AEPS means Aadhaar Enabled Payment System, a new payment service offered by the National Payments Corporation of India to banks and financial institutions using ‘Aadhaar’. Aadhaar is a unique identification number issued by the Unique Identification Authority of India (UIDAI).

An Aadhaar Micro ATM is a payment solution for thousands of individuals who can do Cash Withdrawal transactions by just using their Debit Card. Small, handy device, alternative for Cash Withdrawal facility through any bank Debit Card.

An Aadhaar ATM Machine provides several advantages and beneficial services to individuals. These services are pointed down below.

An Aadhaar Micro ATM Machine facilitates a secured and safer method of Cash Withdrawal from Bank Account without visiting Bank Branch or ATM Point.

Purpose:- To Serve the unserved. Augment the public banking services infrastructure.

What is an AEPS? Customer Fingerprints verification through Biometric.

How does it work? Agent /Retailers use Etailed India AEPS APP/PW after due authorisation.

Service Offered:- AEPS Cash Withdrawal & Balance Enquiry and soon launch Deposit Facility for ICICI Bank Customers.

Withdrawal Limit:- Rs 10,000 per transaction with no daily limit*

Number of Bank Mapped for Scheme:- Service Available from no. 118 banks. (Covered 99% of Bank Accounts)

Transaction Cost:-

1. NIL to customer
2. Merchant or BC get Commission from Bank as per mutual Agreement

Only 40,000 ATMs in rural districts out of 2,20,000 ATMs across India.

62% of Indian population resides in Rural Districts.

Only 18% of ATMs are deployed in Rural Geographies.

Public sector banks have deployed 1 out of every 5 ATMs in these geographies and private sector banks have deployed only 1 out of every 10 ATMs in rural districts.

AEPS stands for Aadhar Enabled Payment Systems and a dedicated AEPS service provider enables its clients to make their payments safer and easier by using their Aadhaar cards

Why AEPS – A Big Business Opportunity?

1. India will require at least 2 Crore + Micro-ATMs to match ATM Penetration with countries like South Africa, China etc.

2. Half of the 2.38 lakh ATM machines are not sufficient to cater our population across Pan India.

3. Govt pushing all Govt to Citizen benefits directly in Citizen Bank Accounts like Menraga Wages, Gas Subsidy Etc.

4. Recent Budget Govt Propose to give Rs 6000/- to 14 Crores Framers. First Instalment of Rs 2000/- will credit in March.

5. Govt Giving Rs 2000 /- Overdraft Facility in 34 Crores Jan Dhan Accounts.

6. Various Pension schemes by State & Central Govt.

7. AEPS stands for empowering millions of commoners and businessmen. Many Government schemes like Social Security Pension, NREGA Old Age Pension, etc. can also be performed with so much ease through an AEPS portal.

With an AEPS app, AEPS software or an AEPS portal, in total AEPS means you have the facility to switch your bank with another bank for the purpose of money transfer.

Transaction Failure Ratio 20-30% in AEPS due to Biometric Mismatch.

Various Garmin Banks – Aadhaar not Mapped.

North-East States like ASSAM – Aadhaar enrolment is very less.

Retailer can easily convert this business through m-ATM.

AEPS which stands for Aadhaar Enabled Payment System is an AEPS payment system where the retailers link their Aadhaar Cards to their bank accounts to enjoy the various benefits and services of AEPS.

AEPS service provider company lists out many benefits as well as it’s eligibility criteria for agent enrollment.

No paper or card is required while performing AEPS transactions. However, if an individual fails to link his or her Aadhaar to the bank account, then AEPS service provider company lists that he/she is not entitled to reap the benefits of AEPS facilities like AEPS cash withdrawals, money transfers and more. Some of the major requirements are:

1. Your Aadhaar Number
2. Your Fingerprint
3. Your Name or Bank IIN (Issuer Identification Number)

Thereafter, in order to get your AEPS agent registration free and do money transactions easily, all you need to remember is your Aadhaar number. Also, you will be surprised to know that AEPS software is easy to use.