Aadhaar Enabled Payment System Using as Micro ATM.

Banking after bank

In the rural and urban areas most of the time after bank people facing problem to transact and AEPS solving this problem very easily with BuyNswipe AEPS CSP retailers.

Aadhaar Enabled Payment System (AePS)

What is AePS?

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 based Payment System

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.

  • AEPS - Transactions can only be done between customers who have linked their Aadhaar number to their bank accounts.
  • AEPS - will add another layer of security to financial transactions as bank details aren’t required while carrying out transitions. The added security in terms biometric verification consisting of fingerprint scan makes the system very secure and safe

Facilities availed through AePS 

  1. Cash Withdrawal - Similar to ATM, cash can be withdrawn using AePS. The only difference is Debit is not required while withdrawing cash. In place of debit card, Aadhaar card number and biometric verification will be utilized.
  2. Money Transfer Services - Customers can avail the money transfer service by using Unique Identification Number also known as Aadhaar number. Please note money can only be transferred between two Aadhaar linked accounts.
  3. Bank Balance Enquiry and Mini Statement Generation - People can check their bank balance and can also generate a mini statement of their account from the POS machine.
  4. Bill payment - AePS is a heaven for bill payments. Customers can pay electricity bill, gas bill etc securely through this platform. AePS eliminates the tedious process of visiting the designated billing centre, standing in a long queue and paying the bill in cash or check.
  5. eKYC - People can update their eKYC as POS machines are equipped with fingerprint or iris scanners for biometric authentication.  

How can people use 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:

  • Retailer - Becoming a BuyNSwipe agent is profitable business
  • AEPS Register - BuyNSwipe can help you register for AePS service and convert their shop to a miniATM
  • Best service - BuyNSwipe provided agents and shop keepers with a perfect solution for their AePS based cashless transaction needs
  • Services for your customers - Increase footfalls in you shop by providing extra facilities like bill payment, cash withdrawal, bank transfer etc.
  • Partner Relation - A long-term association
  • Retailer Benefits - Earn commission on AEPS Transactions

AePS benefits to the customers

  • Banking as well as non-banking transactions can be performed through a banking correspondent
  • Banking correspondent of one bank can perform transactions of other banks as well
  • People do not need to furnish their Debit/Credit card or bank account details
  • Offers cardless cash withdrawals via Aadhaar authentication
  • Easy and secure way for financial transactions and balance inquiry
  • AePS is formulated for financial inclusion of people across India. Therefore, rural communities as well as elderly people can benefit from it
  • Fingerprint is needed for transaction authentication which makes transactions through AePS easy even for elderly and illiterate
  • Micro-POS and Micro-ATM machines can be taken to distant places enabling people in remote villages to make banking transactions without travelling
  • • All Aadhaar card holding Indian citizens can access AePS by furnishing their 12-digit Aadhaar number
  • AePS facilitates disbursements of Government schemes like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication

Important points to remember while using Aadhaar enabled Payment System

People should remember these points before making a payment or transfer through AePS

  1. Linking your bank account with Aadhaar is a must to avail AePS
  2. If you have more than one account with a back, only primary bank account will be used under AePS
  3. OTP or PIN aren’t required while making a transaction through AePS
  4. AePS transactions are supported only between Aadhaar linked bank accounts
  5. Multiple bank accounts linked with Aadhaar can be used to conduct transactions through AePS. However only one account per bank will be supported
  6. The cutover time for transactions done through AePS is 11pm. All transactions done after the cutover time will be included in the next day’s settlement

Why did Government launch AePS?

  • The government has been focusing on financial inclusion since some time. However, it is not possible to open bank branches in every remote village across India. Therefore, the government came up with the AePS platform. Aadhaar enabled Payment System will facilitate people from far-off places to easily send/receive money and avail other banking and non-banking financial services with the help of Micro ATM and bank correspondents (BC).
  • Transactions done through AePS need bio-metric authentication. Signatures can be forged, fingerprints/ iris scans cannot be. This makes transactions safer and much more secure. Additionally, people do not have to carry their check books, debit/ credit cards with them. This further reduces the risk of scams around stolen cards and check books.
  • AePS is designed to make financial transaction easy for all Indians. 

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