AePS Service – Everything You Need To Know

Therefore, National Payment Corporation of India (NPCI) has launched Aadhaar Enabled Payment System or AePS service.

In order to achieve the status of a developed country by 2047, India needs holistic development encompassing not just its cities but rural areas as well. India needs to enhance the social and economic life of its villages to attain swift and lasting growth. Adopting digital technology to bring transparency in financial matters i a solid step towards this. Therefore, National Payment Corporation of India (NPCI) has launched Aadhaar Enabled Payment System or AePS service.

With AePS service, a bank-led model, an authorised Business Correspondent or Agent of any bank having Aadhaar authentication can conduct online transactions at micro ATMs, kiosks and mobile devices. This solution was created by NPCI to efficiently manage different types of service requests by enabling an authentication gateway for all account holders connected to Aadhaar.

The AePS service is available to all Indian citizens who have an Aadhaar number connected to a bank account, which is also known as Aadhaar Enabled Bank Account (AEBA). AePS service offers banking services in regions of India where banking is either nonexistent or very limited. For basic banking needs, bank customers with an Aadhaar-enabled bank account can visit Religare Digital Agent outlet of participating member banks – Aadhaar-to-Aadhaar Fund Transfer, Balance Inquiry, Cash Withdrawal, Cash Deposit, Mini Statement, Purchase and Dual Authentication.

Services offered by AePS

• Cash withdrawal

Unlike urban areas, where ATMs are accessible for cash withdrawal, the rural population faces challenges due to lack of ATM infrastructure. Through AePS service, the user can withdraw money using fingerprints and Aadhaar number authentication. AePS service has now resolved hassles for people living in rural areas.

• Cash deposit

People can rest assured about the safety of their money by depositing it at the neighboring AePS store, instead of keeping it at home or travelling long distances to reach the bank branch.

• Bank account balance enquiry

Anyone can now use their fingerprint and Aadhaar number to access information about their bank account balance through the Aadhaar-based payment service.

• Transfer of funds from Aadhaar to Aadhaar

A person can now move funds from his Aadhaar number to another person’s Aadhaar number via the AePS service. He doesn’t have to register his bank account certification for this.

• Aadhaar Pay for BHIM

BHIM Aadhaar Pay can be used by anyone with an Aadhaar number to pay for any goods or services.

Benefits of AePS

• Using AePS service functionality is simple.
• Everyone with a bank account can use the AePS service.
• The procedure of AePS service is completely secure.
• It connects different banks to coordinate transactions.
• Only documentation required for transactions is a biometric ID and an Aadhar number.
• Using Aadhaar authentication, you can access your bank account.
• It helps the user access assistance from government programs.

How does AePS work with Religare Digital

Step 1: The customer contacts Religare Agent for AePS service.

Step 2: Religare agent enters the client’s bank account information and Aadhaar details and then chooses the transaction type.

Step 3: Religare agent finishes and confirms the transaction using the customer’s biometric.

Step 4: The required amount for cash withdrawal and agent commission are deposited into the agent’s wallet.

One thing you need to mind while using AePS is that the Aadhaar number you provide is correct, otherwise the transaction will be declined. Additionally, as a consumer may link many banks to their Aadhaar, they should choose the correct bank from which to do their transaction.

© 2024 Crivva - Business Promotion. All rights reserved.