#aeps payment

Aadhaar enabled payment system is the new way of online banking transactions. It has changed landscape of financial transaction in India. Now people don't need to be visit to bank or ATM for banking transactions. By visiting nearby BC (business correspondent) a bank customer can perform all basic banking facilities by leveraging their Aadhaar card number and finger-print authentication.

Here is the list of top features of b2b AEPS software that you can't ignore when you are looking for an AEPS software portal for admin business.

Customized Handling

Secure Banking

Support to All Banks

All in one App

Extended Cash Withdrawal Limit

UPI Collection

Fully Customized AEPS Portal

Admin Control Panel

Analytic Reporting

Service On/Off in Single Tap

24*7 Real-Time Settlement

AEPS Money Transfer Service to Enable Digital Payments at Retailer Shop

The Aadhar enabled payment system is a payment method that uses the Unique Identification Number and allows an Aadhar holder to carry out coherent financial transactions through appropriate authentication methods. The Aadhar enabled payment system aims to bring together people from all sections of society to make all financial transactions available to everyone. AEPS or the Aadhar enabled payment system is a simple and easy platform to conduct various financial transactions such as fund transfer, cash deposit, withdrawals, balance inquiry, and more. AEPS banking has become a popular mode of transaction, especially in rural areas. If you want to engage with your customers, it is time to adopt the best AEPS service provider.

The best AEPS provider

In India, various companies offer AEPS payment but Finacus is one among them that offers a seamless solution. Finacus is one of the leading providers of financial technology in the country. The master in offering customized solutions to your financial institution. They also offer an Aadhar based payment system to merchants. Let us see how the AEPS works

How does AEPS work?

Let us first understand how the AEPS works

To carry out the transaction you go to a micro ATM near you or a banking correspondent who provides AEPS service.

Now, Provide your unique Aadhar number linked to your bank account.

The service provider will enter your unique Aadhar number to initiate the transaction. Once entered choose the type of transaction you want to conduct.

Provide a fingerprint or an iris scan to authenticate the AEPS transaction.

The transaction will be over within a few seconds so you can collect your receipt.

Benefits as a service provider

Setting up a micro ATM and giving your services to the following consumers might give you a number of advantages as a service provider.

Banks can reach unbanked areas with very less investment.

It can play a major role in achieving financial inclusion goals for social and economic development in India.

The usage is safe and secure with multiple authentication options with basic technology.

APES is based on demographic and biometrics information of an individual, it eliminates the threat of any fraud and non - genuine activity.

AEPS facilitates disbursement of Government entitlements like NREGA social security pension and other government schemes of any Central or State Government bodies using aadhaar authentication.

AEPS facilitates inter - operability across banks in a safe and secure manner.

Enable reaching the unbanked areas, providing financial services to them through the network of BCs

FinAEPS

The FinAEPS from Finacus is an immediate Aadhaar based online platform that bridges the AePS interface managed by the National payment corporation and paves the way to conduct Aadhar based payment efficiently. The FinAEPS acts as a switch of the bank’s financial transaction side that is linked to the core banking solution. You can use the Fin AEPS in various as in following

• Regular ATMs

• Business Correspondent Model

• Agent Banking through Micro-ATMs or Tablets

Bottom line

The Aadhaar national identity project was formulated on the one basic principle that is inclusion. The aim of the project was to connect all citizens under a single fold. The project has collected a massive amount of data including biometric, residential and banking details of the citizens which can be leveraged across various sectors to reshape the way they function as citizens. In the banking sector, Aadhaar has been a huge tool that has changed the way we make transactions. In a vision of a cashless India, UIDAI in association with NPCI, RBI and various other banks have introduced various initiatives to provide a seamless banking solution to every individual of the country. This has made Aadhaar a powering digital tool in India.

The Aadhaar Enabled Payment System (AEPS)

The AEPS is one such initiative that was introduced by NPCI and RBI with a vision to extend banking and financial services to the areas that didn’t have the touch of banks. This was done with the help of a system called Micro ATMs or AEPS service providing company. The micro ATM is a bank-led model through which the banking and business officials provide basic and indispensable banking services to the people. The Micro ATM used for AEPS is identical to POS hardware. It is equipped with an in-built keypad, printer and scanner to enable authentication through biometric. All you have to do is enter the Aadhaar number, select the bank account linked to Aadhaar and initiate authentication with a fingerprint scan. The range of services provided by AEPS covers:

Withdrawal of cash

Bill payments

Fund transfer

Balance enquiry

The Aadhaar Pay App

The Aadhaar pay app or the Bhim Aadhaar pay app is designed for merchants to enable digital transactions with the help of Aadhaar. All you need is a smartphone and an app that is sent by the bank. The Bhim Aadhaar pay is a merchant version of AEPS banking.

As the basic way of authentication via Aadhaar is fingerprint scanning, the app functions only with authentication of the fingerprint. In case the merchant’s smartphone doesn’t feature a fingerprint scanner an external scanner that is called the STQC is attached to the smartphone and processes the payment.

The merchant has to submit the details for e-KYC and download the app sent by the bank after registration with one that supports Aadhaar pay. The workflow of the Bhim Aadhaar app is as follows:

Download the app after completion of e-KYC

Enter the 12 digit Aadhaar number. The bank will fetch the details of the linked bank account from which the customer have to select the account

After the selection of the account, authentication is done by fingerprint scan which activates and completes the payment.

Aadhaar- The Digital Transformer

The Aadhaar platform is formulated to connect all segments of the society under one roof of unified identity and payment system. The easy, powerful and transparent payment solutions of Aadhaar not only benefits the urban people of the society but it also enriches the financially secluded areas of India with the digitized platform. The easy-to-use payment gateways don’t need a learning curve thus becoming an easily operable platform for educationally deprived people. The AEPS service provider helps people from a remote area to be sound in digital transactions.

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