Aadhar Enabled Payment System (AePS) Services
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What is AePS?
Aadhaar Enabled Payment System(AePS Service), is an Aadhaar-based payment solution which empowers bank users to carry out financial transactions (without any debit card/credit card/checkbook) using only their Aadhaar card, registered with their bank account, and biometric authentication. AePS agents and distributors can provide basic banking services to their customers such as cash withdrawal, balance inquiry, and obtaining a mini statement. It is an initiative by NPCI (National Payments Corporation of India) to support unbanked and underbanked sections of India.
AePS Facility Services :
1. Balance Inquiry
2. Aadhaar ATM
3. Mini statement
How Does AePS Work?
1. The AePS Agent connects and installs a biometric device to their Computer or Smart phone.
2. Agent inputs the Customer Aadhaar number and the bank name.
3. Agent selects the transaction type: Cash withdrawal or Balance Inquiry.
4. The customer then inputs their thumb print (same as per Aadhaar) to authenticate the transaction.
5. The customer’s account is debited and merchant’s Biznext wallet account is credited real time along with additional commission amount.
6. The AePS Agent then receives a transaction receipt and customer receives an SMS confirmation from bank.
Benefits to AePS agent :
1. Minimum Investment with Maximum Return.
2. Only requirements to set up business, are a Smart phone or Computer (as per ease and availability) & Biometric Device.
3. Earn Attractive Commission per transaction.
4. Quick process, takes less than a minute to complete the transaction.
5. Full utilisation of cash in hand.
6. In crease in customer base due to additional service provided.
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Biznext: Digital Banking and Bill Payment Services
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