePS
Cash Withdrawal
Balance Enquiry
Mini Statement
Aadhaar to Aadhaar Fund Transfer
Authentication
BHIM Aadhaar Pay
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