AEPS WHITE PROVIDER
A payment method where the only requirement is your exceptional Identification Number by which financial transactions can be produced with no need for ATM infrastructure. This system is widely used in thinly populated regions or under banked segments of society. Aadhar card holders can easily float through AEPS system. This has two Main benefits:
1. Clients Aren’t billed for their trades
2. Banks pay their agents or AEPS White Provider (an amount as commission)
The major services covered under AEPS are cash deposits, withdrawals, balance enquiry, finance transfer and charging. The only requirement for using this service is that the clients will need to have a bank account which is linked to their own Aadhar.
The functioning of AEPS is quite simple. The AEPS White provider has to authenticate the Aadhar trade using the consumer’s biometric information. For customers with multiple accounts, Aadhar has to be linked to each of the accounts. Anyone can begin a small scale company by becoming an AEPS White provider of PayMonk. Recentlythey launched their UPI scheme for earning hassle free transactions. The applications can be found in Google Play Store.