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3 Things You Need To Know About AEPS

The Aadhar enabled payment system or the better known AEPS is a bank-led payment system developed by the National Corporation of India (NPCI). The Aadhar enabled payment system was launched in an attempt to unify the secluded sections of society and make banking services available for anyone. The main aim of AEPS was to make banking and financial services available to all with the help of Aadhar. You can perform a variety of financial functions with the help of aeps aadhaar enabled payment system, such as fund transfer, check balance, make payments, cash deposit, and more. Here are three major things you should know about AEPS.

The scope of AEPS

The Aadhar enabled payment system is a simple, safe, and easy-to-use platform that allows you to perform various banking transactions. The clientele can make any financial transactions entitled with AEPS just by providing the Aadhar number at the point of sale, PoS, or micro ATMs. The AEPS is another effective measure implemented by the NPCI to encourage cashless payment and transactions in India. People can carry out all their transactions via a business correspondent or bank agent through the micro ATM. For fund transfers alone you have to visit the specific bank business correspondent while for other transactions you can visit the BC of any bank. However, to avail of the AEPS banking services, you should first link your Aadhar number to your bank account.

1. How to use Aadhar enabled payment system

You can easily make use of the AEPS service by following the upcoming steps.

  • Visit the nearest AEPS service providing company and provide your 12 digits unique identification number and the name of the bank linked to Aadhar.
  • Next, choose the type of transaction you want to perform and it can be anything from balance inquiry to money transfer.
  • If it is transfer or payment, enter the amount of the transaction
  • Followed by it verification will be done either through fingerprint or iris scan.
  • The transaction will be done and you will receive a receipt from your AEPS agent and an SMS confirming the transaction.

2. Transaction charges and limits

As a customer, you are charged nothing to avail of the services. The merchant or the banking correspondent may or may not be charged based on the bank’s decision. The cost of the transaction is divided among the following sections

  • The UIDAI charges a minimal fee
  • The national payment corporation of India charges about 15 paise to 25 paise
  • Your bank may charge up to 1 percent of the transaction. The minimum that they charge is 5 rupees while the maximum is 15 rupees.
  • Standard transaction limits are set by the Reserve Bank of India. However, the banks own the liberty to define the limit of all transactions.
  • A few banks have set certain limitations to transactions to avoid the misuse of this scheme.
  • Most banks have set their limits to 50, 000 rupees a day

3. Benefits of AEPS

  • The Aadhar enabled payments system promotes cashless payment in India via the software
  • It has made social inclusion possible by extending banking and financial services to all sections of society.
  • You need not remember the bank account and IFSC code but all you need is your Aadhar card.
  • The Aadhar enabled payment system makes payment of government schemes such as NREGA, social security pension, handicapped old age pension, and much more facile.

Bottom line

The Aadhar enabled payment system scales digital transactions in the country and people can make the most of their time and Aadhar card by making transactions from nearby points. Get your platform from the best AEPS service provider company.

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