Aadhaar Enabled Payment System also known as AEPS is a particular type of payment system which is based upon the unique identification number of a person and thus it allows the Aadhaar card holders to make seamless financial transactions through the Aadhaar based authentication. The Aeps Service aims for empowering all the major sections of the society by just making the financial and the banking services available to the people who are having aadhaar. Aeps portal is nothing but it is just an Aadhaar enabled system of payment by which you can easily transfer your funds, make some payments, deposit the cash, make some withdrawals and you can also make an enquiry about your bank balance and many more features like that.
The Aeps software allows all the customers for making the payments by using their own Aadhaar number and they also need to provide the Aadhaar verification at the point of Sale or the PoS machines or the micro ATMs. This is a pretty simple, fully secured and also a user-friendly platform for doing all your financial transactions.
Benefits of AEP
- It helps in doing the e-payments through authentication as well as verification process of fingerprint scanning.
- It assists in interoperability all across banks in secure and safe way.
- It also assists to provide the financial services that are Aadhaar-enabled.
- It assist to facilitate the disbursements of different Government prerogatives such as Social Security pension, NREGA and Pension of Handicapped Old Age.
If you are thinking to startup your own multi service business then you just need to do two main things, first is that you just need to easily find out the aeps service provider company list and then second you need to choose out the best aeps service provider from that list so that you can get your work done easily and in reasonable rates too. If you want to use the AEPS system, then you need to make sure that your bank account is linked with your Aadhaar.
Then comes the final step which is that you should get the Aeps Distributorship so that you can start doing your usual work with the help of this system and this will make the work easy for your customers as well as you.
Now you have the main question that how do the AEPS system work?
The AEPS machine is just like the POS machine or also known as the Point of Sale machine. Instead of putting the pin of a debit or credit card, the merchant will just have to put the Aadhaar number of the customer and then authenticate the particular transaction by using the biometric data of the customer.
You will just be requiring the following information for carrying out the AEPS transaction:
1. Bank’s Issuer Identification Number or name.
2. Aadhaar Number or the UID.
3. And at the last Fingerprint.