AEPS cash withdrawal is the process of withdrawing money from bank account using AEPS service. India is home to 74% of people who live in rural areas. There are no ATMs or banks that can withdraw cash from their bank accounts. AEPS was established by NPCI in order to solve this problem. This service allows users to access banking services and can participate in the economy.
What is AEPS?
AEPS stands for aadhaar enabled payment system. This model is bank-led and allows all bank customers to use basic banking services with finger print authentication and aadhaar cards.
All banks affiliated with NPCI offer support and management for AEPS banking. AEPS service allows customers to conduct basic banking transactions with any bank.
AEPS is the most cost-effective, efficient and reliable method to provide banking services. It is created by NPCI.
Today, millions of merchants provide AEPS services at their retail stores and offer banking facilities. In rural areas where banks and ATMs are not available, these business correspondents are working as banking point and offering banking services.
AEPS allows merchants to offer all the following banking services:
- AEPS Cash Withdrawal
- AEPS Cash Deposit
- Balance Enquiry
- Mini Statement
- Aadhaar Pay
- Micro ATM Machine
Merchants can offer all types of banking services. These banking facilities can only be used by customers who have an Aadhaar card linked to a bank account.
Today we will talk about AEPS cash withdrawal.
Cash I Withdraw Money with Aadhaar Card
Many years ago, rural people were not able to access banking services. Today they can easily use AEPS service to perform banking transactions.
To get banking services, one had to go to a city or far from a village. All banking services can be performed by anyone who is within a reasonable distance of the BC (Business Correspondent).
Today, we'll show you how to withdraw money directly from your bank account by using aadhar card.
A AEPS card is required to withdraw money.
Step by step process of withdrawing AEPS cash
- For aeps cash withdrawals, please visit your BC.
- Provide your aadhaar card no. Your aadhaar card number and the bank name that is linked to it
- AEPS cash withdrawals available
- Enter the amount you would like to withdraw
- Authenticate your AEPS transaction through finger print authentication
- Transactions will only be made if you have all the details correct.
- Notifications will be sent to mobile devices
It is an easy, fast, and reliable method to withdraw cash using your Aadhaar Card.
Conclusion
Here are the details on how to withdraw cash from a bank account with an Aadhaar card.
If you are planning to start your own AEPS business and looking for the best AEPS service provider company then I would like to suggest you Ezulix Software.
For more details about AEPS service, AEPS business, visit my blog or apply for a free live demo.
It's widely called Aadhaar based payment method.
Before digging dipper to the nitty-gritty of AEPS, we will need to comprehend the requirement for it.There was a really major portion of the populace that unbanked or off to use banking centers.
They were off to find the benefit of government and banking strategies.
To remove this issue, the authorities found a remedy as AEPS.
AEPS is helping bring all of the unbanked segments of society together at precisely the exact same banking frame.AEPS solved all of the issues as a minimal cost using the best possible.Before a time, particularly in rural areas where the majority of the folks do not have smartphones were not able to utilize banking services.
They needed to see cities to utilize banking services that were actually panic.
AEPS in banking plays a vital role.Advantages of Aadhaar Enable Payment System:All Bank Cash Withdrawal.All Bank Cash DepositAll Bank Balance EnquiryAADHAAR into AADHAAR Funds Transfer.Gateway Authentication ServiceThe aim of AADHAAR Enabled Payment Method (AEPS) would be to enable a bank client to utilize AADHAAR to get his/her AADHAAR -- empowered bank accounts and execute standard banking transactions which are intra-bank or interbank in character by means of a business correspondentIt serves another major aim of both RBI in the electrification of retail payments.
It would allow banks to track the AADHAAR -initiated interbank trades through a central switching and clearing bureau.Obtain an aadhaar payment program to improve Aadhaar Enabled Payment Method:Well to start off, you want an aadhaar payment program, because it's the absolute required to maintain progress in this industry.
Thus, you must find this aadhaar payment program.
But possessing an aadhaar program without certain features would not be a fantastic idea; because it might damage your cause more anything else.Photo Identity Proof (PAN Card backup )Address Proof (Aadhaar Card backup )Bank Details (Bank Chaque/Bank Statement).Aadhaar Enabled Payment Method StationaryAEPS Agency Stationary, Following are the particulars of Stationary:Finger Printing Device, Eye Scanner Startek, Mantra, Morpho BundleDesk Top or NotebookPrinterInternet ConnectionAEPS User Details.Before beginning this AEPS:you ought to have a pc or notebookyou ought to have a printer and Scanneryou ought to get an online connection.
