Aadhaar Enabled Payment System which is also called as (AEPS) is a modern payment service which is provided by the National Payment Corporation of India for the banks and other financial institutions using 'Aadhaar.' Aadhaar is a unique id number which is issued by the Indian Unique Identification Authority (UIDAI).
This service can be accessed at Consumer Access Points (CSPs) operated by Business Correspondents (BCs) via Point of Sale (POS) devices. Oxigen, being that financial institution, which is providing the AEPS services across whole India through the appointed BCs which use the Oxigen Micro ATM PoS machines. Money Transfer Api is becoming much popular nowadays. Aeps White Label is also a good option.
A company correspondent who is also an agent designated by a bank to expand financial services in places where they would not have a branch may own the Oxigen Micro ATM to provide AEPS services to bank clients. You can find many aeps white label portal in the market. The range of the business Correspondents' operations covers, inter alia, the processing of small value transactions, withdrawing money and the small value interbank remittances. Different domestic money transfer portal will help you a lot with the services. Please note that if something is within the scope of the AEPS, a BC of a particular bank is then treated as the integral part of that Bank and the Correspondent Bank is then responsible for all of the acts of commissions and also the omissions. There is also a lot of Domestic Money Transfer Software available in the market, from which you can choose one of the best.
This facility encourages a bank client to use aadhar card as his / her identification to enter his / her Aadhaar allowed bank account and conduct simple interbank or inter - bank transactions, such as-Balance Enquiry, Cash Deposit, fund transfer and payments. For all payments, whether intrabank or interbank, the Transaction Receipt is written and turned over to the customer as a finality transaction record by the BC from which the transaction was initiated. Money Transfer White Label is the best thing to get extra features.
Across all the Aadhaar-enabled business transactions, including intrabank or inter - bank, BC utilizes its Oxigen Micro ATM, asks for Aadhaar customer numbers and checks the fingerprint of its customer using the MicroATM-enabled biometric scanner. The payment would only be successful if the Aadhaar encryption is successful.
AEPS India provides simple cash withdrawal facilities with AEPS services, now transferring cash to your bank account is simple, you don't need to go for a long walk towards your bank, all you really need is your own aadhar number, bank identity and thumb / finger impressions not just that this facility is not confined to our bank simply, you could do transactions online. You can also become a good White Label Aeps Service Provider and earn some good money.
Deposit money by calling any AEPS service provider and you can conveniently deposit cash in minutes without having to struggle with lengthy bank deposit queues or waiting for lunch.With AEPS India app, you can easily enable users to verify their balances with their Aadhar card numbers & fingerprint recognition ID, so people can easily verify the balances on the admin screen.