A payment method where the sole requirement is your exceptional Identification Number by which financial transactions could be produced with no demand for ATM infrastructure. This system is commonly utilized in thinly populated regions or under banked segments of society. Aadhar card holders may quickly float through AEPS system. This has two Main advantages:
1. Clients Aren’t billed for their trades
2. Banks pay their agents or AEPS White Provider (an amount as commission)
The significant services offered under AEPS are money deposits, withdrawals, balance enquiry, finance transfer and charging. The only requirement for using this service is the clients will need to get a bank account that’s connected to their own Aadhar.
The operation of AEPS is quite straightforward. The AEPS White provider must authenticate the Aadhar trade utilizing the customer’s biometric information. For clients with multiple accounts, Aadhar has to be connected to each of the reports. Everyone can begin a small scale company by getting an AEPS White provider of PayMonk. Lately they found their UPI strategy for earning hassle free transactions. The applications can be found in Google Play Store.