Aadhar Enabled Payment System ( AEPS) is a payment service developed by National Payments Corporation of India (NPCI) which enables and empowers a bank customer to use Aadhar as his/her identity to get access to Aadhar enabled bank account and perform basic banking transactions like balance inquiry, cash deposit and cash withdrawal. Apart from providing the basic facilities, Aadhar Enabled Payment System is convenient to use because it provides safe and secure platform to avail the benefits with help of Aadhar number and bio-metric authentication.
AEPS provides several other services like:
- Balance inquiry
- Fund transfer ( Aadhar to Aadhar)
- Cash deposit
- Cash withdrawal
- BFD ( Best Finger Detection)- it eliminates the risk of fraudulent activities.
- Safe and secure transactions across banks by using the Aadhar number and online UIDAI authentication.
- Facilitating the payments of Government schemes like NREGA, Social Security Pension,
- Handicapped Old Age Pension of any central or state government.
- Help to extend financial services to the inaccessible areas which do not have access to or are deprived of banking services.
Customer Service Points (CSPs) act as mini banks for carrying out transactions and business sourcing. Paymonk appoints CSPs across the country, which provide services to their nearby areas. These services include AEPS, Fund transfer, payment of bills, mobile or DTH recharge, IRCTC Train Ticket Booking, and many more.
Benefits of AEPS CSP for agents and customers
- This becomes a win-win situation for both the customers and the local retailers. Both are equally benefited from the AEPS CSPs system.
- Customers can experience hassle-free and secure payment by just walking up to any PayMonk retail store and conduct banking transactions using their Aadhar Number and bio-metric authentication.
- The withdrawal of cash and fund transfer become quite convenient and safe under AEPS.
- On the other hand AEPS provides profitable business opportunity to agents. PAYMONK agents and register for AEPS service facility to convert their shops into mini-ATMs.
- Moreover, paper free transactions under AEPS makes it Eco-friendly .
PAYMONK offers total solution for AEPS and help those who are willing to become white label partner or seller or merchant.
For more information, please visit: https://paymonk.com/agent-partner.php
Superb Article, Loved it. I am thinking of reading more about Paymonk and it’s AEPS services
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