How to withdraw money from a bank account using AePS?

AePS, which stands for "Aadhaar Enabled Payment System," is a payment system created by the National Payments Corporation of India (NPCI) to enable customers to perform financial transactions using their Aadhaar number and fingerprint/ iris biometric authentication.  

AePS is helping to bridge the gap between the formal financial system and the unbanked or underbanked population. It is enabling financial empowerment and bringing positive change to the lives of people who have less access to banks and bank branches and ATMs in India.  

6 Steps to withdraw money using AePS

1- Visit an AePS Service Provider

2- Provide your Aadhaar details

3- Provide bank name

4- Enter withdrawal amount

5- Verify your fingerprint

6- Collect your cash

How AePS is bringing change?  

AePS is bringing positive change in the lives of people who have less access to banks and bank branches in several ways. Here are some of the ways: 

• Accessibility: AePS enables people in remote areas to access banking services without the need to travel long distances to bank branches. They can conduct banking transactions through the nearest AePS service provider. 
• Financial inclusion: AePS is helping to bring people who were previously excluded from the formal financial system into the mainstream economy. They can now access banking services, make transactions, and avail of government benefits and subsidies directly through their Aadhaar-linked bank account. 
• Security: AePS uses biometric authentication to verify the identity of users, making it a secure payment system. It eliminates the need for a PIN or signature-based authentication, which can be easily stolen or forged. 
• Convenience: With AePS, users can make transactions anytime, anywhere, and without the need of visiting a bank or ATM. It is also fast, and transactions are completed within a few seconds. 

Know how to get AePS service to start a business.

How to withdraw money using AePS? 

The Aadhaar Enabled Payment System (AePS) is a banking system that allows you to withdraw money from your bank account using your Aadhaar card.  

Here's a step-by-step guide on how to withdraw money from AePS. 

• Step 1: Visit an AePS Service Provider- You can visit an AePS Service Provider, which is a designated agent with one of the FinTech companies that provides AePS services. AePS Service Providers are available at various locations in semi-rural and rural areas.  

• Step 2:  Provide your Aadhaar details- Provide your Aadhaar number and select the type of transaction you wish to perform like cash withdrawal, mini statement, balance enquiry or cash deposit. In this case, select 'Withdrawal' from the options available. 

• Step 3:  Provide bank name- Next, you will need to provide the name of your bank to the AePS Service Provider.  

• Step 4:  Enter withdrawal amount- Enter the amount you wish to withdraw from your bank account. Make sure to double-check the amount before proceeding to the next step. 

• Step 5:  Verify your fingerprint- To verify your identity, place your thumb on the biometric scanner. This will authenticate your identity and allow you to proceed with the transaction. 

• Step 6:  Collect your cash- Once your identity is verified, AePS Service Provider will process your request and dispense the requested amount of cash. Collect the cash and the receipt of the transaction, which contains details such as the date, time, and amount of the transaction. 

Conclusively, withdrawing funds through AePS offers a hassle-free and uncomplicated approach to accessing your bank account without relying on physical bank visits or ATM cards. By adhering to the aforementioned steps, one can effortlessly withdraw money from their bank account using AePS.  

BANKIT has been playing a crucial role in empowering local shop owners by providing them with a platform to offer basic banking services like AePS to customers. BANKIT has made cash withdrawals through AePS (Aadhaar ATM) more accessible and convenient to people living in the remotest corners of the country.

Therefore, if you aspire to commence an AePS cash withdrawal business, the initial step would be to obtain authorization as a BANKIT Agent.