Using BingoPay AePS service, a retailer or a business correspondent can offer a wide range of services, including cash withdrawal, cash deposit, balance enquiry, and Aadhaar Pay. Much like the mATM system, AePS is primarily used for cash withdrawals, allowing customers to perform banking transactions using Aadhaar as their identity. This system is designed to make banking services more accessible, especially in underserved areas, by utilizing Aadhaar for authentication and enabling secure, convenient transactions.
The Aadhaar Enabled Payment System (AePS), an initiative by the National Payments Corporation of India (NPCI), is aimed at promoting cashless transactions across the country. To ensure high levels of security, the AePS service uses biometric verification, including fingerprint or iris scans, for each transaction. This biometric authentication guarantees enhanced security and protects users from unauthorized access. With its secure and reliable infrastructure, AePS is revolutionizing the way people access banking services, ensuring greater financial inclusion and ease of access for all.
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Aadhaar ATM is another name for Aadhaar Enabled Payment System (AePS). This system enables a person to withdraw cash or make payments from the bank account linked to their Aadhaar using biometric authentication. It is a safe and convenient alternative to traditional ATMs.
AePS service allows customers to withdraw cash without visiting an ATM or bank branch. The customer needs to provide their 12-digit Aadhaar number and complete biometric authentication such as a fingerprint or iris scan. Once authenticated, the transaction is processed instantly, and the cash is handed over by the service point.
The AePS registration process is simple and smooth. Retailers with a physical store and basic KYC documents such as Aadhaar and PAN can complete the registration process and start offering AePS services after verification.
Aadhaar ATM refers to the Aadhaar Enabled Payment System (AePS), which enables secure cash withdrawals and balance enquiries using Aadhaar- linked bank accounts and biometric verification.
Through AePS, customers can access banking services using Aadhaar-based biometric authentication. After successful verification, the requested amount is debited from the customerâs bank account and cash is provided instantly.
AePS registration requires basic business and identity documents. Once the verification process is completed, the retailer is enabled to offer Aadhaar-based banking services to customers.
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