What do you basically mean by the Aadhaar Enabled Payment System?
Aadhaar enabled Payment System offers some basic financial services (money deposits, balance surveys, cash withdrawals and remittances) to low-cost accessing devices (called MicroATMs) managed in an interoperable manner by business correspondents.
AEPS is basically a service provided by Nationalized Payment Corporation of India that basically allows interoperable various financial transactions online between banks by just using Aadhaar authentication. Any of the customers who have Aadhaar enabled accounts can make transactions only in their own account via any Branch/BC/Kiosk. Domestic Money Transfer Agency is always a good choice.
The 5 basic usual types of the banking transactions allowed by AADHAAR are:
* Withdrawal of cash
* Deposit of currency
* AADHAAR Move to AADHAAR Funds
* Survey of Equilibrium
* Gateway Authentication Systems
The purpose of AADHAAR Enabled Payment System is somehow to allow a bank customer for using AADHAAR to enter his or even just her AADHAAR-enabled personal bank account and otherwise conduct simple banking transactions of the intra-bank or just inter-bank type through another business correspondent. You should contact the Best Domestic Money Transfer Company. It somehow serves another significant purpose of RBI in the whole electrification of further retail payments. It will allow the banks to somehow route perhaps the AADHAAR-initiated interbank lending transactions through a whole central switching and perhaps clearing agency. Domestic Money Transfer Company always helps you out.
It will promote the disbursement of further government entitlements such as with NREGA, Social Security pension plan, Disabled Old Age Pension, etc, of any central or state government bodies, using AADHAAR and authentication thereof as supported by UIDAI. Domestic Money Transfer Service is always a great thing. You can perhaps opt for Domestic Money Transfer Services.
The four types of banking transactions are as follows:-
* Balance Enquiry
* Cash Withdrawal
* Cash Deposit
AADHAAR to AADHAAR Funds Transfer
Of any central or just the state government body, using and authenticating AADHAAR as sponsored by UIDAI. Another essential aim of Aeps High Commission is to promote inter-operability between banks in a pretty safe and secure manner. You can also become an Aeps API Provider. AEPS makes an interoperable online financial possible inclusion single transaction mostly at PoS (MicroATM) via the whole business correspondent of almost any other bank by just using the whole AADHAAR authentication.
The four main basic types of the banking transactions allowed by AADHAAR are as follows:-
* Survey of Equilibrium
* Withdrawal of cash
* Deposit of currency
AADHAAR Move to AADHAAR Funds
Inputs which are required for a bank or a whole bank correspondent (BC) to make another transaction under this whole scenario are:-
* IIN (identifying the particular bank)
* The number of AADHAAR
* Fingerprint captured during registration. Aeps Service is also helpful.
This empowers the global banking agent to work in the field and to affect transactions for the client in an appropriate manner. A separate AADHAAR Payment Bridge Solution method is used. You can easily find theAeps Service Provider Company List.
* EBT major credit disbursements entirely based upon UID amounts.
* To fulfill the purpose of the whole Government of India (GOI) and therefore the (RBI) to further financial inclusion just by handling government disbursements using the AADHAAR number. Aeps Service Registration is also done very easily.