Time has changed, now everyone wants a cashless transaction. The Indian government is also encouraging the cashless economy through digital India projects. AEPS is the part of digital India project to create a cashless society. This creates a business opportunity for you. You can start your own AEPS service business at your small retail shop at low investment. But the question is how? In this article, I will describe to you how can start your own AEPS service business at low investment and what are important credentials to start this business.
So keep tuning with us till the end if you really dream to run your own business.
First, we will discuss the term AEPS.
What is AEPS?
AEPS stands for Aadhaar enabled payment system, a type of payment system which enables us for cashless transactions using Aadhaar card.
Before some time Indian government collects our all the identity details and convert it into a 12 digit number which is known as Aadhaar number. This number is a unique Identity number for each and every person. This card is known as Aadhaar card. Aadhaar card is the biggest identity in India nowadays.
Further, they connect our Aadhaar card number to our individual bank accounts. In result, now we can operate our bank accounts using our Aadhaar card. This is known as Aadhaar enabled payment system.
What is the Use of AEPS Service?
AEPS service enables us to use basic banking transactions like cash deposit, cash withdrawal, fund transfer, and balance inquiry. This is very beneficial in the rural area where people are enabled to visit ATM and Banks. By using AEPS service they can use banking activities using Aadhaar card and fingerprint impression. They can use all services by visiting their nearest AEPS service provider.
Which Services Can Operate Using Aadhaar Card (AEPS Service)
By using this Aadhaar card you can operate many basic banking activities which are known as AEPS services. There are following AEPS services you can use in AEPS.
- Cash Deposit using Aadhaar Card
- Cash Withdrawal
- Fund Transfer
- Balance Inquiry
So by using AEPS, you can use all the above services by using Aadhaar card.
How AEPS Works?
In the last topic, we learn, which services we can use in Aadhaar enabled payment system. Here we learn how this process works. Suppose you want to withdraw 2000/- rupees from your account then how this will work.
- First of all, to use AEPS Services customer’s account number should be linked with Aadhaar card
- Visit your nearest verified service provider
- You have to provide your Aadhaar card number which linked to your account number.
- He asks you for which activity you want to perform
- Although here you want to withdrawal 2000/- rupees
- He process for this activity and you have to verify your transaction through fingerprint impression
- A biometric machine is connected to AEPS software
- AEPS software sends these details to NPCI and they check your verification details, your account details, and balance inquiry
- If everything is right, then they approve your request and 2000/- transfer from your account to AEPS service provider account
- After completing the process, He gives you 2000/- rupees cash
- He also provides you a receipt for your transaction as proof
So this is the complete process of AEPS which is performed in this. Now we have learned about AEPS, services, benefits and working process. Now we are moving towards the second part of this article which is very important for you.
Here I will tell you how you can start your own AEPS service and how you can earn from this. Also, learn which company offers the best AEPS software to offer AEPS service. So now you can’t miss a single line. Keep attention here if you want to start your business.
How Can You Start Mini Banking (AEPS Service) Business?
If you want to start your own business first you have to complete some basic steps which are following-
- Firm registration
- Issue GST number
- Issue TIN number
- Register Domain Name
- Web Hosting Service
First, you have to these legal formalities before to start any business. Ok, now come to the main point. To offer AEPS service you required AEPS software. There are many AEPS software service provider companies in India. You can start your own business which any company but I will suggest taking this step very wisely. You must start your business with the best AEPS software service Provider Company. This will lead your business to success.