What is the basic meaning of AEPS ?
Aadhaar powered online payment system (AEPS) is a protected payment mechanism provided mostly by the National Payments Corporation of India (NPCI) that enables aadhaar connected personal bank account holders to make use of basic banking services such as the use of balance inquiry and cash withdrawal.
Customers simply just need to say BANKIT online retailer only their own 12-digit aadhaar number and also aadhaar bank name. The approval of fingerprints is made using a biometric system to allow use of the facility. Aeps Service is pretty much comman nowadays.
Aadhaar-based final payment scheme
Aadhar enabled payment system really is a banking led model that enables free online interoperable financial transactions at PoS (Point of Sale/Micro ATM) via the new business Correspondent (BC)/Bank Mitra of any other bank that uses aadhaar authentication. You can also become an Aeps Service Provider. You can take out the Aeps Service Provider Company List and then compare all the major services that it gives.
BANKIT itself is an AePS service provider organisation with a robust Aadhaar Payment System network. Contact us whether you need AEPS App or wish to become another Aeps White Label Partner, or you might be a reseller or a retailer. Become theBest Aeps Service Provider In India. We have got an end to the real solution for AEPS, UPI, payment gateway, and also a lot of times much more. BANKIt is free online AePS registration process is very fast and quick. It needs a lot of hardwork to be the Best Aeps Service Provider in the whole country.
Aadhaar fingerprint scanner and sometimes aadhar iris scanner are the most widely used aadhaar biometric devices that help determine the identity of the individual. You can do the Aeps Service Registration anytime.
Limit of move of AEPS
there is also a standard cap imposed by RBI for transactions made through the AEPS, although banks are free to specify a limit on any of these financial transactions. Aeps Money Transfer is an easy task nowadays. Few big banks really have actually set again the transaction limits to prevent abuse or misappropriation of this method. Many major banks have indeed set a daily cap of INR 50,000 on the overall transactions made by anybody, although they may differ from bank to bank as indicated.
Reason for AEPS
The Indian Government took the "Cashless India" new initiative and thereby agreed to get all unbanked parts of society together under the same banking umbrella. This is not achievable physically for people living in isolated and remote areas. And that is exactly why the current government has already come up with this kind of new facility to somehow provide them with the access to banking existing facilities, where many individuals really can effortlessly submit or receive funds and take advantage of both banking and otherwise non-banking facilities available with the help of micro-ATMs and perhaps banking officials. In addition, purchases made by means of fingerprint or even iris recognition make the procedure safe and secure.
The AEPS process has also already removed the difficulty of getting a real physical banking passbook and bank debit card, since these financial transactions can only be carried out with your Aadhaar number and otherwise your fingerprints.