AEPS

Why go searching for your bank when you have Payworld Retail touchpoint next door for all your banking needs? Aadhaar Enabled Payment Service (AEPS), uses Aadhaar Data and Biometric authentication instead of signature or debit card information of the customers and allows them to quickly Withdraw, Deposit and Transfer cash & also access bank statements without visiting their bank branch. So, instead of searching for an ATM or a bank branch, customers can visit their nearest Payworld retail touchpoints and do all of these transactions using their Aadhaar Data and Biometric Authentication.

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FAQs

1. What is AEPS?
Aadhaar Enabled Payment System or AEPS is a new payment service offered by the National Payments Corporation of India to banks and financial institutions using ‘Aadhaar’. Aadhaar is a unique identification number issued by the Unique Identification Authority of India (UIDAI). This service empowers a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic intrabank or interbank transactions, including - Balance Enquiry, Cash Deposit, Cash Withdrawal and Remittances. For all transactions, Retailer asks for customers Aadhaar number and scans customer’s fingerprint using a biometric scanner attached to Payworld AEPS System. A transaction will be b successful only when the Aadhaar authentication is successful.
2. What is the scope of Aadhar Enabled Payment System?
Purpose:- To Serve the unserved. Augment the public banking services infrastructure What is an AEPS? Customer Fingerprints  verification through Biometric How does it work? Agent /Retailers  used Payworld APP/PW after  due authorisation Service Offered:- Withdrawal & Balance Enquiry and soon launch Deposit Facility for ICICI Bank Customers Withdrawal Limit:- Rs 10,000 per transaction with no daily limit* Number of Bank Mapped for Scheme:- Service Available from no. 118 banks. (Covered 99%  of Bank Accounts) Transaction Cost:-
  • NIL to customer
  • Merchant or BC  get Commission from Bank as per mutual Agreement
3. Why AEPS a Business Opportunity?
  • India will require at least 2 Crore + Micro-ATMs to match ATM Penetration with countries like South Africa, China etc. 
  • Half of the 2.38 lakh ATM machines not sufficient to cater our population across Pan India. 
  • Govt pushing all Govt to Citizen benefits directly in Citizen  Bank Account like Menraga Wages, Gas Subsidy Etc.
  • Recent Budget Govt Propose to give Rs 6000/- to 14 Crores Framers. First Instalment of Rs 2000/-  will credit in March. 
  •  Govt Giving Rs 2000 /- Over Draft Facility in 34 Crores Jan Dhan Accounts.
  • Various Pension schemes by State & Central Govt.
  • Many Government schemes like Social Security Pension, NREGA Old Age Pension, etc. can also be performed with so much ease through an AEPS portal.
4. What are the requirements needed to use AEPS transactions?
AEPS is a payment system where the retailers link their Aadhaar Cards to their bank accounts to enjoy the various benefits and services of AEPS. No paper or card is required while performing AEPS transactions. However, if an individual fails to link his or her Aadhaar to the bank account, then he is not entitled to reap the benefits of AEPS facilities like AEPS easy cash withdrawals, money transfers and more. Some of the major requirements are: 1) Your Aadhaar Number 2) Your Fingerprint 3) Your Name or Bank IIN (Issuer Identification Number) Thereafter, in order to get your AEPS registration free and do money transactions easily, all you need to remember is your Aadhaar number.
5. What are the benefits and advantages of using AEPS services at Payworld India?
  • AEPS Service available through  WEB & Mobile Application
  • Best Margin to retailer & Agent     
  • Instant Pay-out Facility  
  • Instant Service Activation 
  • Less failure Transaction Ratio 
  • Low & Hardy any  cases where “ Transaction Failed and Customer bank A/C Debited “    
  • All Machines working with Payworld web /On mobile Platform  
  • Good customer Care Team Support /MIRA auto Support.
  • Faster complaint /Grievance resolution
6. How can one get started with utilizing AEPS services with Payworld India?
Steps to get started with your AEPS services are as follows: 1) Purchase AEPS service: Firstly, an individual is required to visit the nearest Payworld Retail touchpoint and purchase AEPS service. 2) Uploading necessary documents: An individual has to provide his/her Aadhaar number, which must be linked to his/her bank account. Along with the Aadhaar number, you are also required to provide the bank name to which your Aadhaar is linked. 3) Map Device on Service Activation: After uploading all your required documents, your fingerprint is taken by using a biometric machine. The details are then sent to NPCI for verification. 4) Start earning and transacting: Once your AEPS agent registration gets approved by NPCI, you can start your business and earn high commissions.
7. Tell me more about Payworld India.
Payworld is a well known Fintech company established in the year 2006 to provide financial services to the semi-urban citizens of the country. Payworld has become effective in its work as it makes use of a giant and extensive network of more than 2,50,000+ merchants that reaches out to over 630 districts across India. Based on the recent records, more than 2,00,000 customers make their financial transactions with Payworld each day. Payworld provides several professional services such as Money Remittances, AEPS, BBPS Bill Payments, Mobile and DTH, recharges, Insurances, Loans, and Mutual Funds. All of these services will induce financial inclusion in the country by attracting the untapped audience. We would like to especially give thanks to our Government for including BC agents as an element of the essential services that have provided required financial assistance to India's citizens in these troublesome and tough periods. Payworld administers the financial services to over 25 million consumers across the country with the extensive network of 50,000 BC agents. We hope to continue on offering our services "uninterrupted and unaffected" even in the tough times of this outbreak. Payworld extends its services and stands strong with all the citizens of the country and wishes to deliver financial services and financial assistance to them anytime they require. We want to assure all our users that all the services provided by Payworld will keep on to function as smoothly and efficiently as even during these situations of turbulence.