Debit cards and PINs are not required with AePS services, since it uses biometric authentication. Banking services can be accessed with just a fingerprint or facial scan.
In India's fast growing digital economy, Aadhaar Banking Services have emerged as a powerful tool to bring financial inclusion to every corner of the country. AePS is a service that allows people to access banking services without visiting bank branches and ATMs. That’s where Finkeda merchants come into picture, they play an important role in delivering these services at a grassroot level, specially in rural and semi urban areas.
The full form of AePS is Aadhaar Enabled Payment System. NPCI (National Payments Corporation of India) has developed this Payment & Banking service. By using the Aadhaar number & bank authentication, customers can perform basic banking transactions.
Customers have to link their Aadhaar Number with their bank account to enable transactions through Micro ATMs, operated by authorized merchants like Finkeda Saathis.
AePS banking through Finkeda merchants brings banking services closer to people who may not have access to traditional banks or digital apps. Customers only need:
There is no need for debit cards, PINs, or smartphones. This simplicity makes the AePS service ideal for senior citizens, daily wage workers, farmers, and people in remote areas.
Let’s look into the facilities provided under AePS service to understand AePS in Banking
Multiple Aadhaar Banking facilities are provided under AePS, making financial transactions quick & secure.
The most commonly used AePS transaction is Cash Withdrawal. By providing their Aadhaar number & fingerprint authentication, customers can withdraw money, but Aadhaar should be linked to the bank account. This service eliminates the need to travel long distances to ATMs or banks. AePS Payments are safe and secure.
Checking the account balance is quick and accessible, as customers can check their balance securely using their Aadhaar Number & fingerprint authentication. The process ensures privacy & accuracy.
You can get a Mini Statement Service that provides details of the last few transactions. Therefore this helps customers track their transactions like spending, government benefit transfers, and salary credits easily.
Cash Deposit through Aadhaar Banking enables customers to deposit money directly into their Aadhaar-linked bank account via a Finkeda merchant. This service is especially helpful in areas where bank branches are limited.
The AePS debit service means you can process services by showing your Aadhaar card, punching the fingerprint on the biometric device. Once the fingerprint matches Aadhaar records, the transaction is completed. This process ensures security and prevents unauthorized access.
The AePS debit service is widely trusted because it does not rely on PINs or cards that can be lost or stolen.
AePS registration for Finkeda merchants is a simplified and streamlined process. Merchants must complete KYC, submit business documents, and receive a biometric device. Once onboarded, they can start offering AePS services and earn commissions on every transaction.
This makes AePS not only a valuable service for customers but also a sustainable income opportunity for local merchants.
