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AEPS WHITE PROVIDER

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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.

For more info: http://paymonk.com/agent-partner.html
Source: https://www.bankbazaar.com/ifsc/aadhaar-enabled-payment-system-aeps.html

AEPS Portal | Aadhar Enabled Payment System

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AEPS (Aadhar Enabled Payment System) is a revolutionary idea which provides online interoperable financial transaction at PoS (Point of Sale / Micro ATM). PayMonk provides services such as Instant money transfer service, bill payments, AEPS, IRCTC Bookings, Mobile/DTH recharge, etc. The AEPS is entirely controlled by the NPCI (National Payments Corporation of India).

A no. of benefits related with AEPS portal are:

  1. Cash withdrawal from the Micro ATMs
  2. Cash deposits
  3. Funds Transfer
  4. Enquiries related to bank balance
  5. Authentication services

All the places where ATM infrastructures are not available, AEPS facilitates for financial transactions. The best AEPS portal has been developed by PayMonk so far. Anyone can register as white label partner and can deliver services in nearby localities.

The customers are not charged even a single penny, the banks pay agents. Since the white label partners are connected to the prestigious fintech company, they can always shoot for queries. Also, white label partners who provide AEPS services can also avail benefits if they stick with PayMonk for a longer duration. Recently PayMonk launched its UPI app which is available on Google Play store.

Source:https://gomedici.com/aadhaar-enabled-payment-system-connecting-the-banks-with-the-unbanked-and-the-banked/

About the Author:

PayMonk is a fintech brand of Actas Technologies Pvt. Ltd. It is one of the leading companies in fintech brands.

AEPS Agent (AADHAR ENABLE PAYMENT SYSTEM)

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Aadhar Enabled Payment System or AEPS, allows consumers who don’t have debit cards or smartphones to perform basic banking transactions like cash deposit, cash withdrawal, interbank or intrabank fund transfer, obtaining a mini statement and balance enquiry through biometric authentication at micro-ATMs.

 A few FAQs: 

Q) What is Aadhar?

Aadhar is a unique identification number issued by the Unique Identification Authority of India (UIDAI) to any resident of India.

Q) Can anyone be a part of AEPS system? 

Any resident of India holding an Aadhaar number and having a bank account in any of the recognised bank can be a part of the Aadhaar Enabled Payment System.

Q) Do customers need to have a bank account for availing AEPS? 

Yes, customers need to have a bank account for availing AEPS.

Q) What is the process for enabling AEPS?

Customer must have an Aadhaar (Unique ID as issued by UIDAI) number linked with any bank account (the bank should be a part Of AEPS network) where customer has an account. The registration process shall be governed by the rules laid down by the bank. Providing AEPS agent service.

Q) What is POS?

A Point of Sale-PoS device is used to facilitate customers to make Cash Deposit, Cash Withdrawal, Balance Enquiry and Fund Transfer. The POS device may be a Micro ATM.

Join as paymonk csp now and start providing banking services to your neighbourhood. Get a micro ATM instantly.

Learn More: http://paymonk.com