Aadhaar Enabled Payment System
About Aadhaar Enabled Payment System
Aadhaar Enabled Payment System or AEPS is a payment service developed by the National Payments Corporation of India (NPCI) allowing banks, financial institutions to use “Aadhaar” number and online UIDAI authentication for transactions through their respective Business correspondent service centres. AEPS, a new age banking service has been approved by the Reserve Bank of India (RBI). It is also used for routing interbank ATM transactions and Interbank Mobile Payment Service (IMPS). The AEPS allows transactions using Aadhaar and biometric authentication and enables a person to carry out financial transaction on a micro-ATM provided by a banking correspondent.
Spice Money, the financial technology service from Spice Digital, been authorized by the National Payments Corporation of India (NPCI) to offer AEPS services since October, 2016. It is a unique and innovative system that allows trader/merchant to collect payment, operate as mini ATM for cash withdrawal, deposits and balance enquiry using Aadhaar Enabled Payment System.
Cash Withdrawal – Mini-ATM
Spice Money retail counters now offer the Aadhaar enabled Mini-ATM services. Now you can easily withdraw cash from your bank account without going to the bank. Go to any of the Spice Money stores and withdraw the required amount of cash by just providing your Aadhaar number, bank name and thumb/finger impression.
Now you can deposit cash by just walking into any of the Spice Money centres. All you need to do is give your Aadhaar number, bank name and thumb/finger impression. This facility is available in non-banking hours. Hence, it is easy to access at anytime.
Spice Money retail counters also help you to check your bank balance in your accounts. Visit any of the Spice Money stores and give your Aadhaar details, bank name and fingerprint, and you will get your bank balance detail on the screen.
With AEPS powered by Spice Money, cash withdrawal, cash deposit and checking balance is now easy, secure and convenient.