What is AADHAAR based Banking?
What is AePS?
What is AePS?
AePS stands for AADHAAR ENABLED PAYMENT SYSTEM. With the help of AePS technology, banking transactions like cash withdrawal, cash deposit, balance inquiry & money transfer is possible in a very simple, secure and faster way.
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User does not need to remember his / her bank account number, passwords, PIN etc to deposit / withdraw money from bank account. Just need to remember AADHAAR No and the name of the bank where his / her aadhaar number is linked and a clean finger.
User needs to get in touch with our nearest CSP and ask for the service. There is limit of depositing and withdrawing per day as per NPCI and RBI.
Customer Service Points are a type of entity where some individuals who act as agent of the bank and the place where it is not possible to open a brick and mortar branch of the bank. CSP basically acts like the representatives of banks and provides all kind of assistance in opening an account under banking rules & regulations. CSP Agents essentially helps people in all the problems which may occur during opening of bank accounts.
Duties & Responsibilities of CSP
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To generate awareness regarding saving and offering advice on managing money & debt related issues.
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To identify the potential of customer among the crowd & generate business opportunity.
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To enrolment and collect/verify forms need to open a bank accounts.
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To help customers in filling & submitting application forms.
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To collect/accept the payment of small value of deposit.
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To provide the details of bank account like mini statement.
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To provide the any kind of support on behalf of the bank i.e. pension & insurance products.
AePS CSP Benefits:
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Open Savings A/C Instantly*
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Any Balance Enquiry
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Any Bank Cash withdrawal
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Any Bank Fund Transfer
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Instant Settlement
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Open a CSP Branch Anywhere in india
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Any Bank Cash Deposits
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Instant Commission
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No Monthly or Hidden Charges
Per Transaction Commission is upto Rs 10/-* & maximum Rs. 24/-*
Estimated monthly earnings will be Rs. 30,000-40,000**
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What types of transactions can I do using AADHAAR PAY?You can do Aadhaar Enabled Fingerprint Payment which cashless, cardless, wallet-less, mobile-less
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When will the transaction amount get credited into the Merchant account?Amount from the customer's bank account will be debited immediately and credited into merchant's bank account in T+1 working day i.e. Next Working Day.
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How do I access the records of all my historical transactions?You can view all your past transaction in the "Transaction History" section on the AirCash Merchant App. AirCash will send a daily email of the trasactions recorded. Alternatively the merchant can view all the trasaction details on the AirCash Dashboard.
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Is AirCash Merchant App compatible with every Mobile OS?The present version is compatible only with Android.
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What is the transaction limit?The Aadhaar Pay transaction limit is Rs. 10000 per transaction depends on bank.
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What if the customer's account is wrongly debited? What is the process for Refund to the customer?In such cases, Refund cannot be processed through the App. The Merchant will get the entire amount in his bank account as per AirCash Settlement Policy, and Merchant will have to give refund directly to the customer.
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What if the data connectivity is lost or phone restarted during the transaction?If the transaction is completed, the customer's bank account will be debited and the Merchant can view the details in the transaction history section.
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If a customer has multiple accounts connected to their AADHAAR which account of the customer gets debited?The last linked account with their AADHAAR is debited.
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What is the typical time for a transaction to get through?From the customer's point of view, the transaction gets processed within 8 approximate seconds.