In the light of the digital India movement and the trend of cashless India, a new mode of payment, AEPS has been seen to gain a lot of attention. If you wonder what this new form of payment is and whether it is safe or not, this is a brief run-down to help you out.
Background study
Right after the initiation of the digital India movement throughout the country, a trend over speed tracking of financial institutions was seen. And to boost financial inclusion, RBI, the guardian financial institution of India, constituted two working groups, namely the micro-ATM Standards and the Central Infrastructure and Connectivity group.
According to the suggestions given by this group, the AePS model system or the Aadhaar Enabled Payment System was introduced, which allows a bank-led online interoperable microATM based financial transfer with the help of the business correspondence of any bank taking Aadhar card as the solo mode of authentication. Thus this kind of payment mode allows the users to have a wide array of transaction types which includes
Cash depositing
Cash withdrawal
Balance enquiring
Generating of mini statement
Fund transfer via Aadhar to Aadhar
Authentication of funds
BHIM pay
Submitting of eKYC
Best finger detection
Demo authentication
Tokenization
Checking of Aadhar seeding status etc
Advantages over other payment forms
In this fast mode of payment era, the agile and super encrypted AEPS Software have created a special place in financial inclusion trades. The agility and scalability of AEPS over other standard transaction modes are pretty distinct and visible. Some of which includes
Faster and much more secured payment portal
Easy user interface
Interoperability across various banks
Boosting financial inclusion and including the under-banked sections of the country as well
Various governmental disbursement schemes facilitate it.
So, make your banking transactions smooth and easier just by choosing AEPS software. A three-step Aadhar validation and Generation of a bank issuer identification number are enough to smooth glide your future transactions. technologytechnologytechnology
