Home » Workouts » What do you mean by AEPS? What are it several benefits?

What actually is the Aadhaar enabled Payment System?   Aadhaar enabled Payment System which is also known as AEPS is a type of payment service that empowers a bank client to use Aadhaar as even his/her identification to fully access their personal bank account which is Aadhaar enabled and conduct simple banking transactions such as with balance enquiry, depositing cash, cash withdrawal, remittances via the Business Correspondent.

What programmes are actually available under AEPS? Currently, the following facilities are actually present under the AEPS:-

* Survey of Equilibrium

* Transfer of Aadhaar to the Aadhaar Fund

* Withdrawal of cash

* Deposit of currency

BFD the above listed services are even available in both of the inter-bank and otherwise intra-bank modes. Just choose the best Aeps Agent.

The new government has now put extra focus on using lesser cash as well as more virtual transaction payments. In these kinds of circumstances, perhaps the Aadhaar Number now has become an essential tool for connecting banking networks across the world. Aeps Cash Withdrawal is very easy to do.

Aadhaar Enabled Payment System however is another payment service that empowers a bank customer for using Aadhaar as their identity to enter their respective home Aadhaar enabled personal bank account and otherwise conduct simple banking transactions such as the balance enquiry, cash deposition, cash withdrawal and otherwise remittances. You can even set your own Multi Recharge Business.

Perhaps the AEPS model allows banks to expand financial services to customers beyond even their own branch network just as the receivers of business correspondents are often based in unbanked or even under-banked areas. Many of the other advantages of AEPS usually include:

* Depending mostly on the demographic and otherwise biometric/iris specific information of the whole applicant, the risk of theft and non-genuine operation is excluded. Api Online Recharge can instantly be done.


* Allows disbursements of further government entitlements such as NREGA, Medicare and social security Allowances, due to old age Disbursements, etc. by any federal or even state government agency using Aadhaar Authentication.

* Allows the payment system to promote inter-operability between banks in a much safer and secure way. You should always choose the Best Recharge API Commission.

* Serves the purpose of RBI in the electrification of retail payments.

Bearing in mind the above considerations, C-Edge has indeed come up itself with its own solution of Aadhaar payment. Aadhaar Pay new application really is an Android-based Smartphone application that effectively is using AEPS/E-KYC services. This software is designed for merchants/shoppers and also somehow for the bank’s business correspondents. It is quick for traders, so they only need to set up a Smartphone and otherwise fingerprint scanner. The Aadhaar Payment Software uses consumer fingerprints for verification purposes. On the sole basis of this verification, the public money is passed from the Aadhaar customer once again to the account of Merchant.

BENEFITS of the whole AADHAAR PAYMENT are as follows:

* Consumers do not require an Android phone or otherwise any other technology for making purchases.

* Card numbers/PIN and otherwise passwords do not have to be actually carried and remembered

* Instant authentication using e-KYC

* Instant transfer of funds via AEPS.

Published at: Recent Health Articleshttp://recenthealtharticles.org

Article Source

Leave a Reply

Your email address will not be published. Required fields are marked *