Aadhaar Enabled Payment System also known as AEPS in short is basically a new payment service provided by the NPCI to banks and financial companies using ‘Aadhaar card’. Aadhaar is issued by UIDAI (Unique Identification Authority of India). It is a unique identification number of every individual in India. AEPS API service can be used at CSPs (Customer Service Points) maintained by some Business Correspondents (BCs) using POS devices. Softcare Infotech is one of the best AEPS API service providers that provide AEPS services across all over India.
An intermediary appointed by a bank named Business Correspondent can use this AEPS API to provide banking services in the areas where banks don’t have any branch. These Business Correspondents can use our API to offer AEPS services to the customers of banks. The AEPS services include cash deposits, balance inquiry, cash withdrawals, and money transfer.
AEPS uses Aadhaar Card of the bank customer as his/her identity to access his/ her bank account linked with that Aadhaar and do basic intra bank or interbank transactions that include Cash Deposit, Remittances, Balance Enquiry, and Cash Withdrawal. A Transaction Receipt is printed for all transactions either intra-bank or inter-bank and given to the customer for the transaction record showing the final status of the account, by the business correspondent by whom the cash transaction was done.