Best Aeps Service Provider in india 2020

Best Aeps Service Provider in india 2020

In order to further speed track Financial Inclusion in the country, Two Working Groups were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.

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The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.

AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions.

The only inputs required for a customer to do a transaction under this scenario are:-

IIN (Identifying the Bank to which the customer is associated)
Aadhaar Number
Fingerprint captured during their enrollment

How to use AEPS?
Step 1: Go to a micro ATM or banking correspondent

Step 2: Provide Aadhaar number and bank name

Step 3: Choose the type of transaction you want to make

Step 4: Provide verification through fingerprint/iris scan

Step 5: Collect your receipt

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Services Offered by AEPS
Cash Deposit
Payment Transactions (C2B, C2G Transactions)
Balance Enquiry
Cash Withdrawal
Aadhaar to Aadhaar funds transfer
Features & Benefits of AEPS
Easy to use
Safe and secure payment method
Interoperable across various banks
Encourages financial inclusion and serves the underbanked sections of society
Through AEPS, all bank account holders will be able to access their bank accounts through Aadhaar authentication
With AEPS, the only information required to initiate a transaction is Aadhaar number and biometric information
AEPS facilitates disbursements of Government schemes like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication.
How Does AEPS Work?
The AEPS machine works like a Point of Sale (POS) machine. Instead of a debit/credit card pin, the merchant will have to key in the customer’s Aadhaar number and authenticate the transaction using the customer’s biometric data.

You will require the following formation to carry out an AEPS transaction:

Bank’s Issuer Identification Number (IIN) or name
Aadhaar Number
Fingerprint

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 Best Aeps Service Provider in india 2020

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From Paydeer  

From Paydeer 

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