Aadhaar card is no longer an option and here to stay for multiple uses. Aadhar card now plays a vital role in our daily life. Here are some of the places where Aadhar card usage is mandatory.
Bank account opening
Aadhaar is mandatory for opening a bank account. All the existing bank account holders also have to provide their Aadhaar numbers to the banks. It is also mandatory for any financial transaction of Rs 50,000 and above.
Income tax return (ITR)
The government has made it compulsory to mention Aadhaar number for filing of the income tax returns.
Aadhaar number is mandatory while applying for a permanent account number (PAN). An existing PAN card has to be linked with Aadhaar number.
Employment Provident Funds
Employees' Provident Fund Organisation (EPFO) has made it compulsory to link the provident fund account with Aadhaar.
It is mandatory to give a copy of your Aadhaar card while applying for getting a mobile sim card.
Aadhaar card is one of the most mandatory documents for applying for a passport. You won’t be able to get your passport without Aadhaar.
Public distribution benefits such as ration cards have been linked to Aadhaar to attain any kind of subsidy benefits.
Aadhaar number is one of the most crucial for use in banking sector and financial transactions. Aadhar number also supports UPI (Unified Payment Interface) and BHIM (Bharat Interface for Money) which facilitates online payment directly using smartphones. And for those who cannot pay via smartphones, another option is Aadhaar Enabled Payment System (APES).
Aadhar payment works like regular banking but the bank customer uses Aadhar card for the same. To use AEPS service, a bank customer’s bank account is linked with Aadhaar card. It is a great step for rural and remote places which have limited access to actual banks or digital payments.
There are two types of Aadhaar based payment systems. The first one is the Aadhaar Bridge Payment System (ABPS) which is used basically by the government to provide special facilities and subsidy to the beneficiary. On the other hand, AEPS (Aadhaar enabled Payment System) was started to use by the bank correspondents to accept the payment. An AEPS service provider can use Aadhaar enabled payment system to offer different AEPS services through AEPS software. Fastpay Payments provides such services in rural India. By using Fastpay Services, retailers or shop owners can provide the following AEPS services.
It is easy to withdrawal cash, using Aadhaar card number and fingerprint as authentication. This is the easiest and safest way to withdraw cash using Aadhar card.
Give your bank account balance details and Aadhaar details to check your account balance.
This is a new service started, wherein customers can check their account mini statement details by using Aadhaar card.
Customers can withdrawal cash using a debit card by using Micro ATM service.
Advantages for retailers and shop owners to use AEPS service to accept payments
● Hassle-free, fast and secured payment
● No cash required
● Easy way to pay
Thus, having an AEPS is beneficial for customers as well as retailers for secured banking. Inquire with us on how you can become one of our partners.