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What’s an AePS?
AEPS (Aadhaar Enabled Payment System) is a payment system that allows individuals to make financial transactions using their Aadhaar number and biometric authentication. Aadhaar is a 12-digit unique identification number issued by the Indian government, and it contains demographic and biometric information of an individual.
AEPS system was launched by the National Payments Corporation of India (NPCI) in 2016 to provide a secure, reliable, and affordable payment system to the citizens of India, especially those who do not have access to traditional banking services. The AEPS system enables financial transactions such as cash deposit, cash withdrawal, balance inquiry, and funds transfer through Aadhaar authentication.
The AEPS system has been instrumental in promoting financial inclusion in India and has helped in reducing the dependency on cash transactions. It has enabled individuals in remote and rural areas to access financial services and has provided a safe and convenient mode of payment.
The AEPS system can be accessed through authorized banking agents or business correspondents, who are appointed by banks to provide banking services in remote areas. The system has been widely adopted in India and has played a significant role in the country’s journey towards a cashless economy.
How Aeps is Benificial for Merchant & customer’s in this Digital ERA?
AEPS (Aadhaar Enabled Payment System) offers several benefits to both merchants and customers, some of which are:
Benefits for Merchants:
AEPS allows merchants to accept payments from customers through Aadhaar authentication, which reduces the need for cash transactions and the associated risks of handling and storing cash.
The system is simple to use and does not require any additional equipment, such as a point of sale (POS) device, making it an affordable and accessible mode of payment for small and micro-merchants.
The AEPS system enables merchants to expand their customer base by providing financial services to individuals who do not have access to traditional banking services.
The system is secure and reliable, and the authentication process ensures that only authorized individuals can make transactions.
Benefits for Customers:
AEPS provides a safe and convenient mode of payment for customers, eliminating the need for carrying cash and reducing the risk of theft or loss.
The system enables customers to access financial services, such as cash deposit, cash withdrawal, and balance inquiry, even if they do not have a bank account.
The system is easily accessible and available through a network of authorized banking agents or business correspondents, making it convenient for customers in remote and rural areas.
The system is reliable and secure, and the authentication process ensures that only authorized individuals can access and use the system.
In summary, AEPS offers several benefits to both merchants and customers, providing a secure, reliable, and convenient mode of payment and financial transactions.
Aadhaarpay
AadhaarPay is a payment system developed by the National Payments Corporation of India (NPCI) that allows merchants to accept payments from customers using their Aadhaar number and biometric authentication. AadhaarPay is a part of the larger AEPS (Aadhaar Enabled Payment System) initiative, which aims to promote digital payments and financial inclusion in India.
AadhaarPay enables merchants to accept payments without the need for a physical point of sale (POS) device or a card-swiping machine. The system uses a mobile phone and a fingerprint scanner to authenticate the transaction and authorize the payment.
How Aadhaarpay is different from Aeps ?
AadhaarPay is a part of the larger AEPS (Aadhaar Enabled Payment System) initiative, which is also developed by the NPCI. However, there are some key differences between AadhaarPay and AEPS.
The main difference between AadhaarPay and AEPS is that AadhaarPay allows merchants to accept payments using only the customer’s Aadhaar number and biometric authentication, without the need for a physical card or a point of sale (POS) device. AEPS, on the other hand, allows customers to access a range of financial services, including cash withdrawal, deposit, balance inquiry, and funds transfer, using their Aadhaar number and biometric authentication.
In terms of limits, the NPCI has set transaction limits for both AEPS and AadhaarPay. As of 2021, the daily transaction limit for Aadhaarpay is Rs. 50,000 per customer per day, while the daily transaction limit for Aeps is Rs. 10,000 per transaction.
In summary, AadhaarPay and AEPS are both payment systems developed by the NPCI that use Aadhaar authentication to enable financial transactions. However, AadhaarPay is designed specifically for merchant payments and does not require a physical POS device, while AEPS allows customers to access a range of financial services. Additionally, both systems have transaction limits set by the NPCI.
M-Atm (Mobile Automated Teller Machine)
M-ATM stands for “Mobile Automated Teller Machine,” which is a device that allows people to withdraw cash using their mobile phones without the need for a physical ATM card.
How BharatAeps Merchant can install m-atm in their Shop to earn money?
To install m-ATM in your shop, a merchant can follow the steps below:
Choose a service provider or choose us (Bharataeps): you needs to choose a service provider that offers m-ATM services(you can choose us too, BharatAeps is now live with M-Atm). Or also there are several companies in India that offer m-ATM services like us, such as PayNearby, RNFI, and Fino Payments Bank.
