aadhaar enable payment system

Aadhaar Enabled Payment System for Banking Transactions

AADHAAR Enabled Payment System is a payment service empowering a bank customer to use basic financial services (cash deposit, balance enquiry, cash withdrawal and remittance) through Aadhaar Number Authentication. AEPS, a new age banking service has been approved by the Reserve Bank of India (RBI). The AEPS allows transactions using biometric authentication identify aadhaar number which is link with corresponding bank account and enables a person to carry out financial transaction on a micro-ATM provided by a banking correspondent. It is a unique and innovative system that allows trader/merchant to collect payment, operate as mini ATM for cash withdrawal, deposits, fund transfer and balance enquiry using Aadhaar Enabled Payment System. We provide you stander AEPS software with Integrated AEPS API solution.

Benefits of AEPS are as follow : –

The AEPS is empowering a bank customer to use AADHAAR number to access his/her bank account and perform basic banking transactions that are intra-bank or interbank in nature through a business correspondent.

Aadhaar enabled Payment system is secure and easy to use platform to avail benefits by using Aadhaar number & finger prints.

Aadhaar enabled Payment system is based on the Aadhaar number or biometric information of an individual, it eliminates the threat of any fraud and non-genuine activity.

Aadhaar enabled payment system (aeps) allows online interoperable financial inclusion transaction at pos (micro atm) through the business correspondent of any bank using the aadhaar authentication.

How Agents can register for AEPS Service ?

The aadhaar enabled payment system enable four types of banking transaction services are as follow below:

Cash Withdrawal

Using AEPS service, all your business partners can start cash withdrawal facility on own retail shop to their walk in customers. Any customer can withdraw cash from his/her bank account without going to the bank. Just go to any of the Retail shop and withdraw the required amount of cash by just providing your Aadhaar number, bank name and thumb/finger impression. In AEPS you have to use aadhaar card to withdrawal money while in mPOS machine you can withdrwal money using credit or debit card. We also provide you mpos machine integrated with mPOS software.

Cash Deposit

At retail shop, customer can use AEPS for depositing cash and require aadhaar number, bank name, and thumb/finger impression. It is easy to access at anytime.

Balance Enquiry

At retail shop walk in customer can check his/her bank account balance. For banking transaction require customers Aadhaar details, bank name and fingerprint, after that his/her can check bank balance detail on the screen.

Fund Transfer

Using AEPS service customer can send money instantly to any bank account through Aadhaar Verification, Aadhar must be link with bank account to use AEPS service.

In AEPS service, the fingerprint is authenticated by the UIDAI. In response to a transaction, UIDAI tells to the bank about the authenticity of the user. Once, UIDAI authenticates, the bank gives green signal to the transaction. For more detail about AEPS service, please send your query Here You can offer multiple services using Ezulix portal. Along with AEPS, you can also offers bill payment services to your customers by integrating bharat bill payment system in your portal.