AePS, Aadhaar ATM, Aadhaar Payment are among the several methods of digital transaction processes that allows a bank customer to access banking transactions at certain designated micro ATM or mATM outlets with just his/her Aadhaar authentication.

Here’s Aadhaar ATMs and AePS explained in simple terms

Of late, you might have come across people talking of Aadhaar ATMs, micro ATMs and such other terminologies as Aadhaar Enabled Payment System (AePS), Aadhaar Payment, and so on. The surprise could further be compounded by the fact that most of these people are not exactly the ones you would probably consider as tech-savvy. Many of them are actually village residents who barely have any exposure to technology, the kind of which people in the city are exposed to! Right?

Well, AePS, Aadhaar ATM, Aadhaar Payment are among the several methods of digital transaction processes that allows a bank customer to access banking transactions at certain designated micro ATM or mATM outlets with just his/her Aadhaar authentication. These micro ATM outlets are also known as Aadhaar ATMs.

So, how does the system work? In the usual banking system, you would either initiate a transaction, such as cash withdrawal, money transfer to another account, or, check the balance available in your account either at an ATM kiosk or by visiting the bank branch during the bank working hours. In addition, you could also make the transactions on a computer over the bank’s website or on the bank’s app on your mobile phone. Let us leave the last two options aside for the time being.

Now, how does AePS work? You can go to any Aadhaar ATM and transact using only your 12-digit Aadhaar number and fingerprint as identity proof. These micro ATMs are card swipe devices similar to Point of Sale (PoS) credit/debit card swipe machines, but work like a regular bank ATM and allow for regular ATM services such as cash withdrawal and balance enquiry. Now, the mATM points operated by iServeU will also offer mini statement services, too.

You can also make inter-bank transfers at these Aadhaar ATMs. Known as Aadhaar payment, these will, however, require you to have a bank identification number for inter-bank transactions.

The Aadhaar mATM service is a card-less and PIN-less banking service. The payments done by Aadhaar ATMs are done by the respective banks, but the finger authentication is done by UIDAI, the nodal agency for Aadhaar in India.

AePS and mATMs have changed the face of banking in rural India where the reach of bank branches or regular ATMs is very less. Aadhaar ATMs have brought millions of Indians into the fold of the regular banking system as part of the government’s overall aim of financial inclusion for all Indians. With AePS, it has also been possible for the government to extend its monetary and financial benefits to the farthest corners and the most marginalised in society. The financial benefits are directly deposited in the beneficiaries’ accounts who can avail themselves of the benefits by a simple withdrawal at an Aadhaar ATM.

Today, facilities like DMT and mATMs have transformed the life of the people in the rural areas and brought them within the ambit of banking in a significant step towards financial inclusion.

iServeU has developed Domestic Money Transfer (DMT) platform to fulfil the money transfer and cash deposit need of migrant labours, daily wage workers, unbanked or under-banked masses of India.

AePS makes life easy for residents in rural Odisha

It is 12:00 in the noon and Prashant Mohanty has just wired a sum of Rs 20,000 to his father in Odisha from his workstation in Mumbai. The senior Mohanty, a septuagenarian, will withdraw some of that money later in the afternoon.

But things weren’t so comfortable for Prashant’s aged parents a year ago in the remote village of Bala Bhadrapur in Kendrapara. His father would travel to the nearby town once a month, usually on the 10th, and withdraw the entire sum at one go for the month’s expenses, before making the return journey. Now, he often withdraws his money while on his evening walk to the micro ATM adjacent to the village grocery shop some 200 metres further from his home.

The micro ATM is part of the digital banking platform provided by iServeU which has become a breather for Mohanty and others in similar far-flung villages across India.

The digital banking ecosystem includes among others, Aadhaar Enabled Payment System (AePS), Aadhaar ATM, Aadhaar Payment, mATM, money transfer to provide banking solutions to people in the remotest places of India.

AePS and micro ATMs have now made it possible for the government to include people hitherto with negligible access to banking within the ambit of financial inclusion. Even government benefits through the Pradhan Mantri Jan Dhan Yojana are now accessible through micro ATMs and AePS.

But AePS provides umpteen benefits for Ratan Das, the neighbourhood grocer, too! He runs an AePS outlet at his store, provided by iServeU, and provides micro banking services, such as cash withdrawal, cash deposit, among others, to his regular customers for which he earns a decent commission.

Now, the AePS platform will incorporate several new features, including a mini statement facility to the customers for which retailers can earn good commissions. Ratan Das is happy that now his commissions will increase manifold as a lot of customers ask for mini statements, which he was unable to provide till now. The mini statement will list the last 10 transactions along with the available balance in the AePS, similar to the statement slip one gets at a regular bank ATM which lists the transactions – including the account balance – with the bank branch or the ATM kiosk.

