Aadhaar Enabled Payment System (AePS) is a payment system developed by the National Payment Corporation of India (NPCI) that allows people to carry out financial transactions on a Micro-ATM (mATM) by furnishing their Aadhaar numbers and verifying the transaction with their biometric details.
Aadhaar is a unique identification number issued by the Unique Identification Authority of India (UIDAI) to any resident of India. Any resident of India holding an Aadhaar number and having a bank account may be a part of the Aadhaar Enabled Payment System.
While transacting, people do not have to mention their bank details. The payment settlement will happen based on the Aadhaar number and biometric verification. As it is a centralized system transaction can be done between accounts across banks.
Aadhaar enabled payment system is a bank led system that permits online financial transactions at PoS (Point of Sale/ Micro-ATM) through business correspondents (BC)/ Bank Mitra of any bank using the Aadhaar authentication. This is a simple, secure and user-friendly platform for financial transactions. BuyNSwipe being one such financial institutes, facilitates the AePS services across India by providing mATMs and PoS machines.
Facilities availed through AePS
Step 1: Visit the nearest micro ATM or Banking Correspondent (BC)
Step 2: Provide your 12-didgut Aadhaar number and the name of your bank
Step 3: Choose the type of transaction you want to conduct (e.g. Money Transfer service, electricity bill payment)
Step 4: Verify the transaction through fingerprint scan/iris scan
Step 5: Collect the transaction receipt
Benefits of Aadhaar enabled Payment System for agents:
Do the banking transaction even bank is not open, Adhar ATM near you
BuyNswipe retailers can offer B2B services such as AEPS, DMT, mATM
Retailers, Distributors can contact BuyNswipe support team for any issues
Software Team - BuyNswipe