Ever since the Aadhaar Enabled Payment System has been introduced, withdrawing cash is not a daunting task, anymore. It has eliminated the need of going to banks & ATMs, and spend hours standing in queues. As an outcome, not only people are adopting it as their preferred way to withdraw money but also as an employment opportunity. Many have started their own AEPS center to facilitate the common citizens with multiple banking services including AEPS Cash Withdrawal Transactions.
However, if you are new to the AEPS business, you might find the process of offering Money Withdrawal with Aadhaar Card a bit challenging. Luckily, you are reading this blog that covers every step of this process from top to bottom. Plus in the end, you will also find some additional tips to drive more customers for this business.
Let’s not wait anymore and cut to the chase.
Understanding: What is AEPS Cash Withdrawal?
In technical terms, it is the process of withdrawing your bank balance in the form of cash using the Aadhaar Enabled Payment System that uses your biometric data to authenticate the transaction. The best thing here is that this service can be utilized without having multiple visits to banks & ATMs.
Going a bit back in the last demi-decade, this initiative aimed to extend basic banking services to the underbanked and underserved areas of the country, ensuring they can access financial benefits without unnecessary hardships. Undoubtedly, it has successfully achieved its objective, with both urban and rural citizens embracing this service in their daily lives.
As we delve deeper into the process of Aadhaar Card Money Withdrawal, let’s have a look at the details that are required before you can initiate the transaction.
Details Required while Processing AEPS Cash Withdrawal Transaction:
Before you offer cash withdrawal to your customer with AEPS, there is some information, you need to gather. Below is the list of details.
- Aadhaar Number
- Biometric Details
- Transaction Amount
- Bank Branch (Account which is linked to Aadhaar)
- Assisted Mode
This process does not require the physical Aadhaar card as only the Aadhaar number is needed. As long as the customer has that in any form, you are good to initiate the transaction.
AEPS Cash Withdrawal Process – Every Step Explained:
Here comes the main thing, how to offer Aadhaar Card Cash Withdrawal to customers practically? To fulfill the increasing demand for cash withdrawals in the remote areas of the city, NPCI has tailored the AEPS Cash Withdrawal Process extremely simple & smooth so that anybody can utilize it without getting confused. We have mentioned the complete process step-by-step below.
- Step-1: Customer comes to AEPS Store and his Aadhaar Number with the merchant.
- Step-2: Customer shares the transaction details such as Transaction Amount and Bank Branch Name.
- Step-3: The merchant will then enter the transaction details into the AEPS Software to process the transaction.
- Step-4: The customer now needs to authenticate the transaction using his/her thumbprint/other biometric method.
- Step-5: Once the transaction is biometrically verified, the customer gets the cash and walks away happily. In return, the merchant receives a commission for the transaction adding to his wallet.
With different AEPS Service Providers, this step can vary a bit as various different providers offer different functionalities in their portals. However, the standard & base process will remain the same. Following this step-by-step guide, you can easily dispense cash to your customers, making their day-to-day activities much easier.
How to Get More Customers for Money Withdrawal from Aadhaar?
Business with no customers means business with no revenue. A stable source of income is important to keep your business going. Making sustainable monthly income from your AEPS Business is a name of the game, be it small or large. Here are some tips that will help you hit the jackpot by bringing more foot traffic to your shop.
Offer Deals & Discounts to your Customer:
If you are in the initial stage of your business then garner the attention of your customers by offering those deals & discounts. This discount can be on the service charge you offer. Following this will help you create excitement among your customers increasing the number of people utilizing your services.
Provider Faster Transactions:
No one likes delay & waiting, therefore, offering real-time quick transactions has become the need of the hour more than a good-to-have factor. Offering fast AEPS Cash Withdrawal Transaction can save a lot of your & your customers’ essential time. You can achieve it with a decent Aadhaar Enabled Payment System Software.
Charge Nominal Service Charge:
Apart from the commission, the transaction service fee is the primary source of revenue in this business. However, charging huge service fees for the sake of higher income can really reduce your customer footfall to a large extent. If you are in the initial stage of your business, consider keeping your service charge nominal so that it doesn’t go heavy on your customers’ pockets.
Leverage Social Media to Promote your Business:
In recent years, social media has shown immense potential for businesses to grow exponentially. Social media networks & platforms are a powerful way to connect to a larger audience. So you can leverage it for your AEPS business too. Inform, appeal & educate people about how can they easily Withdraw Cash using Aadhaar Card. Let them know what services you provide and how could it help them.
Growing your business takes nothing but true effort on your behalf. When it comes to attract more foot traffic, forming a humble bond with your existing customers and having positive approaches for the potential ones can offer excellent rewards. Following these tips will help you make a sustainable income as commission from AEPS Cash Withdrawal Transactions.
Conclusion
When technology offers us streamlined ways to accomplish tasks that could’ve required lots of effort, we should better take it. Gone are the days when multiple bank & ATM visits were necessary. Today, AEPS has transformed this scenario, entirely.
In this blog, we walked through the complete process & the requirements for Aadhaar Card Money Withdrawal. Additionally, we got to know 4 effective tips to drive more customers to your store. If you also wish to serve your customers with faster & safer Money Withdrawal from Aadhaar Card, then Contact Dogma Soft today and Become an Authorized AEPS Franchisee.