So today we are here to discuss all AEPS which is very important for both us socially and business perspective. Today I will try to cover all the essential points about AEPS, which help you to understand its importance completely. So keep tuning with me till the end so that you can understand everything ezulix AEPS. I hope you will like this article. Till the end, if you have any query or suggestion, you feel free to comment.
Without wasting time, we must start now, come.
What is AEPS?
AEPS stands for the Aadhaar enabled payment system. This is a new type of payment system in which a bank customer whose Aadhaar card linked with a correspondence bank account, can use basic banking transactions. In short, we can say, using AEPS, a bank customer can get the advantage of all basic banking services using 12 digit Aadhaar number and fingerprint authentication.
AEPS service is initialized by the reserve bank of India (RBI) and approved by the national payment corporation of India (NPCI). The main aim of this service is to create a cashless society in India. AEPS service helps customers to connect with banking services without visiting banks and ATMs.
Now everyone can use basic banking services, using AEPS service, by visiting nearby AEPS service providers. This is a very helpful special in rural areas where banks are unable to reach.
What is AEPS Payment System?
Developed national payment corporation of India and Aadhaar enabled payment system helps to carry out our transactions using Aadhaar card authentication. This was the first initialization towards a cashless society in India. This is started and also supported by the digital India project which is successfully run by the Indian government. AEPS payment system allows individuals to perform a secure and cashless transaction which helps to create a cashless economy in India.
AEPS payment system helps to avoid black money collection. Through AEPS payment system government is trying to eliminate financial frauds in the market. In short, we can say, AEPS payment system is helping people to connect in with banking services and get the advantage of it.
What is the Role of NPCI?
NPCI stands for the national payment corporation of India. It handles and monitors all the electronic transactions perform in India. To deeply understand the role of NPCI, we have to go to the AEPS process.
Whenever any customer enters all the details, the merchant sends all the details to NPCI, where NPCI checks all the details of the customer’s bank account. NPCI authenticates all the details, account balance and he is eligible for the desired service or not. If the customer’s all the details are ok then NPCI approved it for transactions. This is a very fast process, done by NPCI.
So in concern of AEPS, we can say, the main role of NPCI to handle and monitor all the transactions and try to avoid any illegal financial activity.
Learn what is required for transactions: https://ezulix.com/blog/aeps/ezulix-aeps/