AePS service: Everything you need to know

The Indian economy is one of the dynamic and fast growing economies in the world. It is chasing the goal of becoming the third largest economy by 2028 and a developed nation by 2047. But, India needs constant reforms and corrections to stay on the target. To achieve holistic growth, India cannot progress by only developing cities, but it also needs to focus on its villages and remote areas. To facilitate last-mile banking, the Reserve Bank of India and National Payment Corporation of India have created a system called Aadhar Enabled Payment System or AePS. AePS service provider can provide seamless banking services in the areas where there is none or limited access to banks.

 

All you want to know about AePS

 

Started in 2020, AePS is a bank-led model that facilitates banking transactions through POS or Micro ATM based on the Aadhar details and biometrics of the customer. There is no need for the customers to visit the bank branches that are not usually located nearby. Customers can take the help of accredited AePS agents, such as Religare, to send money from one location to the other, securely and instantly. With the help of AePS service provider, today the people living in rural and remote areas are connected with mainstream banking services in India. 

 

How does AePS work?

 

The AePS system has been specifically designed for people with limited digital literacy and internet access. With AePS, there is no need to carry a debit card or share PIN. Instead, the users just need to walk into a local AePS service provider store or Micro ATM. To make the transaction, they need to authenticate their identity using their 12-digit Aadhaar-linked details and biometrics, such as fingerprint and iris scan. They will select their bank from the list. Once validated by the UIDAI server, they can access their bank account and make the required transaction. The transaction gets processed in real time and the customer can complete their desired transaction. All the residents of India, who have Aadhar card and have it linked with their bank account, can avail AePS services. 

 

The services offered by AePS

1. Transfer money from one person’s Aadhar number to the other person’s Aadhar.
2. Withdrawal of money based on Aadhar number and biometric authentication.
3. Deposit of cash without any need to visit the bank branch.
4. Instant information about the balance in the bank account.
5. Generate mini statement and information about transactions made in the bank in a specified time period.

 

Benefits of AePS

 

AePS has benefitted the Indian economy in many ways. For India, it is not only working to materialise the goal of becoming a digital economy, but has also helped achieve financial inclusion. Some of the key benefits are  –

●      The AePS service provider helps the customers in completing the transactions and the entire process is completely safe and transparent.

●      By requiring only an Aadhar number and biometric details, the entire process is fast and easy to use.

●      It offers a convenient limit of Rs 5000 to Rs 50000 in a day.

●      Additionally, the customers do not need to pay any charge to avail the service.

 

Wrapping up

 

AePS has dramatically upgraded and empowered the financial ecosystem of India. The nearby AePS service provider enables people to access the banking services they require through local agents. AePS eliminates distance, inaccessibility and technical complexities for its customers. It also allows them to avail government benefits, such as subsidies and pensions directly in their bank account.