A payment method where the only requirement is the exceptional Identification Number by which financial transactions could be made with no demand for ATM infrastructure. This system is commonly used in thinly populated areas or under banked segments of society. Aadhar card holders can easily transact through AEPS system. This has two Main benefits:
1. Customers are not billed for their transactions
2. Banks pay their agents or AEPS White Provider (an amount as commission)
The major services offered under AEPS are money deposits, withdrawals, balance enquiry, finance transfer and charging. The only requirement for using this service is that the clients will need to get a bank account that’s connected to their own Aadhar.
The operation of AEPS is very straightforward. The AEPS White provider must authenticate the Aadhar trade using the consumer’s biometric information. For customers with multiple accounts, Aadhar must be connected to all the reports. Everyone can start a small scale company by becoming an AEPS White provider of PayMonk. Recently, they launched their UPI strategy for making hassle free transactions. The applications can be found in Google Play Store.