We have already discussed AEPS many times in our blogs. Also, we have explained the services provided through AEPS. Today, we will talk about one of the important service, i.e. AEPS Cash Withdrawal.
But firstly we will have a small explanation about AEPS so that you can easy understand the process of AEPS cash withdrawal.
Learn More about AEPS
Aadhaar Enabled Payment System (AEPS) is an innovative system of providing banking services to the customers. This system is introduced by National Payment Corporation of India (NPCI). A customer needs an Aadhaar card linked with his/her bank account to access AEPS service.
The services offered via AEPS are as follows:
Cash Deposit
Cash Withdrawal
Balance Enquiry
Mini Statement
Ever wondered who provide these services to the customers?
These services are provided by the Business Correspondent (BC). They use AEPS software to offer these services. Moreover, this software is provided by various software companies in India.
Somebody asked me that what is the need of AEPS when there are various banks and ATM available in India?
So, here is the answer. There are still many areas where banks and ATM are situated at far places, which are unable to reach. Such areas are known as under-banked sections of society. For instance, in rural areas banks and ATM are not available easily. Therefore, people need to cover long distances in order to access bank services.
Hence, AEPS is introduced to eliminate such problems. People can easily access bank services with just an Aadhaar card and biometric authentication.
Now let’s come to the point. In the next paragraph we will tell you about the process of Aadhar card money withdrawal.
Keep Reading: Instant AEPS Cash Withdrawal Service