Points that Display AEPS is Uplifting Digital Society in India
Sometimes ago, digital society was only a vision for India but the present concept has transformed. The government is also strengthening on cashless culture in India. This is the reason today around 79% of people in India are supporting a digital society.
At the present time, the basic surface has changed. A mammoth part of citizens is proceeding cashless and confidently. AEPS has played a determining role in promoting a digital society in India. National Payment Corporation of India originated this service to invade banking solutions in bucolic and semi-urban localities where banks and ATMs are now obtainable.
A notion behind the AEPS service was to give banking services to all groups of the community so that they can play a part in contributing to the economy.
But the prevalence of AEPS in India has transformed the whole concept of digital payment. If we talk about states around 21978.51 crore transactions were carried out in January 2021. You can think up how favored is AEPS in India.
AEPS is a Determining Element That Fortified a Cashless Society in India
AEPS is an acronym for Aadhar Enabled Payment System that enables all bank consumers to utilize banking services. To utilize banking amenities consumer's bank account must be connected with an Aadhar card. In short, It is an Aadhar-based banking service that can be utilized without visiting a bank or ATM.
AEPS service was instigated in India in November 2010. Before AEPS, a digital society was only a vision for India.
But by instigating the AEPS service in India, NPCI initiated the first stair on the way to a digital society in India.
Read on to acknowledge why AEPS is considered a determining factor in uplifting a digital society in India.
Also Discover: CRM Software- Why Is It Essential For A Business Development?
Withdrawal Money Utilizing Specific Identity Number
By utilizing the AEPS service, bank consumers can withdraw money from their bank accounts. To withdraw money, one has to go to his nearest AEPS service producer or BC (Business Correspondent) and give a specific Aadhar card number. To validate transactions, the consumer has to scan fingerprints. If transaction information is appropriate, transactions will come about and you will obtain cash in a few minutes utilizing this astounding service.
In metropolitan cities, it's effortless to withdraw money because there are so many banks and ATMs. But if we contemplate rural areas where banks and ATMs are not obtainable easily then with the help of AEPS one can easily get cash.
Micro ATM is Blossoming the Digital Payment Path
Micro ATM is a small form of ATM that NPCI introduced to produce banking services via debit cards. But why was a mini ATM created, when AEPS was operating?
To tell the truth, there are 3 purposes behind this
- There are some states in India, where people don't have Aadhar cards.
- Sometimes biometric machines can't recognize the fingerprint of old age people because with the passing of time due to aging they lose their fingerprint identity.
- If someone forgets to carry their Aadhar card with them, they can utilize banking services through a micro ATM.
Service, commission, and every single thing in micro ATM are completely similar to AEPS service. But in AEPS service transactions are carried out via an Aadhar card number and validated with a fingerprint, in micro ATM transactions perform via debit cards and substantiate with PIN numbers.
Aadhar Pay Enables Up To 50K Cash Withdrawal Facility Without Visiting Bank
AEPS transaction limit is 10,000 from one bank account. But what if someone needs more than 10k?
To settle this trouble NPCI instigated another additional service with AEPS, which is Aadhar pay. By utilizing the Aadhar pay service, a bank consumer can withdraw up to 50k from a bank account.
NPCI is consistently working on the growth of the AEPS service. This is the main reason, AEPS has got so favored in India.
Wrap Up
So here we acknowledged all the useful features of AEPS service that make it so favored and most utilized payment system in India.
Together with promoting digital India, AEPS is creating significant employment chance in India. Now anyone can set up their own AEPS business at their shop or small office with a mobile phone and the internet can make it a great source of income.
If you want to learn more about the AEPS business, Contact Us now!