We all know that the Indian Economy is growing behind Cashless… Yeah, it means all the transactions in the market will be takes place only by using debit cards, credit cards and other modes of bank transfer.
When it comes to Aadhar Enabled System for Merchant Payment, customer needs only an Aadhar card number.
In which the number is linked and the customer need to provide his/her fingerprint, that’s it to make transaction successful.
Everyone asking the same question, “Is cashless the right option for India?” Paper money is the easiest traditional way to buy and sell products and services in today’s market.
The characteristics of the customers must be evaluated if the usage of cash is to be reduced.
Aadhaar enabled system for merchant payment can do wonders in this case.
They offer innovative solutions for both the user experience and security.
To enable these features, UIDAI has partnered to develop two platforms,
- Aadhar Payment Bridge (APB)
- Aadhar Enabled Payment System (AEPS)
Aadhar Payment Bridge (APB) – It’s a system that facilitates easy transfer of all human resources and welfare sectors payments to residents’ Aadhar Enabled Bank Account (AEBA)
For this method, it requires Aadhar card number as the main role for all subsidy payments. This option would pick out all fraudulent and ensure that the benefits reach the right beneficiaries.
Aadhar Enabled Payment System (AEPS)–This system uses Aadhaar Numbers as a unique key for all e-transfer schemes.This system is used by Government Sectors to transfer benefits & subsidies to the wished-for beneficiary.
For this payment system, the beneficiary requires only one bank account to receive multiple benefits and here no middle men required.
Advantages of Aadhar Enabled Payments
These forms of payments were initiated by the Government of India specifically for the residents of under privileged society and for the people for rural area who are not comfortable with using cards, mobile wallets etc. for merchant payment.
Instead of a mobile phone and plastic cards, this type of Aadhar enabled payments requires Aadhar card number and bio metrics for authentication.
How Does AEPS Machine works?
A merchant who accepts the payment will enter the Aadhar card number and the amount in the machine using the interface provided in the machine.
As the customer, you need to verify the amount entered and authenticate the payment using your bio metric information i.e. your fingerprints.
The amount will be deducted from the bank account linked to your Aadhar card number.
The amount deducted from your account will be credited to the merchant’s account.
What is Aadhar Payment App?
Aadhar Payment App is a mobile app. When you heard of mobile app, you might think of that you need a smartphone with Internet connection to make use of this app.
But the fact is “You Don’t”. Yeah, the merchant whom you want to pay should have a smartphone in built with an Aadhar Payment app. All you need to do is just use your fingerprints for authentication.
Once it authenticated, the money will be paid from your bank account linked to your Aadhar card.
What Are the Advantages of Having Aadhar Enabled Payment
- There is no need for customers to own a smartphone, and download an app to make online payment.
- No service tax or extra charges for using Aadhar Card Payment app.
- No need to carry debit cards, credit card etc.
- Instant payments through AEPS and affordable payment option for both merchants and customers.
Requirement for Using AEPS – Aadhar Enabled Payment System
As a customer, from your end, you need to the following:
- Your Aadhar Card Number.
- A Bank Account Linked with Your Aadhar Number.
- Your Fingerprints.
Merchant’s Requirement Includes:
- Internet Connection
- Aadhar Payment App
- Fingerprint Scanner
- Bank Account
Future of Aadhar App,
There are many plans available for both credit cards and debit cards, but both were not welcomed by customers and merchants because of their service charges.
But with Aadhar payment app, there is no more need to worry about extra charges.
So why wait? Make use of your Aadhar card number and pay instantly without any hassle!