How Does Aadhaar Based Payment Helps in Daily Life

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  • What is Aadhaar Enabled Payment System?

  • What are the Types of Aadhaar Based Payment System?

  • Who Control Aadhaar Based Payment System?

  • Why Aadhaar Based Payment System Started?

  • Role of Aadhaar Based Payment System in Daily Life?

Aadhaar based payment system is playing a vital role in our daily life. Here we will discuss what the logic behind the Aadhaar payment system was and how you can’t be apart from this payment system now a day and how it providing benefits to you in daily life.

So without wasting time, I come to the point.

In 2009 Indian government started a project in which they collect all legal documents detail to us and convert it into a unique Identity. They provide us a unique identity number for individuals which is known as Aadhaar card number and document named Aadhaar card.

Further government planned to use this entire Aadhaar database for financial transactions. They linked individual bank accounts into their Aadhaar card so that they can monitor payment details by Aadhaar card.

Initial steps in the way of Digital future, the government started UPI (Unified Payment Interface) and BHIM (Bharat Interface for Money) which facilitate online payment directly using smartphones. On the other side, the Government started Aadhaar enabled payment system for those who are unable to use payment through mobile.

What is Aadhaar Enabled Payment System?

AEPS stands for Aadhaar enabled payment system. It is a new age of payment transaction in which a bank customer can use basic banking services through the Aadhaar card. To use AEPS service, a bank customer’s bank account must be linked with Aadhaar card. It was the initiative by the government to push digital payment in place of cash transactions. Indian population support and appreciate this first step towards digital India dream.

What are the Types of Aadhaar Based Payment System?

Basically there are two types of Aadhaar based payment systems. The first one is the Aadhaar Bridge Payment System (ABPS) which is used basically by the government to provide special facilities and subsidy to the beneficiary.

On the other hand, AEPS (Aadhaar enabled Payment System) was started to use by the bank correspondents to accept the payment. An AEPS service provider can use Aadhaar enabled payment system to offer different AEPS services through AEPS software.  E-Mitra and bank correspondent use Aadhaar payment system to offer transaction services to customers.

Who Control Aadhaar Based Payment System?

Aadhaar based payment system was an initiative by the government to give the shape of the digital future.  RBI (Reserve Bank of India) and NPCI (National Payment Corporation of India) was start this project in India. This system ensures to keep eyes on the entire transaction authentication. This is the reason it is a fast, safe, and reliable payment method now a day.

Why Aadhaar Based Payment System Started?

This payment system basically started to support underprivileged or poor people who are unable to use transactions through mobile or cards. As we know 70% of India comes under rural areas which are far apart from banking services. The biggest part of the population in India still untouched to banking benefits. By keeping this in mind, the Indian government started this system in which customers can use basic banking services through Aadhara card and finger-print authentication.

Role of Aadhaar Based Payment System in Daily Life?

By using Aadhaar enabled payment system a bank correspondent or AEPS service provider can offer all following services to customers.

  • Cash Withdrawal

By using a cash withdrawal service, bank customers can withdraw money from their bank account using Aadhaar card. To withdrawal cash, you have to provide Aadhaar card number and fingerprint as authentication. This is the easiest and safest way to withdraw cash using Aadhara card.

  • Balance Enquiry

If you want to check your bank account balance details, you can easily check using balance enquiry features. You just have moved to near-by bank correspondent and provide you Aadhaar details to check your account balance details.

  • Mini Statement

This is a new service which you can use know. Now you can check your account mini statement details by using Aadhaar card.

  • Micro ATM

This is another excellent service that facilitates cash withdrawal service using a debit card. Now just visit nearby bank correspondent and withdrawal cash from your account through debit card by using Micro ATM service.

  • Aadhaar Pay

This is last but not the least. Government just started Aadhaar pay service, which facilitates you to withdrawal cash up to 1,00,000 in a day. So now if you need more money instantly, you can withdrawal up to 1 lac by using Aadhaar Pay service.

  • If you are a shopkeeper can use AEPS service to accept payments
  • It is the easy, fast and secure method
  • It helps to monitor all the transaction by the government to stop black money storage
  • Now you don’t need to carry cash in your pocket
  • Easiest way to pay
Conclusion

So here we learned what is Aadhaar based payment system, its types, the vision behind starting it, who run this system, and how it helps you in daily life.

It also helps to provide you a business opportunity. You can also start your own AEPS business as a business correspondent. To start a business, you need an AEPS software. There are many AEPS service provider company in India which provides AEPS service as the third party.

For more details about AEPS and AEPS business visit my blog or directly contact our executives for a free live demo.

 

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