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AEPS – Everything You Need to Know

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aeps
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So today we are here to discuss all AEPS which is very important for both us socially and business perspective. Today I will try to cover all the essential points about AEPS, which help you to understand its importance completely. So keep tuning with me till the end so that you can understand everything ezulix AEPS. I hope you will like this article. Till the end, if you have any query or suggestion, you feel free to comment.

Without wasting time, we must start now, come.

What is AEPS?

AEPS stands for the Aadhaar enabled payment system. This is a new type of payment system in which a bank customer whose Aadhaar card linked with a correspondence bank account, can use basic banking transactions. In short, we can say, using AEPS, a bank customer can get the advantage of all basic banking services using 12 digit Aadhaar number and fingerprint authentication.

AEPS service is initialized by the reserve bank of India (RBI) and approved by the national payment corporation of India (NPCI). The main aim of this service is to create a cashless society in India. AEPS service helps customers to connect with banking services without visiting banks and ATMs.

Now everyone can use basic banking services, using AEPS service, by visiting nearby AEPS service providers. This is a very helpful special in rural areas where banks are unable to reach.

What is AEPS Payment System?

Developed national payment corporation of India and Aadhaar enabled payment system helps to carry out our transactions using Aadhaar card authentication. This was the first initialization towards a cashless society in India. This is started and also supported by the digital India project which is successfully run by the Indian government. AEPS payment system allows individuals to perform a secure and cashless transaction which helps to create a cashless economy in India.

AEPS payment system helps to avoid black money collection. Through AEPS payment system government is trying to eliminate financial frauds in the market. In short, we can say, AEPS payment system is helping people to connect in with banking services and get the advantage of it.

What is Micro ATM?

ezulix micro atm
ezulix micro atm

Micro ATM is a mini version of ATM. In other words, we can say it is a modified version of the point of sale machine. This is quite similar to AEPS. As in AEPS service, we use Aadhaar card to withdraw the money from a correspondence bank account, similarly, in micro ATM, you can use debit cards to withdrawal the money. Micro ATM contains the card swiping facility and you can connect with software using Bluetooth and USB.

What is the Role of NPCI?

NPCI stands for the national payment corporation of India. It handles and monitors all the electronic transactions perform in India. To deeply understand the role of NPCI, we have to go to the AEPS process.

Whenever any customer enters all the details, the merchant sends all the details to NPCI, where NPCI checks all the details of the customer’s bank account. NPCI authenticates all the details, account balance and he is eligible for the desired service or not. If the customer’s all the details are ok then NPCI approved it for transactions. This is a very fast process, done by NPCI.

So in concern of AEPS, we can say, the main role of NPCI to handle and monitor all the transactions and try to avoid any illegal financial activity.

What is Require for Transaction?

  • 12 digit Aadhaar card number
  • Bank name
  • Mobile number
  • AEPS software/micro ATM
  • Biometric device

How Do AEPS Work?

You can use AEPS service using the following steps.

  • Visit your nearest AEPS service provider (BC) and provide 12 digit Aadhaar card number
  • He will enter your unique Identity number in AEPS software
  • Choose which banking service you want to use
  • Provide your bank name linked with your Aadhaar card
  • Enter the transaction amount (If you want to withdrawal)
  • Validate transaction using fingerprint authentication
  • Complete details forward to NPCI
  • NPCI check all the details and authenticate if the transaction is legal
  • As the transaction is complete (In seconds) receive a receipt from BC
  • Set amount transfer from your account to BC account and he gives you cash (in withdrawal cash)

So these are very easy steps to using AEPS service. You can use basic banking activities without visiting your bank or ATM. This is the reason this service was most popular in rural areas at starting. Nowadays, most of the people are using it to get rid of bank queues and to save time. In short, we can say this is a great initiative by the Indian government.

What are the Features and Benefits of AEPS?

  • Bank customers can use basic banking service using Aadhaar card
  • Safe & secure transaction under NPCI
  • No need to visit the bank or ATM for banking services
  • People from rural areas connecting with banks
  • You can use banking service anytime (not depend on bank hours)
  • To use AEPS, the only information required is Aadhaar card number, bank name & fingerprint authentication
  • Fastest cashless transaction service
  • Interoperable across all the banks
  • No need to stand in bank queues
  • It also helps in government schemes
  • Easy to use
  • No need of remembering PIN or OTP
  • Shopkeepers can also use it to accept payments
  • AEPS helping banks to Increase users
  • Helping to create a cashless society all over India

So these are some point which describes the benefits of AEPS in India.

Which Services Offered by AEPS?

  • Cash Deposit
  • Cash Withdrawal
  • Balance Inquiry
  • Fund Transfer
  • Mini Statement

These are all the services that can be performing using AEPS.

How to Start AEPS Service?

So here we learn everything about AEPS, its benefits, services. Now we will discuss a term that we used earlier “AEPS service provider”. AEPS generates new business startup opportunities for you. So If you are planning to start your own business and looking for an opportunity, AEPS can be a great option for you.

Yes, now your Aadhaar can provide you business. You can start your own business and can be an AEPS service provider and can make it a handsome source of Income.

