Aadhaar Enabled Payment System in India - AEPS - Mos Utility

AEPS

Empower several sections of the society by expediating banking and financial services through Aadhar data. Turn into an ATM and assist in withdrawal using biometrics.To speed track the banking inclusion in the country, AEPS (Aadhar Enabled Payment System) was introduced by the National Payments Corporation of India. AEPS is providing a huge business opportunity because more than half a lakh of ATM machines cannot cater to the needs our population across Pan India.

AEPS helps the customers to initiate payments using their Aadhar card number and by issuing a Aadhar verification at point of sale (Pos) or micro ATMS. This method was introduced to encourage cashless transactions in India.

You will have to meet the following formalities to carry out an AEPS transaction.

• Name of the Bank

• User’s Issuer Identification Number (IIN) or Name

• Aadhar Card Number linked with the bank account

• Biometrics of Self

AEPS helps you to convert your existing business into a bank ATM. It is an AEPS based payment solution, which interfaces with the AEPS of NPCI and supports transactions from one Aadhaar linked account to another routed through Aadhaar Enabled Device. The service can be started easily with very fewer formalities from your existing shop or home. It helps you to perform various financial transactions for your customers, thereby giving you an opportunity to earn handsome commissions.

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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