Why Aadhar enabled Payment System (AePS) will work in India?

Aadhar, the biggest biometric based system in the world has grown immensely in last few years in India, and has been debated widely for its use and misuse. Aadhar which started with authentication in India has now taken a lot into its fold like Payments, Authentication, Service delivery, paperless systems etc. It now claims to be the biggest interoperable system in the world, and is helping India Stack architecture to support its multiple layers.

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Source – India Stack

Aadhar is regulated by Targeted Delivery of Financial and Other Subsidies, Benefits and Services Act 2016, and has made Subsidies, Benefits and Services delivery to citizens almost seamless and targeted to intended beneficiaries. While few will argue, but it has immense potential and it seems that with the current trend and push in the system we are going in the right direction. Now people can open bank accounts, buy SIM cards, take LPG subsidy, do Aadhar to Aadhar transfers, Peer to Peer (P2P) transfers and a lot more which I have talked about and keep sharing in my posts.

While Aadhar has multiple benefits and use cases, let us pick up Aaadhar Enabled Payment System (AePS), and talk about it in detail.

What is AePS

AEPS is a bank led model which allows online interoperable financial transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.

The five possible Aadhaar enabled transactions are:-

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There are six institutions which get involved, in processing an AePS payment and settlement;

  1. You, the bank customer
  2. Banking correspondent (BC)/Partner – The facilitator of AEPS
  3. The bank of BC/Partner– The bank to which banking correspondent is attached
  4. Your Bank – the bank with which you have the bank account
  5. NPCI – For switching, clearing and settlement of transactions
  6. UIDAI – For finger-print authentication

Following diagram will explain the AePS architecture and settlement system:

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Why AePS will work in Rural India

Everybody is talking about AePS and its viability in India, it has multiple benefits like reducing burden on banks and bring efficiency and transparency in the payment system. Let me explain few of the benefits;

1. Reduces ATM cost for banks – It helps to bring down the ATM cost for the bank, because those transactions can be easily completed by a BC for customers at much lower cost than an ATM

2. Lower MDR – AePS merchant payments aim to bring down the MDR so that more people start preferring electronic payments and even merchants would embrace it without much hit on their margins

3. Quick Pay or Accept Payments – Accept and make payments with minimum input details like;

  • Aadhar Number
  • Bank IIN or Name
  • Fingerprint

4. Safety – Your bank details are safe because you do not have to share your bank account number, IFSC code and other sensitive information with the merchant

5. Serves illiterate too – The biggest advantage of the system is that it counters the issue of illiteracy in India, because illiterate people could not use the debit card and remember PIN number, but now they can transact using their Biometrics, like finger impression and may be in future with their iris.

6. Low cost of service – Cost of serving per customer has gone down, as AePS is an infrastructure-lite model and doesn’t require bulky EDC machines and hence avoiding the huge fixed cost.

7. Portable – The biometric machine is portable and can be carried easily; it can be easily plugged in any computer or a Mobile device to make payments. This will help to facilitate door step service by Business Correspondents (BCs) & other Online and Off-Line Merchants.

8. Secured Biometric devices – The biometric devices are STQC certified and must be Level 0 and 1 compliant, as per registered device regulations and all device manufacturers must adhere to it. So, the security concerns have been addressed to much extent.

9. Secured Aadhar Infrastructure – Aadhar PKI based architecture is secured, and its ever evolving security standards ensures the banking and customer data remains secured and details are safe within the system.

With the above mentioned benefits and many more, the AePS claims to be a big hit in India as part of Digital India initiative. I hope the countries who are watching India currently for this development will surely adopt this model, and we will be a proud front runner in this space.

If the above business model interests and excites you to offer AePS services to your customers, by partnering with Spice Money a part of Spice Digital Limited, you may contact us at product@spicedigital.in and we will be happy to partner with you.

BBPS (Bharat Bill Payment System) by RBI through Spice Digital (BBPOU)

With the intent to standardise and spread the power of bill payments and access to entire ecosystem, RBI conceptualized BBPS, Pay bills Any time Anywhere system, on GIRO (General Interbank Recurring Order) based payment system.

NPCI was given the onus to develop, control and operate the integrated bill payment system offering interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and to provide instant confirmation of payments.

Last year RBI gave in-Principle approval to various Bank and Non bank entities including Spice Digital Ltd (Spice Money) to operate and appoint agent institutions (AI) to run the BBPS. After reviewing the work and capabilities RBI has awarded final license to SDL’s Spice Money to work as Bharat Bill Payment Operating Unit (BBPOU) and be part of its prestigious BBPS.

To understand the importance of BBPS and role of various participants in the system it is imperative to see the flow of its payments and settlement system.

