What is AEPS? What are the Benefits of AEPS as Customer & Distributor

Author: Deepak Suri

What is AEPS? What are the Benefits of AEPS as Customer & Distributor

To understand the benefits allow us to first know what's AEPS, the way does it works and how you can become an authorised AEPS Agent or an AEPS Distributor.

1. What's AEPS?

Aadhaar Enabled Payment System (AEPS) refers to a digital banking service that permits retailers to supply basic banking functions like cash withdrawal, balance inquiry, and domestic money remittances to their customers and earn money as commission. It's a win-win situation for both – the local retailers and customers.

Rather than wandering out in search for ATMs or standing at long queues at bank branches, customers can walk up to any AEPS Agents store and conduct banking transactions using only their Aadhaar number and fingerprint authentication. The AEPS Agents earn a fixed commission per transaction.

2. HOW DOES AEPS WORK?

The AEPS system works sort of a Point of Sale (POS) machine. Rather than a debit/credit card pin, the AEPS Agent enters the customer's Aadhaar number and authenticates the transaction using the customer's biometric data. Once the fingerprint is authenticated customer's account gets debited and agent hands over cash to the customer.

You will require the subsequent to hold out an AEPS transaction:

  • Name of Bank in which you have the account

  • Aadhaar Number

  • Fingerprint

Services Offered by an AEPS Agent

  • Cash Deposit

  • Balance Enquiry

  • Cash Withdrawal

3. FEATURES & ADVANTAGES

  • Safe and Secure payments

  • No need to carry a Debit Card

  • Easily withdraw money, without visiting a bank or ATM

  • Only Aadhaar number and fingerprint authentication required

  • Attractive real-time commission on every transaction

  • Maximum utilization of money at the shop

  • Quick process, doesn't take quite a moment to finish a transaction

  • Multiple devices integrated to capture fingerprint

FAQ's of AEPS

What is AEPS?

Ans: AEPS, expanded as Aadhaar Enabled Payment System, is a kind of payment withdrawl method, to facilitate reach of financial services to the underbanked population. The service is being provided by the National Payments Corporation of India (NPCI).

What is Aadhaar?

Ans: Aadhaar may be a unique number that's assigned to residents of India by the Unique Identification Authority of India (UIDAI).

Who can use AEPS?

Ans: All Indian residents holding a legitimate Aadhaar card and who have linked Aadhar to their bank account can use this payments service.

How can a user enable this service?

Ans: To start out using AEPS, first link your Banking account together with your Aadhaar number. Then, contact your bank and allow them to know that you simply want to start out using AEPS.

Should the payee/beneficiary even have AEPS to receive funds?

Ans: This is often not necessary.

Can those without Aadhaar cards use this service?

Ans: No.

Who is an AEPS Distributor?

Ans: An AEPS Distributor is a distributor with an extensive network of AEPS agents under his name, where he will subscribe the AEPS service from the Service provider and pass it on to the AEPS agents. He will decide the commission for all the agents working under him.

How to become an AEPS Distributor or AEPS Agent?

Ans: To become an AEPS Distributor, one needs to have a good network of AEPS agents. There are lots of companies who provide the AEPS banking service. The commission is decided by the company. A few companies provide AEPS Agent free registration, you can go their website, fill the form and get in touch with them. They will then ask you for your documents for KYC and verification, so that you can avail this service.