8 Reasons for a Retailer to Consider Eko’s AePS Services

Retail business is quite challenging, especially with online commerce getting a stronger hold across the urban areas in India. In the rural sector, where many areas are underbanked, AePS can help small retailers set up Mini Banking Services in their store to increase their income and gain more footfalls. With more than 98% of the population having the Aadhar Card and up to 30% of them have linked the same to their bank account, offering an easy-to-use digital payment method to customers will be a value-addition. According to National Payment Corporation of India, the recent pandemic and lockdown situations have resulted in a 40% increase in digital money transfer which we expect to increase to a 50% in the coming months.

Aadhar enabled Payment System is a secured payment option for retailers to provide ATM services to their regular customers and local citizens with a valid Aadhar card and an attached bank account using a biometric device and an AePS service registration.

As more businesses, big and small are shifting focus to digital, the retail sector is facing dire challenges in sustaining their physical stores and business. What’s interesting is that most types of retail stores such as grocery, chemist, mobile recharge, electrical shops etc. are facing such challenges in the urban regions. The rural areas in India, on the contrary, are still much dependent upon the brick and mortar stores for their everyday purchases. If you are a retailer, you can offer Eko AePS services and increase your income and get more customers walking in regularly. First, here’s a short note on what AePS is all about, in case you have no clue!

Aadhar enabled payment system for retailer

 

What is AePS?

AePS or Aadhar enabled Payment System is a payment method offered by the National Payments Corporation of India (NPCI) wherein the users can, with their Aadhar card, make cash and bank transactions without using a debit card.

What are the benefits of AePS?

Any Indian resident with a valid Aadhar Card and a bank account linked to it can benefit from AePS services in the following ways:

  • Withdraw and deposit cash from their bank account using their Aadhar card
  • Transfer fund from the bank account without using a debit/credit card
  • Transfer cash to any other person with a bank account
  • Check the bank balance
  • Use for online shopping and utility bill payments

Why should a retailer consider subscribing to AePS services?

AePS is the easiest payment method a retailer can consider without any additional investment except for the biometric device which the retailer can use across service providers. Here’s why a retailer should prioritize providing AePS services as value addition in his/her store:

  • Secured and Safe Digital Payments
  • Use across banks
  • Enable financial inclusion and serve the underbanked sectors of the society
  • Enable card-less cash and bank transfers
  • Enable a host of other utility payment services
  • Customers in rural areas can withdraw their Direct Benefit Transfers from their Jan Dhan account

How does it work?

The AePS agent or a retailer who is registered with a licensed AePS service provider approved by NPCI can route the transactions using a POS, web or mobile app, the IIN or Issuer’s Identification Number given by the bank, Aadhar number and biometric or fingerprint.

8 reasons for a retailer to consider Eko’s AePS Services

When you register as Eko’s AePS service provider retailer, here are some of the major benefits you get:

  1. Earn attractive commission income from AePS transactions
  2. Best transaction success rate with advanced technology and security
  3. Instant fund settlement
  4. Increased footfalls as more people would benefit from the value-added services apart from the core business
  5. Use the e-wallet to provide other digital payment services
  6. The retailer can easily upgrade to Indo-Nepal and other digital services offered by Eko
  7. Access to Eko’s wide range of online shopping and utility payment services
  8. Easier access to loan and other financial services offered by Eko India

What documents do you need to register for Eko AePS?

Registering for Eko’s Aadhar enabled Payment Services is quite simple. As with most of the digital payment systems or banks, if a retailer wants to provide AePS services, he or she has to provide some basic details as follows:

  1. Email Id
  2. Mobile Number
  3. Aadhar Card
  4. PAN Card
  5. Passport Size Photograph

The retailer can directly download and register on Eko Connect using these details. Once these details are uploaded and verified, the retailer can register their Biometric Device Id with Eko Connect and start providing AePS services to their customers.

So, what are you waiting for? Push open your doors to earning more with Eko’s AePS. Download Eko Connect and register instantly to start providing AePS services to your customers. For more details, please call +91 8448444380 or check out https://eko.in/products/aadhaar-banking.