To start AEPS business, you don’t need high education or any technical knowledge. You can start this business at a low investment without any technical knowledge.

To understand the concept of AEPS business, we have to discuss it from starting. So are you excited to learn about it?

Basically, AEPS started to connect all the population to banking service. There are many places where banks are unable to reach. To eliminate this problem, AEPS service started in which people can connect to banks. To offer these services, banks need people or companies. They provide AEPS API to these companies which further can distributor and can start the business. You can’t deal directly to banks to start the business. To start the business you have to contact companies that offer AEPS software services.

Which is the Best AEPS Service Provider Company in India?

There are many AEPS service provider in India which claims to be best. You can start your own AEPS business with any company and can offer AEPS service to your customers. I would like to suggest you to choose best AEPS service Provider Company for your business. The selection of the right service is a very important step which you must take very carefully.

Ezulix software is one of the best AEPS service provider companies in India over the last few years. This is the reason today we have a wide range of potential customers all over India. You can start your own AEPS business with Ezulix AEPS and can make it a handsome source of Income.

How to Start Work with Ezulix AEPS?

You can start your own AEPS business with Ezulix AEPS and can offer AEPS service to your customers. To start AEPS business with Ezulix, you need Ezulix AEPS software. Before starting a business, you have to complete some legal formalities which are following.

  • Register Company Name
  • Get GST Number
  • Get PIN Number
  • Domain Name Registration
  • Web- Hosting Service

After completing all the above steps, now you are ready to start your own AEPS business with Ezulix AEPS. To start AEPS business with Ezulix, you need to apply for a free live demo. Our executives contact you and provide you manual training process so that you can understand the complete portal and business. We provide you b2b portal with Integrated AEPS service.

You can start a business with us as Admin and you can create unlimited AEPS service providers all over India and can earn a commission.

You can create unlimited members in your down line as-

  • Master Distributor
  • Distributor
  • Retailer

So you can create all these members in your down line and can earn with all your down line.

Why Start AEPS Business with Ezulix AEPS?

Ezulix software is the best AEPS software service provider company in India. Our skilled and experienced professional team developed an advanced AEPS portal with unique features. You can start your own AEPS business with Ezulix AEPS and can make it a handsome source of Income.

We provide you standard AEPS portal with unique features. You can start as an admin with us. You can boost your business sales by using its unique features. Our advanced portal is modernized and fully customized. It is a user-friendly portal, you can use it easily without any technical background. Although it is based on the latest technology, it is faster than the previous version.

Our advanced AEPS portal is integrated with secure API which provides you safe & secure transaction guaranty. We provide you best AEPS software for mini banking business in India.

What are the Features of Ezulix AEPS Portal?
  • Now you can use FINO bank AEPS services along with YES bank AEPS service
  • You can use instant PAYOUT services, in which members can fixed settlement from AEPS wallet to the main account
  • Now you can micro ATM service to your customers in which your customers can withdrawal money using the debit cards too.
  • Now you can earn the best commission in the market
  • Advanced AEPS portal is faster than before
  • It is fully safe and secure
  • Easy to use the portal
  • Easy navigation facility using hard coding
  • You can create unlimited members all over India
  • You will get the real-time AEPS settlement

These are some features that make Ezulix AEPS more popular and reliable. Our main aim is to offer the best service to our clients so that they can grow.

Conclusion

So finally here we are wrapping up this article with great information. I hope you will like this article. Here we discussed everything about AEPS, its benefits, features, business opportunities and how can you start your own AEPS business with the best AEPS service provider company.

Along with AEPS, you can Integrate money transfer, bill payment service, and mobile recharge service in the Ezulix portal. For more details about the software, business visits my blog or directly contact our executives to apply for a free live demo.

FAQs of AEPS
  1. What is the Maximum Amount of Transaction per Account per Day through AEPS?

Ans.  If we talk about RBI, they do not set any limits on the transaction through AEPS. But all the banks have their own norms. In general, most of the bank set limit of transaction per day is 50,000/-

  1. What is RRN Number in Bank?

Ans. RRN stands for the receiver registration number. It’s a 10 digit alphanumeric bank account, mobile wallet or debit/credit card number which generate after the transaction as transaction Id.

  1. What is IIN in AEPS?

Ans. IIN stands for an Issuer identification number. The IIN will be 6 digit number which will be allotted to a bank upon an application to NPCI from the bank seeking IIN for AEPS.

  1. Which Device Can Be Used for AEPS?

Ans.  You can use multiple devices for AEPS services like Morpho, Mantra, Cogent, Precision, Startek.

  1. Where Do I Claim a Refund for a Failed AEPS Transaction?

Ans.  If your failed transaction has been debited from your account then it will be refunded in your bank account within 72 hours. In case the amount does not reflect in your bank account, you can contact your issuer bank. If bank not respond, you can directly contact t NPCI

  1. I see the error “No Checking Account” While Doing an AEPS Transaction. What Does This Mean?

Ans. It means the customer’s Aadhaar card not linked to the correspondence bank account.

  1. I see the error “ Invalid Agent/ CSR code” While Doing an AEPS Transaction. What Does This Means?

Ans.  It occurs when the customer’s Aadhaar card number is not responding to the fingerprint.

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