AEPS SERVICE - EVERYTHING YOU NEED TO KNOW

AEPS Service - Everything you need to know

AEPS Service - Everything you need to know

Blog Article

This blog will explain AEPS, its functioning, and its effects. While many economies struggle to recover, India has shown remarkable flexibility, which has received a U-shaped recovery. Even the global crisis, such as the Russia-Ukraine war, has not significantly affected India's economy. With the current growth rate of 7% to 8%, India's next goal is to match China's economic progress by achieving double-digit growth. However, this requires not only urban development, but also improves rural economic and social conditions.

 

Why was AEPS required?

The primary challenge in India's development was a lack of banking and financial services in rural areas. An important part of the population remained outside the formal banking system. To address the issue, the Reserve Bank of India (RBI) directed the National Payments Corporation of India (NPCI) to develop a system that could provide banking services to underbanked areas. This led to the construction of AEPS service.

 

Full Form of AEPS


AEPS stands for Aadhaar Enabled Payment System.

What is AEPS?

AEPS is a bank-led model developed by NPCI that facilitates financial transactions through POS (Micro ATM) based on Aadhaar number and biometric authentication (fingerprint or iris scan). This service is mainly designed for rural areas, making users capable of transacting without revealing their bank account details.

When was AEPS launched?

AEPS was introduced in 2020, and within a short period, it has changed banking access to villages, integrating them into the mainstream economy.

 

Who can use AEPS?

  • To use AEPS, one person must have:

  • A valid Aadhaar card.

  • A base-linked bank account.


 

Services proposed by AEPS

AEPS allows users to conduct various banking transactions, including:

  • Cash withdrawal - Users can withdraw cash from their bank accounts using Aadhaar authentication at AEPS service points.

  • Cash Deposit - Users can deposit money at nearby AEPS service points, eliminating the need to visit bank branches.

  • Balance Inquiry - Customers can check their bank account balance using their Aadhaar number and biometric authentication.

  • Mini Statement - Users can see the summary of their previous few transactions.

  • The Aadhaar-to-immigration fund transfer from one Aadhaar-linked bank account to another without the requirement of the bank details.

  • BHIM base pay - enables users to pay for goods and services using their Aadhaar accounts.


 

Additional AEPS features

  • E-KYC (Electronic knows your customer)

  • Best fingerprint recognition

  • Demo certification

  • Token

  • Base beading status check


 

AEPS Development Objectives

  • Strengthen base-based banking services.

  • Expand banking facilities in rural areas.

  • Make banking simple using Aadhaar authentication.

  • Increase security in banking transactions.

  • Promote digital payment.

  • Ensure timely dismissal of government benefits (eg, pension, NREGA wages).


Benefits of AEPS

  • Easy and user friendly.

  • Safe transactions.

  • Enables interbank transactions.

  • Only base authentication is required.

  • Provides financial access to all bank account holders.

  • Helps users to achieve government schemes efficiently.


 

How to use AEPS services?

To reach AEPS services, follow these steps:

  1. Visit the nearest Sevenunique Tech Solutions AEPS Service Center.

  2. Provide your Aadhaar number and bank details to the service provider.

  3. Choose the desired transaction type (withdrawal, deposit, remaining inquiry, etc.).

  4. Certified using fingerprint or iris scan.

  5. Complete the transaction successfully.


 

AEPS transactions limits

Each bank has separate AEPS transactions limitations, typically between ₹ 5,000 to ₹ 50,000 per transaction.

AEPS Service Charge

AEPS transactions are free to customers. However, service providers can charge nominal fees.

 

Benefits for retailers providing AEPS services

Retailers who participate with SeVic Tech Solution AEP can enjoy many benefits:

  • Earn commission on every AEPS transaction.

  • Work as a mini ATM service provider.

  • Attract more customers by offering essential banking services.

  • Provide quick and safe financial transactions.

  • Enjoy 24/7 customer aid from Sevenunique Tech Solution.


How to become a Savenunique Tech Solution AEPS Partner?

Sevenunique Tech Solution is a major Fintech company offering nationwide AEPS services. To become AEPS Retailer:

  1. Register online on the Services Tech Solution Portal.

  2. Submit your business details and complete verification.

  3. Start offering AEPS services and commissions.


 

conclusion

AEPS has especially revolutionized banking access to rural India. With its spontaneous, safe and efficient transaction process, it strengthens individuals and strengthens financial inclusion. Sevenunique Tech Solution leads to this digital revolution, ensuring that financial services reach every corner of India.

My website:- https://www.sevenunique.com/

Email :- [email protected]

Contact:-9119101723

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