Welcome to Digital India. Now visit a Payworld AEPS Retail Touch Point when in need of cash
- Ever since India made its move towards digitization, you would have noticed the reluctance and the lack of faith that the lower strata of the denizens displayed in these digital funds transfer and cash withdrawal concepts.
Payworld understood the reason behind this scepticism, as people continued to visit their nearest neighbourhood store to make their utility payments and mobile recharges.
The COO of Payworld, Praveen Dhabhai, asserts that even though many Indians own smartphones with surprisingly great connectivity even in the remotest of villages, they’d need a human interface over a chatbot to supply complex financial products such as loans and insurances.
Sensing the opportunity that a physical move could help the nation move towards its goal of Digital India, and also provide notable employment opportunities, Payworld has launched the Aadhaar Enabled Payment System (AePS).
- Payworld’s AePS
- Payworld’s Aadhaar Enabled Payment System machines act as a micro-ATM and are given to Payworld Retailers who serve as the bridge between the digital and the physical world. It’s notable that even during the testing times of the COVID-19, Payworld’s retailers can earn while ensuring that the remotest people have access to the basic financial transactions as listed below:
- • Money transfer
- • Cash withdrawals
- • Cash deposits
- • Balance check
- Here’s How Payworld’s Aadhaar Enabled Payment System Works
- People can partner with Payworld to become Payworld Retailers. Investment required by the retailers to start their own business is Rs.5000/- and they can earn more than INR 10,000 per month. They can serve in the remotest of villages, or anywhere they please. What’s more, during the times of lockdown, the retailers are also offering door-to-door services to keep its consumer community safe.
- Here’s a glimpse into how the transaction process takes place:
- • The rural or the urban elderly, women, and youth needn’t wait in long queues to process their transaction. They can visit their Payworld Retailer in their locality to do so.
- • On the AePS machine, they can log their Aadhaar 12-digit number and choose the type of transaction they need to process.
- However, there are certain guidelines that the people must adhere to, to avail the service.
- • People can avail the AePS service only when their bank account is linked with their Aadhaar.
- • In the event of holding two bank accounts, only their primary account will be used under the AePS.
- • AePS transactions never ask people for an OTP or a PIN code.
- • Only transactions between Aadhaar linked bank accounts are supported.
- • Although people can link multiple bank accounts with their Aadhaar to avail the AePS service, only one account from a bank will be considered and supported to avail the facility.
- • The cutover of the AePS transactions is marked at 11 pm and all transactions processed before this timeline are included on that day's settlement.
- Into the bargain, the AePS transactions have various benefits. And they make it a great boon for the unbanked. Here are the benefits at a glance:
- • Both banking and non-banking transactions can be carried out through the Payworld Retailer.
- • People needn’t furnish their credit or debit card for transacting via AePS.
- • Biometric authentication - fingerprint and iris detection make all transactions safe.
- Payworld’s Aadhaar Enabled Payment System in the Face of COVID-19
- The nation has been observing lockdown for quite a long tenure as a protective measure against the COVID-19. However, it’s out of sorts that such a measure has rendered so many migrant workers sans employment.
- To lessen the economic impact of the lockdown, Payworld has initiated co-opting the migrant labourers into its retailer base. This enables them to use their knowledge of mobile phones and digital money to aid their villagers with essential cash withdrawal and funds transfer services.
- Besides offering employment opportunities for the migrant workers, Payworld is extending a helping hand to other retail networks, FMCG companies, Agricultural companies, and many others with its largest retailer network of over 2 lakh PayworldRetailers.
- As these companies are collaborating with the Payworld Retailers, this meaningful initiative is bringing the bank to the unbanked folks, despite the lockdown.
- It's only rightful to say that Payworld is emerging as a life-saver in these times of uncertainty and fear. The service that Payworld is extending to the citizens of India is commendable even as it’s striving to fulfil the first vision of Sir Abdul Kalam’s Vision India 2020, to reduce the rural-urban divide and develop all parts of India.