The BBPS operation model



Figure 1 :  NPCI BBPS Presentation

Key Features of BBPS
Inter-operable BBPS will be an integrated platform connecting banks and non-banks in bills aggregation business, Billers , payment service providers and retail bill outlets
Accessible Facilitate seamless payment of bills through any channel : Digital and physical
Cost-Effective Most cost-effective for entire ecosystem
Integration BBPOUs will have to connect only to BBPCU to get access to all the billers. Utility companies just need to connect to maximum two BBPOUs to enable all customers to pay bills
Complaint Management Standardised system to handle customer grievances for both ON-US and OFF-US transactions
Dispute Management Facilitate BBPOU’s to raise and resolve disputes relating to transactions that have passed through the BBPS system
Clearing and Settlement Multiple Clearing & Guaranteed Settlements between different parties, standardised TAT
Standardisation Standardisation of processes for entire BBPS ecosystem
Brand Connect Single and trusted brand connect and BBPS Assurance


Figure 2: BBPS Product Presentation

BBPS is a system in which only defined licensed participants can operate and transact, hence all the bill payment service providers who wants to offer and accept bills as service have to come on board after the RBI’s deadline, and only these participants will be allowed to process bill payments and settlements in the system.

Companies (Established or Start Ups) who wish to operate and offer the bill payments service to their customers will have to get in touch with licensed BBPOUs like SDL (Spice Money, which has got the RBI license to operate as BBPOU in August 2017) and become their Agent Institutions (AI) / Partner Institution. Spice Digital can extend this service to any partner institutions through API (Application Programming Interface) or through deep integration directly with their Web Portal or Mobile application for both B2B (Business to Business) or B2C (Business to Customer) interface.

This will help the partner institution to get associated with SDL, which is a valued brand in the Digital Payments space. They can earn more from their retail outlets through this service and increase their product bouquet for last mile delivery.

If you are interested to be part of the Bill Payment Platform BBPS through Spice Digital and offer bill payment service through your retail outlets write to us at product@spicedigital.in

Understanding GST and Introducing Spice GSP

Spice GSP

India is moving forward toward radical digitization. Spice Digital believes itself to be one of the front league players in participating in this digitization movement.  With Goods and Service tax in its implementation phase, Spice is now one of the selected GST Suvidha Providers by GSTN.

Spice GSP will soon provide comprehensive tax related services to business taxpayers.  Spice GSP is all set to offer seamless integration to ASPs, Corporates, MSME, TRPs with the GSTN network to enable the businesses to be compliant with the Goods and Services Tax (GST).

So what exactly is GST?

GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments. Amalgamating several Central and State taxes into a single tax GST has been implemented to mitigate cascading or double taxation, facilitating a common national market. For example, when you go to a restaurant, VAT will not be charged separately, along with service tax. A single tax amount will be charged on the billed amount, which is GST.

Since the GST is expected to be levied at every stage of the production system. The discrepancy is expected to be eliminated by giving the benefit of Input Tax Credit (ITC) of the tax remitted at previous stages. Currently all the taxpayers are liable to get registered under the GST regime.


The implementation of GST will subsume the following taxes –

  1. Central Excise
  2. Service Tax
  3. CVD or Countervailing Duty under customs
  4. SAD or Special Additional Duty under Customs
  5. CST
  6. VAT / Sales Tax
  7. Octroi & Entry Tax and
  8. Purchase Tax

The taxes that would be applicable over and above GST would be the Customs duty. There is no clarity as of now over the inclusion of Auto Cess, NCCD and the Infrastructure Cess.

What are the compliance requirements for GST?

On more macro note, GST compliance for any sort of business owners has been set, that is where a business needs a GST Suvidha provider.  A detailed list of requirements for GST compliance has been released by GSTN (Goods and Service Tax Network) for all eligible tax-payers:

 The taxpayer under GST Regime will have to provide following information at regular intervals:

  • Invoice data upload (B2B and large value B2C)
  • Upload GSTR-1 (return containing supply data) which will be created based on invoice data and some other data provided by the taxpayer.
  • Download data on inward supplies (receipts or purchase) in the form of Draft GSTR-2 from GST Portal created by the Portal based on GSTR-1 filed by corresponding suppliers.
  • Do matching of purchases made and that downloaded from GST portal. Finalize the same based on his own purchase (inward supply data) and upload GSTR-2
  • File GSTR-3 created by GST Portal based on GSTR-1 and 2 and other info and tax paid.
  • Similarly there are other returns for other categories of taxpayers like casual taxpayer or composition taxpayers.


How does the GST Eco-System work?