The AePS is also set to become mobile friendly through an Android App. New features to be included are cashout (move to bank) and Micro ATM. Now, Parashnath Pradhan, who also runs an AePS outlet at the far end of the village, will find it relatively easy to transfer his money from the iServeU wallet to his personal bank account through the Android App at the end of the day. Previously this could be done only through the website.  

Last but not the least, APeS, including the cashout facility is all set to become a 24x7 service, even on holidays, much like banking, which has achieved that standard thanks to the online, mobile and ATM services that have now become an intrinsic feature of the regular banking services. For more follow us our Blog.

AEPS or Aadhaar ATM is the most convenient way to withdraw cash and enquiry bank balance using Aadhaar number and fingerprint. In partnership with RBL Bank Ltd, iServeU aims to provide hassle-free banking service to nation who wants to withdraw money and enquiry bank balance.

Micro ATM - Cash Withdraw, Balance Enquiry - iServeU

Micro ATM is a card swiping device where all banks are connected with their Core Banking Systems. This Micro ATM device has facilities to swipe debit card or insert chip-enabled debit cards. Earn minimum 6000 Rupees Per Month. Get the Micro ATM Device Now. Features are listed below: - All Banks Debit Card accepted - Cash Withdrawal / Balance Enquiry - Instant Commission with Settlement - Mobile & Web Platform - Low-Cost Maintenance - Connectivity through Bluetooth & USB Visit: https://iserveu.in/products/micro-atm/

iServeU has developed Domestic Money Transfer(DMT) platform to fulfill the money transfer and cash deposit need of migrant labours, daily wage workers, unbanked or under-banked masses of India. Our Domestic Money Transfer or DMT is the most robust way to deposit cash within 15 seconds in any bank account across India through sender's mobile number only.

iServeU is one of the best Fin-Tech companies in Odisha that taps a very diverse spectrum of people to avail easy and basic Banking facilities like Domestic Money Transfer, Cash withdrawals etc. Our aim is to reach every corner of the nation and remotely located unbanked masses with top-notch technology.

In a bid to aid the government’s efforts to provide basic banking services such as cash withdrawal and Insurance during lockdown period, iServeU, a Bhubaneswar based FinTech start-up firm has come forward with these facilities across its minimum accessed 48,000 points across 18 states free of cost to around 30 lacs customers of rural and urban India.

Transferring money sitting at home is one among today’s essential, especially for economists. Due to this money transaction rate was developed to more than 82% at once. It includes mobile recharge, bill payments, etc. Thus RBI started to introduce the transactions with ease.

Money transfer in India is now become digitalized, and it is expected to reach $1 trillion by 2023. However, there is a financial gap in India for some areas. 78% of the transactions are still cash-based. iServeU brought a solution to this by introducing Domestic Money Transfer in a simpler way that people could trust them. It is a robust way to make transactions at any bank within a matter of a few minutes.

India’s one of the fastest growing fintech startup company ‘iServeU’ is betting big to create India’s USD 5 trillion economy of rural India by providing digital connectivity. The company crossed iconic landmark to connect with 25,000 villages where they have been financially included using iServeU’s technology on the day our Honourable Finance Ministers Nirmala Sitaraman tabled Union budget for FY 2020-21

Aadhaar ATM is the most convenient way of making basic transactions like cash withdrawal and balance inquiry by just using Aadhaar Card and Fingerprint. That’s it! No more bank visits or hunting of ATMs, No need of IFSC code or any account number, just your unique Aadhar Number and fingerprint will do your transactions without any additional costs!

EMI collection software is an efficient tool to help the agents of any financial institution to collect EMI loans from the people. Thus it helps to maintain the real-time record of the customers online.

iServeU has successfully implemented this feature for lending money, collection loans, and to maintain records of the people. Due to the use of advanced technology EMI collection and agile methods are made more efficient. This service provided by iServeU has helped many banks and other financial institutions for successful loan recovery. It has helped agents to handle the end to end process for the collection.

iServeU - Introducing Mini Statement in AEPS Platform

• Fetch statement of last 10 transactions.

• Incomparable Incentives.

• Check Available Balance.

• Statement through UID & VID.

Visit: https://iserveu.in/products/aadhaar-enabled-payment-system/

iServeU is the only Financial Inclusion solution provider(FinTech); disbursing services like Cash Deposit, Cash Withdraw, Aadhaar Enabled Payment System(AEPS), Aadhaar Payment, Micro ATM, mATM, Bill Payments, Insurance, EMI Collection System and more.

Micro ATM or mATM is an alternate way of AEPS to withdraw cash and inquiry bank balance using a Debit card. iServeU process transactions through an android app using a card reader ATM device. Micro ATM has become popular as this is the most reliable way to withdrawing transactions.

Visit: https://iserveu.in/