WHAT IS AEPS ?
AEPS portal( Aadhar Enabled Payment System) is secured and convenient payment method provided by National Payments Corporation of India (NPCI). This system helps the Aadhar linked bank account holders to use the basic banking facilities like balance enquiry and cash withdrawal. Aadhar Enabled Payment System allows six types of transactions such as cash withdrawal, cash deposit, balance enquiry, Aadhar to Aadhar fund transfer, mini statement, best finger detection.
WHY AEPS ?
Government of India has taken this initiative to bring all the citizens of this country in the banking framework. However it’s not always convenient to open bank branches in every remote corner of the country so AEPS helps people of the distant places to complete their transactions in easy and secured manner.
HOW AEPS WORKS:-
i. Firstly ,the customers must link their bank accounts to Aadhar.
ii. Customers need to visit a PAYMONK outlet correspondent in their area.
iii. 12-digit Aadhar number and the bank name are required for initial action.
iv. Select the type of transaction – cash withdrawal or balance enquiry
v. Enter the amount ( if applicable)
vi. Use Biometric authentication through Best Finger Detection.
vii. Transaction gets completed within few seconds.
viii. PAYMONK agents will receive transaction receipts subsequently.
ix. The customers can collect the receipt for their performed transaction, meanwhile the bank will also send SMS for confirmation.
BENEFITS OF USING AEPS PORTAL:-
1. The payments are secure and hassle free.
2. Users don’t have to carry their bank passbooks or debit card or credit card for fund transfers, cash withdrawal or cash deposit.
3. Biometric authentication through Best Finger Detection helps to complete the transaction in safe and easy way.
4. This reduces the risk of forging signatures and frauds certainly.
5. Transactions through AEPS don’t need any kind of OTP or PIN.
6. Micro POS machines are easy to carry to remote areas as a result of which people can carry out their transactions in convenient and safe manner.
7. Customers also get the disbursement facilities of government schemes like NREGA, Social Security Pension, etc.
8. It is a great initiative towards formation of cashless economy.
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