Here is our FAQs section to help you to better understand all about our product.
Aadhaar Enabled Payment System (AEPS) is a payment model driven by banks that enables consumers to perform functions like cash withdrawal, mini statement, and balance enquiry from their merchant network or any bank following Aadhar authentication.
1. The consumer needs to input their 12-digit Aadhar number and the bank name.
2. Select the transaction that you wish to perform at the next step – balance enquiry, mini statement, or cash withdrawal.
3. Enter the transaction amount if you wish to withdraw cash.
4. Authenticate your transaction using biometrics.
5. The transaction is completed within seconds, and the user gets an SMS from their merchant bank, and a transaction receipt showing the record of the transaction performed.
Besides having a bank account from any bank, you need to have a 12-digit Aadhar number. You must link your Aadhar with your bank account to be able to perform a Micro ATM transaction through your merchant network. You need to link your Aadhar with your bank account on the bank’s website or mobile app.
AEPS is a beneficial proposition for both businesses and end customers. Businesses can benefit from AEPS to become a profitable business, can get an easy app conversion into an AEPS Micro ATM, can offer AEPS-based cash withdrawals to their customers and expand their payment offer, and receive a faster settlement, and higher commission on each transaction.
AEPS offer easy cash withdrawal for customers from all walks of society and geography, especially for the elderly who aren’t well versed with the net banking system. It benefits them by offering a fast, reliable, and easy-to-use payment withdrawal system wherein they just need to furnish their Aadhar details to take out cash. This is an interoperable modal across different banks and offers users the feature to add multiple bank accounts seeding a single Aadhar number.