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Aadhaar Enabled Payment System – A New Trend Setter in India

How many times do you visit your village to meet your parents or grandparents? Life in rural areas is completely different from urban areas. We can avail anything easily without waiting for anyone or anything. But ask your parents, they have to stand in a long queue to deposit cash, transfer money and withdraw cash to fulfill daily needs. Many old people are still don’t have their bank accounts and don’t know how to do UPI payments. Many people take advantage of their innocence and try to exploit them. Some people hide their identity and ask for OTP and ATM PIN to steal their hard-earned money. If your parents or elderly people reside in a village you might have heard about their situation. They still use cash for purchasing anything from the Kirana store and don’t use their bank accounts for any reason. But after demonetization, people from rural areas started to deposit money in their bank accounts and the era of the cashless economy started in India. To promote a cashless economy, many factors are needed to be considered like the availability of ATMs and banks. India is a very big country and developing infrastructure at such a fast pace is not possible. The best solution for this problem was AEPS Gateway (Aadhaar enabled payment system).

AEPS (Aadhaar enabled payment system)

 AEPS is a bank-led model that permits online fund transactions at PoS (Point of Sale) through the Business Correspondent (BC) using the Aadhaar card

/12- digit Aadhaar number or finger/iris scan.

You can avail of the Aadhaar services by opening a new bank account by providing KYC (Know Your Customer) information. Also, your Aadhaar number should be linked with bank a/c. To make the transaction successful following things are required:

  • Aadhaar Number
  • Micro ATM
  • Bank Name
  • Present self for biometric authentication
  • Retailer or agent to provide AEPS services.

AEPS admin portal services:

 The Aeps admin portal provides the following services:

  • Cash withdrawal
  • Balance inquiry
  • Aadhaar to Aadhaar fund transfer
  • Payment Transactions
  • Mini Statement

Transaction Cost of AEPS:

 The transaction cost of AEPS Gateway is NIL to the customer. Merchants or Business Correspondents may get a commission on every successful iServeU AEPS transaction.

Funds Transfer limit:

The cash transfer or withdrawal limit is Rs.10,000 per day. The total number of transactions is ten times that includes both failed and successful transactions.

Main Objectives of Aeps Gateway

  • The key objective of Aeps Gateway is to empower every section of the society and get access to their respective Aadhaar enabled bank account.
  • People can perform basic financial transactions like cash withdrawal, Aadhaar to Aadhaar fund transfer, balance inquiry & obtain a mini
  • To promote the cashless economy initiative of the Government of India (GoI) and Reserve Bank of India (RBI).
  • To provide a safe and secure financial transaction
  • To provide a full range of banking services through the Aadhaar card.

Grow your business by Providing AEPS

 As a retailer, you can make your shop an ATM booth so people can withdraw cash with their Aadhaar card from your shop. In this way, your shop will get popularity & maximum people would come to your shop to avail of financial services. In every successful transaction, you will get some commission from the government of India.

iServeU- The Best AEPS Service Provider

 iServeU is a leading fintech company and the best AEPS service provider. We provide the AEPS portal to retailers and agents that are customizable& you can start providing the services to rural, unbanked, and underbanked people

of your locality. Also, you can contact the AEPS agent round the clock to fulfill your cash needs. For more info, visit on iserveu.in or call on 8338088000.