Why AePS will work in Rural India

Everybody is talking about AePS and its viability in India, it has multiple benefits like reducing burden on banks and bring efficiency and transparency in the payment system.

Reduces ATM cost for banks – It helps to bring down the ATM cost for the bank, because those transactions can be easily completed by a BC for customers at much lower cost than an ATM.

Lower MDR – AePS merchant payments aim to bring down the MDR so that more people start preferring electronic payments and even merchants would embrace it without much hit on their margins.

Quick Pay or Accept Payments – Accept and make payments with minimum input details like

·        Aadhar Number

·        Bank IIN or Name

·        Fingerprint

Safety – Your bank details are safe because you do not have to share your bank account number, IFSC code and other sensitive information with the merchant

 

Serves illiterate too – The biggest advantage of the system is that it counters the issue of illiteracy in India, because illiterate people could not use the debit card and remember PIN number, but now they can transact using their Biometrics, like finger impression and may be in future with their iris.

Low cost of service – Cost of serving per customer has gone down, as AePS is an infrastructure-lite model and doesn’t require bulky EDC machines and hence avoiding the huge fixed cost.

Portable – The biometric machine is portable and can be carried easily; it can be easily plugged in any computer or a Mobile device to make payments. This will help to facilitate door step service by Business Correspondents (BCs) & other Online and Off-Line Merchants.

Secured Biometric devices – The biometric devices are STQC certified and must be Level 0 and 1 compliant, as per registered device regulations and all device manufacturers must adhere to it. So, the security concerns have been addressed to much extent.

Secured Aadhar Infrastructure – Aadhar PKI based architecture is secured, and its ever evolving security standards ensures the banking and customer data remains secured and details are safe within the system.

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