Planning to start your own business as an Aadhaar-enabled Payment System or AePS agent is a good move. The AePS service is getting popular fast in both urban and rural areas of India, completely transforming the way digital transactions happen in India. It enables users to access key financial services with their Aadhaar. Created by the National Payments Corporation of India (NPCI), AePS uses biometric authentication to enable transactions. Over 1100 national government programs, projects, and schemes—managed by both central and state governments—have received notifications to use Aadhaar identification.
There is a growing demand for AePS agents who can lead Aadhaar- enabled payments with effectiveness and transparency. In this article, we are going to tell you how to complete AePS agent registration and build a consistent monthly income opportunity. .
Understanding AePS
Aadhaar-enabled Payment System is a digitally-enabled platform that enables users to access financial services through their Aadhaar. In this process, a consumer just needs to enter their bank name, Aadhaar number, and biometric information obtained during enrollment to complete a transaction. AePS ensures financial inclusion for those who do not have direct access to bank branches. Such is the popularity of AePS and the network of micro-ATMs in India that they have enabled a total of about 1600 crore last-mile financial transactions, as per the government records in January 2023.
AePS provides smooth, safe and effective financial transactions, making it an essential service.. Specifically by using Aadhaar authentication, AePS agents can offer essential banking services, such as cash withdrawals, deposits, balance check, mini statements directly, doing away with the requirement for physical bank facilities. The AePS process involves a number of important entities, such as –
- Aadhaar Card Holder, who uses their Aadhaar number to start a financial transaction.
- The AePS-registered business owner, who helps clients with transactions.
- Aadhaar-linked bank that takes care of the transaction and maintains the Aadhaar cardholder’s account.
- UIDAI or Unique Identification Authority of India, who is in charge of biometric verification.
- NPCI or National Payments Corporation of India, which is responsible for overseeing party transaction settlements.
For AePS transactions, all these key players work in tandem, ensuring they are safe, effective and easily available. Religare offers cutting-edge AePS solutions that ensure smooth and secure financial services for both their agents and customers.
AePS agent registration: The step-by-step procedure
For AePS agent registration with Religare Digital, applicants must fulfill required security and paperwork standards to work as an accredited AePS business owner.
- Step 1 – Registration – You need to register with an AePS partner or service provider or approved aggregator. Eg. To work as AePS agent with Religare you need to first complete AePS registration with us.
- Step 2 – Know Your Customer – Complete your KYC so that you fulfill the legal requirements.
- Step 3 – Integration – You will (or your company) will incorporate our AePS agent platform/app into mobile, Point-Of-Sale (POS) systems, and other user interfaces.
- Step 4 – Authentication – Your Key responsibility will be to authenticate customers using their Aadhaar-linked information, via fingerprint or iris scan and Aadhaar number.
- Step 5 – Transaction Services – Once authentication is done, you can carry out financial operations, such as cash withdrawals, deposits, and balance checks.
- Step 6: Commission and Settlement: The AEPS agent receives instant commission for every transaction.
- Step 7: Compliance: Maintain accurate records for audits and ensure regulatory standards are followed.
You can provide basic banking services like cash withdrawal, balance inquiries, balance enquiry etc. utilizing Aadhaar verification by becoming an AePS (Aadhaar Enabled Payment System) Agent. This procedure encourages financial inclusion while allowing small-scale entrepreneurs to provide banking services.
Why go ahead with AePS agent registration?
There are several advantages to owning an AePS business:
- As an AePS agent, you get the opportunity to serve the community around you by providing them the basic banking services. You can be the medium to make the financial service reach in places that are hard to come by.
- Earn an attractive commission for each transaction you complete to build a long-term revenue model.
- Once you understand the process, you will find that it is an easy and self-sustaining process. It needs only some basic training and almost zero investment to work as an AePS agent.
- As an AePS agent, you can adopt a flexible work schedule. Depending on your availability, you can work at timings of the store that are convenient for you.
AEPS agent registration requirements
To successfully work as a registered AePS agent, one needs to complete their Know Your Customer process. In KYC, you must meet the required security and documentation requirements, which includes completing online onboarding journey – KYC.
AEPS agent registration: Key things to remember
Joining as a Religare agent is a completely digital process. On successful registration as Aadhaar Enabled Payment System agent, you will get required training, marketing guidance and business assistance.
Procedure for AEPS agent registration
Step 1: Go to Religare’s AePS portal for registration.
Step 2: Enter your information like name, email, city address and click on agent registration.
Step 3: Provide the mobile number and OTP for validation.
Step 4: Submit your application and our team will contact you.
Eligibility for AEPS Registration
- The prospective agent needs to be 18 years of age or older
- Familiarity with the basics of online banking and transactions
- Must possess a PAN and Aadhaar card
- Functional mobile number connected to Aadhaar number
- Bank account must be open and functioning
Documents required to register for AEPS
- Aadhaar Card (mobile number linked)
- PAN Card (to comply with taxes)
- Details of the bank account (for commission settlement)
- A passport-sized photo
- 5. Working email address and mobile number