Benifits of aeps
Aadhaar Enabled Payment Service or AEPS, is an Aadhaar based payment solution which empowers bank users to carry out financial transactions (without any debit card/credit card/ cheque book) 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 BUSINESS OPPORTUNITY
AEPS serves as a foundation of all Aadhaar enabled Banking Services. Another goal it tries to achieve is the digitisation of retail payments. It is a lucrative business opportunity which solves a real banking problem especially for customers living in areas where banks are at larger distances. Using our AEPS Agent login, agents have the opportunity to earn up to 7-10 rupees per transaction, depending on the number of transactions done. AEPS agents can easily earn around 800-900 rupees per day. AEPS Distributors have the chance to earn Rs.50,000 monthly.
AEPS transaction limit per day ???
There is no set limit for transactions made through AEPS. However, certain banks have capped the transaction limit to avoid misuse of this system. Various banks have set a daily limit of ₹50,000 on total transactions.
Aeps Cash Withdrawal limit per transaction ????
If we talk about per transaction cash withdrawal limit. It is set by NPCI 10000/transaction on single AEPS Financial Transaction.
Banking Services Offered by AePS
- Cash Withdrawal
- Cash Deposit
- Balance Enquiry
- Mini Statement
- Aadhar to Aadhar Fund Transfer
- Bhim Aadhar Pay
Other Services offered by AePS:
- eKYC
- Aadhar Seeding
- Demo Auth
Objectives Of Aeps.....
- 1. To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like cash deposit, cash withdrawal, Intrabank or interbank fund transfer, balance enquiry and obtain a mini statement through a Business Correspondent
- 2. To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
- 3. To sub-serve the goal of RBI in electronification of retail payments.
- 4. To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency.
- 5. To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.
- 6. To facilitate inter-operability across banks in a safe and secured manner.
- 7. To build the foundation for a full range of Aadhaar enabled Banking services.
How to Use AEPS Service.....
You need to follow the below steps to do an AEPS registration:
- Step 1: You need to visit the nearest banking correspondent in your zone. Take note here is that he or she doesn’t have to have to be a correspondent from your bank only
- Step 2: After the above step, you would be required to enter your 12-digit Aadhaar number of the Unique Identity Number stated in your Aadhaar Card in the POS- Point of Sale machine
- Step 3: Choose the type of transaction which you want to do- Cash withdrawal, Cash deposit, Intrabank or Interbank fund transfer, Obtain a mini statement, Balance inquiry
- Step 4: Select the name of the bank.
- Step 5: Fill in the amount of the transaction
- Step 6: Authenticate the transaction by giving your biometrics like a fingerprint or your iris scan
- Step 7: The transaction will be completed in no time, after which you can collect the respective receipt
Important points to remember while useing AEPS
(Safety Tips for Aeps)
You must remember the below points before you start using AEPS:
- Neither OTP nor PIN is needed for performing any transactions through this new method
- Your bank account must be linked with your Aadhaar if you wish to avail this particular service
- In case, if you have multiple accounts in a bank, the main account only will be used under the system of AEPS
- Aadhaar Enabled Payment System supports the transactions between your Aadhaar linked bank accounts and not any other unlinked accounts
- You can link many bank accounts with Aadhaar to use this facility. But you will be able to use only one account per bank for availing the facility.
- The cut-off time of the transactions performed through AEPS stands at 11PM IST every day. And all transactions done before this cut- off time for the day are counted in in the settlement of that particular day
