The future of payments is here with the Aadhar Enabled Payment System (AePS), a system that uses the unique identification number on the Aadhar card linked to a bank account to make payments and withdrawals. AePS makes the consumer’s experience with making payments hassle-free.
“Your offering should be attractive to get a customer but to get a recurring customer, your service should be hassle-free.”
Every customer looks for a way to make their life easier, even for the smallest of chores. For years cash withdrawal was perceived to be hectic, complicated, and synonymous with needing your card. The future of payments is here with the Aadhar Enabled Payment System (AePS), a system that uses the unique identification number on the Aadhar card linked to a bank account to make payments and withdrawals. AePS makes the consumer’s experience with making payments hassle-free.
AePs offers an alternative simple form of payment
Offered by the National Payments Corporation of India (NPCI), AePS is a system of payment where instead of a debit/credit card pin, the merchant will have to enter the customer’s Aadhaar number to authenticate the transaction using their biometrics. A customer can use AePS for more than one bank account.
Payments can be made through fingerprint authentication
- Completely safe and secure mode of payment
- Simple and hassle-free usage
- It helps advance financial inclusion and serves the underbanked population of the country
- With 1.3 billion Aadhar registered citizens in the country, it provides a great potential for a customer base
- The only information needed to initiate a transaction is the mobile number, Aadhar number, and biometrics
- No card needed to withdraw cash
- Increase your income by earning commission on every transaction
- All account holders can access their bank account with the help of Aadhar unique identification number
How to use AePS with the mBnk app?
An AePS transaction could be initiated if the retailer has the mBnk app and an AePS device. By using a few steps, a transaction could be completed in a few minutes completely hassle-free. For a retailer who is using AePS for the first time the following steps will guide you:
- Click and open the mBnk app
- Enter your mobile number and password
- Enter the OTP sent and click submit
- Select AePS from the services offered
- Switch on the AePSdevice and connect to your mobile
- Select between cash withdrawal and balance inquiry
- Enter the aadhar number, bank, and select the machine
- Enter the mobile number and the desired amount
- Select the terms and conditions and
- Click confirm
- Click on register for RD services
- A tab will open with the app for registration depending on the machine
- Click on allow and registration will take place automatically
- When the AEPs machine blinks, ask your customer to scan their fingerprint
- The customer will get a notification of the transaction
- Hand over the amount in cash to the customer
- The transaction is complete
- If the retailer is making recurring transactions, registering for RD services is not required after the first time
By becoming an agent with mBnk you can avail financial transactions to the underserved and the underbanked. It helps provide you with an additional income and build goodwill with the customers. With the addition of services you offer to your customers at the convenience of your shop, customers will consider your shop to be the vicinity’s “Superdukaan”.
*Becoming an mBnk is just a click away. Click on www.mbnk.com.