Why was AEPS service launched?
Built National Payment Company of India, AEPS or Aadhaar Enabled Payment System is a system that either allows financial transactions to be carried out through the Aadhaar-based multi factor authentication. It allows almost all individuals to carry out though financial transactions mostly on a Micro-ATM and otherwise helps to motivate all sections of society mostly by providing financial and banking services around through Aadhaar.
Usage of Aadhaar Enabled Payment System
The specific financial transactions are one that can be carried out via the registration of AEPS are as follows:
* Deposit of currency
* Withdrawal of cash
* Deposit of interbank or interbank assets
* Survey of equilibrium
* Get a mini quote
* Buying in fair shops
The Aadhaar Allowed Payment Scheme allows the under-banked parts of society to access financial and maybe even basic support services just at ease. Dmt Service is also very popular nowadays. The advantages of the AEPS are as follows:
- Perhaps the account holder will conduct both financial and non-financial financial transactions at all with the aid of most of the bank account correspondent.
- There is no need for an electronic signature upon your own debit card. White Label Atm is mostly used by people nowadays.
- It is a fully safe and protected method as AEPS transfers require perhaps the fingerprint of the account holder. Aeps Registration is very easy.
- It is growing the reach of rural areas, then as banking executives can now only reach remote rural areas mostly with micro POS devices.
- Perhaps the process is easy-to-use for those who are not tech-savvy.
- It puts the various parts of society all under the major financial umbrella.
- AEPS allows promoting disbursements of various government schemes such as with NREGA, Social Security Pensions, Old Age Disability Pensions, etc. just using Aadhaar authentication process. You can easily find the White Label Portal online.
Why is Aadhaar authenticated?
When Aadhaar was introduced in India, almost all individuals were asked to include all their other biometric data, including the fingerprints and therefore the iris photograph. The biometric data obtained is unique to each person and thus cannot be duplicated.
That is why Aadhaar which is used for identification as your own Aadhaar number is special and hence serves as an evidence for the transactions of bank. In reality, Aadhaar has now also removed and replaced petition signatures and the method of submission of physical records. Online Multi Recharge is one of the best features that you can get today.
AEPS Transfer Cap
There is no fixed cap on transfers made by AEPS. However, in order to prevent abuse of this method, some banks have limited the transaction cap. Several banks have indeed set a daily limitation of 50,000 on overall financial transactions.
The main reason behind AEPS Explanation
Again the government has agreed to get all unbanked parts of society into the banking system. However still, this is not really geographically feasible for people living in isolated and remote areas. In order to allow them access to banking facilities, AEPS has been created by the government, where many people can conveniently send/receive money and use other banking and maybe even non-banking new facilities mostly with the help and support of micro-ATMS and otherwise retail banking executives.
In addition, transactions made through fingerprint or even iris detection systems make the process fully safe and secure. This has removed the cost of holding bank passbooks and also debit cards.
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