November 12, 2019

THINGS YOU NEED TO KNOW ABOUT AEPS (AADHAAR ENABLED PAYMENT SYSTEM)

With the continuous development in financial inclusion with Aadhaar authentication, it is easier for AEBA (Aadhaar Enabled Bank Account) holders to complete their financial transactions effectively. Recently, the UIDAI has joined hands with RBI (Reserve bank of India), NPCI (National Payments Corporation of India) and different stakeholders to develop a platform, named Aadhaar Enabled Payment System.

The AEPS (Aadhaar Enabled Payment System) is the most reliable platform that aid marginalized sections of the society to have banking access through Aadhaar authentication. This is basically a model that facilitates “financial inclusion” with the help of micro ATMs via Aadhaar-based authentication. The user can perform both financial and non-financial transactions through banking correspondent without having a need of a debit card or signature. Also, it is the secure and fast procedure, nobody can forge the fingerprint of the user. Apart from fund transfer, Aadhaar payment system allows users perform various tasks including, cash deposit, balance check, cash withdrawal as well as Aadhaar to Aadhaar fund transfer.

Here are some important things to know about AEPS:

Customers can easily find their deposit cash, account balance and transfer money to other Aadhaar enabled bank account through any bank’ business correspondents.

AEPS allows inter-operability for different systems that are adopted by different banks in a secured and safe way.

AEPS is developed to empower the excluded and marginalized segments in order to complete financial transactions with the help of micro ATMs.

The only details required for the transaction from a customer are the biometric information and Aadhaar number.

AEPS also facilitates disbursements of Government schemes such as Social Security Pension, NREGA, handicapped old age pension etc. of any State or Central Government bodies using Aadhaar based biometric payment.

With so many benefits of AEPS, there are several companies available offering banking, financial and insurance services to customers, but nothing is as reliable as JC Pay. This is one of the fastest-growing company, offering AEPS services and let customers transfer their money all over the world. With the help of JC Pay, customers can complete their financial transactions through UPI and Aadhaar in a hassle-free manner.

Besides this, JC Pay provides services like financial inclusion, e-governance, insurance and even mutual funds. Customers can transact from any location and send e-receipts and e-invoices with unique payment link via Email/SMS and collect payment. Also, JC Pay is the best information-source to know almost everything about AEPS-domestic money transfer, UPI Pay and even Mobile POS (Point of Sale) Technology. Visit JC Pay to know more details.

Source: JCPAY

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