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AEPS Using Peseva App
Posted: Dec 08, 2018
With introduction of AEPS there is a great impact on Indian banking as it is more safe and easy to use. Aadhaar Banking is AEPS (Aadhaar Enabled Payment System) powered digital banking service that enables retailers to provide basic banking functions such as cash withdrawal, balance inquiry and earn money as commission using Peseva App.
Peseva provides a software based full-stack payment solution for small merchants to initiate digital payments in less than 5 minutes. Aadhaar Enabled Payment Service is the product of Peseva which allows online interoperable financial transaction at POS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication. allows you to do six types of transaction such as
- Cash Withdraw
- Cash Deposit
- Balance Enquiry
- Aadhaar to Aadhaar Fund Transfer
- Mini Statement
This product is mainly beneficial for merchants, wholesalers and retailers and the user who wants to pay from Aadhaar number. Shopkeeper/merchants can accept payment from customers through this Peseva App.
Benefits of Using Peseva App for AEPS
- Easily withdraw money using Aadhaar, without having to visit a bank or ATM.
- Fully secure mode of fund transfer. No need to remember pin/password.
- No need to carry credit/debit card. Affordable payment mode for both merchant and customer.
- You will get commission on each transaction.
- Less Setup fee
How to download Peseva App
Merchant would be required to download Peseva App on their Smartphone through Google Play Store by searching for ‘peseva technologies’ or clicking the download link.
https://play.google.com/store/apps/details?id=com.peseva.smartcollect
How AEPS work?
If customer wants to make payment, then he/she needs to enter Aadhaar Number in the app and select the bank from which the payment is to be made and use the biometric scan as the password for the transaction. Upon entering the Aadhaar Number, the app would automatically fetch the bank accounts linked with your Aadhaar number, and then transaction will proceed and you can see the status as successful after completing the transaction process. Also there is Settlement status which tells you whether your payment is deposited in your bank account or not.
(Note: We are not providing biometric device with AEPS service. You can buy the device of any company as per your convenience.)