Aadhaar Enabled Payment System API is a bank-led concept that enables online interoperable financial transactions at PoS (Point of Sale / Micro ATM) using Aadhaar authentication through any bank's Business Correspondent (BC)/Bank Mitra.
Aadhaar Enabled Payment System (AEPS) is a payment system based on the Unique Identification Number (UID) that allows Aadhaar cardholders to perform financial transactions with ease using Aadhaar-based authentication.
What Is AEPS?
The Aadhaar Enabled Payment System, or AEPS for short, is a new payment service given by the NPCI to banks and financial institutions that uses the 'Aadhaar card.' UIDAI is the organisation that issues Aadhaar cards (Unique Identification Authority of India).
Every person in India has a unique identifying number. Some Business Correspondents (BCs) who use POS devices can access the AEPS API service at CSPs (Customer Service Points). Softcare Infotech is one of India's best AEPS API service providers, with AEPS services available throughout the country.
The Aim
Through Aadhaar, the AEPS system intends to empower all areas of society by making financial and banking services accessible to all. AEPS is an Aadhaar-enabled payment system that allows you to transfer monies, make payments, deposit cash, make withdrawals, and check your bank balance, among other things.
Advantages
With Aadhaar Enabled Payment System API, customers can use their fingerprint to access their bank account and do basic banking transactions such as cash deposits, cash withdrawals, intrabank or interbank fund transfers, balance inquiries, and access their mini statement.
Withdrawing Money from AePS is Simple
Your businesses can use the AePS API to turn their store into an ATM, allowing consumers to withdraw cash using their Aadhaar and fingerprint.
Simple Cash Deposit
Retailers can also use the AePS API to convert their store into a cash deposit machine. Customers can then easily deposit cash at their store.
Transferring Money Quickly
Customers who use the AePS API will never need to go to a bank or an ATM or require a debit card. Use your fingerprint to transfer payments.
Balance-inquiry on the Spot
Customers can instantly check their bank balance at a retailer's shop using the AePS API.
Mini Statement
Customers will be able to get a short statement of their account using the AePS API in a retailer's store.
Other Advantages
On-boarding of retailers is done instantly.
There are no chargeback demands necessary.
Success rates are unrivalled in the industry.
AePS SDK integration is seamless.
Who Can Benefit From This?
A bank-appointed intermediary designated Business Correspondent can use this AEPS API to provide banking services in locations where banks do not have branches. These Business Correspondents can use API to provide AEPS services to bank customers. Cash deposits, balance inquiries, cash withdrawals, and money transfers are among the AEPS services.
How Does It Work?
AEPS uses the bank customer's Aadhaar Card as an identification to access their bank account linked to that Aadhaar and perform simple intrabank or interbank activities such as cash deposits, remittances, balance inquiries, and cash withdrawals.
Conclusion
Customers can use their Aadhaar number to make payments and provide Aadhaar verification at the point of sale or micro ATMs utilising AEPS and conduct Money Transfers API Provider India. This is a straightforward, secure, and user-friendly platform for financial transactions. The NPCI has taken another step to boost cashless transactions in India.
