How does AEPS work?
- First, you should visit the nearby micro-ATM or a banking correspondent who provides AEPS service.
- Now, give your Aadhaar number and the bank name that is linked to your Aadhaar number.
- Once the service provider enters the Aadhaar number, choose the type of transaction that you want to perform.
- Authenticate the transaction by verifying fingerprint or an iris scan.
- The transaction will complete within no time and you can collect your receipt.
Benefits as a service provider
- If you are a shop owner, you can set up a mini banking service and offer AEPS service to the customers
- You can offer various transaction facilities to the customer
- You can attract a lot of customers by offering a single solution platform under one roof.
- For every transaction you do via Aadhaar enabled payment system, you will earn commission
- You customers can enjoy complete banking solutions nearby their homes.
- The commission you earn will differ based on the type of transaction done.
- On average, for every transaction done by the customer from your service, you will get a commission of 1.25 percent.
How to get the AEPS system
• Regular ATMs
• Business Correspondent Model
• Agent Banking through Micro-ATMs or Tablets