Here I will describe to you how can you start your own cash withdrawal service using AEPS. Here we will discuss different ways to start a cash withdrawal business through AEPS. But before starting this, we will discuss AEPS.
What is AEPS Service?
AEPS stands for Aadhaar enabled payment system. This is a cashless transaction service that is started and driven by NPCI (national payment corporation of India). AEPS service allows all the bank customers to use basic banking services using 12 digital Aadhaar card number and fingerprint authentication.
In short, we can say, if your bank account is linked with your Aadhaar card, then you can use basic banking activities without using ATM or remembering any PIN. You can use all these services using your Aadhaar card and fingerprint authentication.
This is a great initialization by the Indian government to stop black money and create a cashless society in India. AEPS service allows you to visit anywhere without carrying cash. This is the most trending cashless transaction service now a day in India.
By using Aadhaar card number, you can use all basic banking services like –
- Cash Deposit
- Cash Withdrawal
- Money Transfer
- Balance Enquiry
You can use all these services by using AEPS. Today we will discuss cash withdrawal service in brief.
Learn more about AEPS
How to Withdrawal Cash Using AEPS?
· Visit to your nearest AEPS service provider and provide 12 digit Aadhaar card number and name linked with your bank account
· Choose cash withdrawal as transaction service
· Provide verification through fingerprint authentication
· After confirmation these information goes to NPCI and if all the requirements are legal and correct traction takes place
· Amount transfer from your account to agent account and you get cash by an agent or bank correspondence
· Don’t forget to receive a receipt of the transaction
So by using this method, you can withdrawal cash using AEPS service. This is a new age of cashless transactions where you can withdrawal money without visiting ATM or bank or without remembering any PIN or OTP.
Keep Reading: Start Cash withdrawal using AEPS