Cashless transactions are slowly becoming the backbone of everyday financial interactions. Spurred by the country-wide demonetization and encouraged by the pandemic, its influence can hardly be ignored. At the forefront of these rapid changes in the banking system is the AEPS service. Utilizing the Adhaar Card lying snug in the pockets of individuals, for transactions, the AEPS service has had one of the largest impacts in the country. Now, AEPS India is the new trend.

AEPS banking is a countrywide initiative by the Government of India and the RBI to encourage financial inclusion, especially in rural areas. The main aim is to encourage the average customer to use their identity to operate their monetary transactions. Under the guidance of NPCI (National Payment Corporation of India), the AEPS India service is a safe and secure banking option.

Leading service providers like Noble Web Studio are experts in efficiently assisting aspiring admins of AEPS banking services.

Key Role of AEPS Portal Admin

• The admin acts as a mini bank for your locality or business networks, providing many AEPS services.
• As an AEPS admin, you earn a profit through commissions, for every transaction done through your portal.
• The admin is able to create its own network of distributors and retailers as members of personalized AEPS portals.
• This way, the admin becomes an active promoter of a cashless ecosystem.
• AEPS admin portal provides Aadhaar Enabled Service to card holders, through authentication service providers like Noble Web Studio software services.

8 Mistakes AEPS Admins Make – Mistakes of Beginner Aeps Portal Admin

1. Choosing the Wrong Service Provider

One most significant mistakes AEPS admins make is selecting the wrong service provider. An up-and-coming AEPS admin will need their service provider at every step of the way, and choosing the wrong AEPS service provider could prove fatal to their business. It is advisable to go through all the features of the software that the service provider is offering and scope out all possible alternatives.

Noble Web Studio software services is an excellent place to start this journey, as it is an AEPS service provider trusted by more than 750 businesses in india.

2. Sharing Confidential Information

One of the other prominent AEPS mistakes is sharing your private information. This line of advice is probably applicable in many fields, but it is particularly relevant here. As an AEPS service admin, you will be responsible for not only your own but multiple other banking details.

Sharing any confidential information like OTPs or particulars of KYC documents to unauthorized channels or personal acquaintances can push your entire business toward enormous legal and financial risk.

3. Adding Members without Full KYC Authentication

Another mistake AEPS admins make is fraudulent KYC. Fraudulent or incomplete KYC must be avoided at all costs. Even if the potential member is a dear friend or a loved family member, it is absolutely necessary that each step and parameter of KYC authentication is taken seriously.

KYC authentication exists to protect everyone involved in the transactions from fraud, and also to minimize the damage in the rare case of fraud passing this authentication process. The AEPS service will be more secure with everyone’s vigilance.

4. Offering High Commissions

Commissions can be tricky to figure out at first, but as a general rule of thumb, avoid offering more commission to your AEPS service provider than you can make. It is understandable that you want to match your offers with other more experienced AEPS admins. But it is better to avoid this strategy if you’re not delving into b2b recharge or BBPS (Bharat Bill Payment System).

5. Not Updating Business Strategy Regularly

One other in the list of AEPS mistakes is not being up-to-date with your business strategy. It is important that you keep an eye on the market trends, and customer preferences and accordingly update your business approach.

Moreover, with the rate at which NPCI is coming up with newer and better services, we are definitely going to see wonderful updates in the field of cashless transactions. Therefore, one must keep a regular eye on the updates in the field of AEPS services and beyond.

6. Making False Promises to Potential Members

A golden rule of any legal and ethical business is to not lie to your potential and existing customers. As tempting as hyperboles look on promotional materials surrounding us, it is never a good option for banking services.

7. Bad Customer Service

Now everyone needs some sort of banking service to function in their everyday life. It is very familiar for any new AEPS admin to think that no matter what, people will always need the service one provides, and in this process, the admins do not need to pay any heed to customer satisfaction. AEPS service can be very competitive, and an easy way to stand out is by fine-tuning your customer service.

Treating them well, remembering their business requirements, and aiding them in troubleshooting any issues, can go very far in establishing you as a successful AEPS admin.

8.  Lack of Research

Choosing a brilliant service provider like Noble Web Studio is an acceptable way of establishing yourself as an AEPS admin, but doing your own research is always a great additional step. Both the UIDAI (Unique Identification Authority of India) and NPCI websites are available in multiple languages, articulately listing out the functions of the AEPS service.

Knowing the system will help you understand your role as an AEPS admin, and what to expect and demand from your service provider.

Conclusion – Venture out as ‘The Ultimate Admin’

To have your own AEPS admin portal doesn’t demand much, some enthusiasm, alertness, and authenticity can take you very far in the field.

Once you have the basic structure and function of the AEPS system in your mind, you can sit back and let expert teams like Noble Web Studio do the technical heavy lifting. It is very clear that once you keep the potential mistakes and the negative repercussions in mind, AEPS service is waiting for you to make a career out of it.