Aadhaar Powered Payment System which is also known as AEPS is basically a system which is developed by NPCI which once again allows the people for carrying out though the financial transactions mostly on a Micro-ATM by providing only even their own Aadhaar number and checking it with the aid of their fingerprint recognition scan.
People may not have to mention the possibility the specifics of their bank account in order to carry out these transfers. Domestic Money Transfer Portal helps you in making all the decisions. With the aid of this payment mechanism, people can simply send money from one bank account to another through their Aadhaar number. Domestic Money Transfer Software is available on the internet. As the system runs on a single server, people may transfer money from their personal account to any other account, irrespective of the whole bank under which the receiver's bank account is run. Money Transfer White Label is a great way of having these services.
There are a variety of advantages to AePS. Some of these are listed below:
*Banking, as well as some non-banking activities, can be carried out by a bank correspondent. White Label Aeps Service Provider are also available throughout the country.
*Banking correspondents of one local bank may also carry out financial transactions of other such banks. You can easily become the best Aeps White Label Provider.
* people today do not have to provide a debit/credit card for purchases with AePS. You will get a lot of White Label Business Aeps Opportunities which you can take the advantage of.
*The fingerprint is used for transaction verification, making it safer. Aeps White Label Software is also available in the market.
*Micro PoS devices may be brought to distant areas, allowing people in remote villages to make immediate purchases. Aeps White Label Price is pretty much reasonable. You should use the Aeps Software.
What services should be used by AePS?
A total of 6 services can be accessed by citizens via AePS. There are the following:
*Removal of currency
*Deposit of currency
* Transfer of Aadhaar to the Aadhaar Fund
How can I use AePS?
The method of using AePS is very simple. You have got to follow these basic steps:
*Visit your bank correspondent also in your own town. (It does not matter anymore even if he is a new bank executive in which you do not have an account, you will make purchases via AePS).
*simply enter your 12-digit Aadhaar code on the PoS machine.
*Select the form of exchange – cash deposit, withdrawal, mini-declaration, transfer of money, balance enquiry or eKYC.
*select the right the name of the bank.
*Enter the sum of the transaction.
*Authenticate a purchase with your biometrics (fingerprint or iris scan).
*The exchange will be done in seconds.
* You will receive a receipt from the bank correspondent.
Relevant things to consider while using AePS
You should consider these points when using the latest form of payment:
*Your personal bank account really should be connected to Aadhaar if you wish to use this service.
*AePS now only supports transfers between the Aadhaar's related bank accounts.
*Multiple personal bank accounts can be further connected to Aadhaar using the Aeps Api facility. however still, only one bank account per each bank can be used to allow use of this service.