Aadhaar Banking is AEPS (Aadhaar Enabled Payment System) powered digital banking service that enables retailers to provide basic banking functions such as cash withdrawal, balance inquiry, and domestic money remittances to their customers and earn money as commission. All that any retailer needs to do is to signup as a SMART PAY retailer and start providing these services.
It is a win-win situation for both and the local retailers and the customers. Instead of searching for ATMs or standing at long queues at bank branches, customers can walk up to any SMART PAY retail store and conduct banking transactions with their Aadhaar number and fingerprint authentication. At the local store, customers can withdraw cash, or instantly transfer money to any bank account in India with ease and convenience.