Register with your service provider: If your service provider is us you can connect our team on call or you needs to register with the service provider you love by providing your details such as name, address, and bank account details.
Install the m-ATM device: Agency(service provider) will provide the m-ATM device to you, which you need to install in your shop. The device is usually a small handheld device that connects to the internet through a mobile network.
Promote the m-ATM service: Now you needs to promote the m-ATM service to your customers by displaying signage and informing them about the service.
Earn commission: You will earns a commission on every transaction made through the m-ATM device. The commission rates vary depending on the service provider( With us you can earn upto Rs.12 on every transaction).
In summary, a merchant can install m-ATM in their shop by registering with a service provider, installing the m-ATM device, promoting the service to their customers, and earning a commission on every transaction made through the device.
NSDL Pan Card
NSDL stands for National Securities Depository Limited, which is an Indian central securities depository that provides a range of services related to securities trading and other financial transactions. One of the services offered by NSDL is the issuance of PAN (Permanent Account Number) cards.
A PAN card is a unique identification number issued by the Indian Income Tax Department to individuals and entities for the purpose of tracking their financial transactions. The PAN card contains the holder’s name, photograph, date of birth, and a unique 10-digit alphanumeric PAN number.
NSDL is one of the authorized entities that can issue PAN cards in India. To apply for a PAN card through NSDL, an individual or entity needs to follow the below steps:
Visit the BharatAeps website: The applicant needs to visit the BharatAeps website and click on the “Apply Online” tab for PAN card.
Fill in the online application form: The applicant needs to fill in the online application form with their personal details such as name, address, date of birth, and contact information.
Upload supporting documents: The applicant needs to upload scanned copies of their supporting documents such as proof of identity, proof of address, and proof of date of birth.
Pay the application fee: You have to arrange the fund in your Main wallet so while applying pancard you don’t face any error.
Submit the application: After completing the application form and paying the fee, the applicant needs to submit the application online.
Track the application status: The applicant can track the status of their PAN card application online through the NSDL website or BharatAeps website.
Once the application is processed and approved, the PAN card will be sent to the applicant’s address by post.
Mobile & DTH Recharge
Mobile and DTH recharge refer to the process of adding credit or balance to a mobile phone or DTH account to continue using the services. In India, there are several ways to recharge mobile and DTH accounts, including:
Through the service provider’s website or mobile app: Most mobile and DTH service providers have their own websites or mobile apps that allow customers to recharge their accounts online. Customers can choose the recharge plan and pay for it using a credit card, debit card, net banking, or mobile wallet.
Through third-party recharge websites: There are several third-party websites such as Paytm, PhonePe, and FreeCharge that allow customers to recharge their mobile and DTH accounts. Customers can choose the service provider, recharge plan, and pay for it using a variety of payment methods.
Through offline retailers: Customers can also recharge their mobile and DTH accounts through offline retailers such as mobile phone shops, grocery stores, and other retailers. Customers need to provide their mobile or DTH number and the desired recharge amount, and the retailer will recharge the account using their own account with the service provider.
In summary, mobile and DTH recharge is the process of adding credit or balance to a mobile phone or DTH account to continue using the services. Customers can recharge their accounts online through the service provider’s website or mobile app, through third-party recharge websites, or through offline retailers.
BBPS(Bharat Bill Payment System)
BBPS stands for Bharat Bill Payment System, which is an integrated bill payment system launched by the National Payments Corporation of India (NPCI) in collaboration with the Reserve Bank of India (RBI). BBPS allows customers to make multiple bill payments through a single platform.
Under BBPS, customers can pay bills for various services such as electricity, water, gas, telephone, and DTH. BBPS provides a one-stop solution for bill payments and enables customers to pay bills through multiple channels such as online, mobile, and offline modes.
BBPS works as a centralized payment system that connects various biller entities such as electricity boards, water supply companies, gas distribution companies, and telecom operators with the payment service providers such as banks, payment gateways, and mobile wallets. Customers can make bill payments through these payment service providers.
To make a bill payment through BBPS, customers need to follow the below steps:
Choose the biller: The customer needs to choose the biller entity for which they want to make the payment.
Provide bill details: The customer needs to provide the necessary details such as the bill number, customer ID, and payment amount.
Choose the payment method: The customer can choose the payment method from various options such as credit card, debit card, net banking, mobile wallet, and UPI.
Confirm payment: The customer needs to confirm the payment by entering the necessary details and completing the payment process.
Once the payment is completed, the customer will receive a payment confirmation and the bill payment will be processed by the biller entity.
In summary, BBPS is an integrated bill payment system that allows customers to make multiple bill payments through a single platform. It connects various biller entities with payment service providers and enables customers to make bill payments through various channels and payment methods
