Aadhaar Enabled Payment System is a type of payment system which is basically based on Aadhaar card number and enables a user for the cashless transaction. Aadhaar enabled payment system is also known as AEPS. It is the service which aids us for basic banking actions like cash deposit, withdrawal, money transfer, and mini-statements.
This service is an initiative by the National Payment Corporation of India which is enabling us to complete a financial transaction without the use of credit card/debit card/ cheque book.
OV Technology is one of the best AEPS service provider company in India. Our AEPS software will allow cash withdrawal or balance inquiry service for the bank consumers and admin of our software will earn deputation on each cash withdrawal and transactions.
As well, the admin of the software can distribute AEPS transaction amount for their AEPS agents in real time through e-wallet as our company provides bank settlement in real time via e-wallet. However, AEPS agents also get the deputation by each and every transaction by the consumers.
Whenever any consumer goes to micro ATM or Business correspondent or center or any shop which is equipped with this AEPS facility through AEPS software for any type of transaction, he/she should provide their unique identity number, bank name and fingerprint impression for the verification to the BC.
Here, Business correspondent shares these details with the National Payments Corporation of India. This checks the ID and Unique Identification Authority of India (UIDAI) to verify and validate the consumer identity. As well, it checks the funds of connected account and performs the action. Hence, it is known as the root process of Aadhaar Enabled Payment System.
Our Aadhaar enabled payment system will provide some basic financial transaction services for our consumers as follows
Here, we’ve mentioned some of the main features and benefits of Aadhaar enabled payment system.
Earlier our AEPS service provider company had to register for Aadhaar enabled payment system service by manually issuing KYC and they have to wait for the approval. But now, agents can register for AEPS service via the e-KYC process. Now, with the new upgraded process agents only have to use their FingerPrint using the biometric machine.
Are you looking to start an AEPS service? Then, we - the OV technology is here to serve for you to improve your business.