AEPS is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business
Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication.
Aadhaar Banking is AEPS (Aadhaar Enabled Payment System) powered digital banking service that enables retailers to provide basic banking functions such as cash withdrawal, balance inquiry, and domestic money remittances to their customers and earn money as commission. All that any retailer needs to do is to signup as a PayNearby retailer and start providing these services.
It is a win-win situation for both – the local retailers and the customers. Instead of searching for ATMs or standing at long queues at bank branches, customers can walk up to any PayNearby retail store and conduct banking transactions with their Aadhaar number and fingerprint authentication. At the local store, customers can withdraw cash, or instantly transfer money to any bank account in India with ease and convenience.