The GSTN is going to have a G2B portal for taxpayers to access the GST Systems. This will not be the only way for taxpayers to interact with the GST system. Taxpayers can also choose their preferred and authorized third party applications. These will provide interfaces and convenience via desktop, mobile, other interfaces, enabling to interact with the GST system. The third party applications will connect with GST system via secure GST System APIs.  All such applications are expected to be developed by Authorized GSPs such as Spice GSP.

Spice GSPs is committed to provide convenient methods to taxpayers and other stakeholders in interacting with the GST Systems from registration of entity to uploading of invoice details to filing of returns. There will be two sets of interactions, one between the App user and the GSP and the second between the GSP and the GST System. It is envisaged that App provider and GSP could be the same entity. Another version could where data in required format directly goes to GSP-GST Server.

It is quite understood that there are different variants and forms of businesses; hence there will be diverse taxpaying requirements. Thus it is the GSP who will come to rescue to provide custom solutions for different kinds of businesses and enterprises.

The flowchart pasted above will help to understand the process in an ideal situation, on how the GSP functions in the system.


Know more about Spice GSP at https://spicegsp.com//

For enquiry, mail us at pr@spicedigital.in


Introducing AdGyde: Real-time Mobile App Analytics Solution


AdGyde is finally here. The product has been developed by Spice Digital along with MoMagic Technologies, with a global vision and backing of large mobile internet and technology players.

So what is AdGyde and how does it operate?

AdGyde is a unique product that provides real-time mobile app analytics and attribution. The product is created for app developers and marketers to make the best of their efforts via analytics and insights. AdGyde reigns on two aspects of app analytics:

1. Optimization of user experience:

Once the app is published in the playstore, a single integration of AdGyde will help you get the best of all updates. It starts right with the installation data that AdGyde tells you about the share of organic and inorganic app installs. It tracks conversations and user experience to help optimization of the app, be it the in-app purchases, events and more. What it essentially does is helps to decipher what the user data is pointing at. There can be system bugs which may not have been reported, yet they were somehow standing in the way of providing better user experience.

2. Better monetization of campaigns:

The best part of the product is that it can track campaigns across all ad networks. It creates an integrated dashboard, so that monitoring, comparing, and decision making can be quick. That fact that all data is real-time also adds up to the fact that mobile user market is light-years faster than any other medium; hence campaign decisions needs to be made in a jiffy. It supports CPI, CPC, CPA models for Ad marketers. If the app provides products, AdGyde will show you the acquisition channels, location, media source and performance in order to understand customer behavior, segregating repeat buyers from one time buyers, identifying the influencers from the detractors in terms of referral and other media sources. App marketer can input cost value, put an in-app purchase event on purchase screen and create a deep link to that screen. User clicks on tracking link to make that purchase and captures the revenue details against it. App marketers can track the performance of every Ad unit is broken down by clicks, installs, and revenue on the AdGyde dashboard.

All reports can be downloaded for further number crunching if required. AdGyde’s dashboard operatives are simple and have been created to be the one stop solution for app marketers and developers.

If you want to know more about AdGyde, drop in your queries at pr@spicedigital.in



Blockchain – A new revolution in the Technology World

Blockchain revolution

Technology is changing every walk of life including business, financial transactions and the entire World. For instance – innovation of the Internet protocol suite (TCP/IP) has standardized the networking protocol and at the same time it revolutionized the voice and data communication. Hyper text transfer protocol (HTTP) became the most common language between clients and servers.  And now, is the turn of  ‘Blockchain’ protocol, a new entrant in the technology block. Blockchain would rewrite the way transactions happen and revolutionize the world of economy.  While TCP/IP is a communication protocol, Blockchain is a value exchange protocol.

What is Blockchain?

Blockchain is chain of digital signatures and just another kind of database for recording transactions – one that is copied to all the computers in a participating network. Data is stored in fixed structures called the “blocks”.

Features of Blockchain

  • Transactions are grouped into blocks – called the block chain
  • Transactions are grouped based on time
  • Each block points to the previous block (single parent)
  • Keeps the entire transactions secure
  • Each block contains new confirmed transactions
  • Old transactions or old blocks are never removed like Bitcoin Blockchain contains all transactions since Jan 3, 2009.
  • Blocks – can be created by anyone

Now, let’s understand Blockchain in very simple terms.

Scenario 1: I have a pen and I give this pen to you. The transaction happened does not require any 3rd person verification. I can’t give this pen to someone now, as I have already given it to you and you have the full control of it.

Scenario 2: Now, let’s think that instead of pen, I have a digital pen (say pen image) and I share it with you electronically. Digital exchange is slightly complicated because – Is there any way that you can find out that I have not created copies of it or have not shared it with anyone else but you – perhaps NO. This is technically called double-spending problem.

Now, let’s see how Blockchain addresses this problem – Blockchain creates a distributed ledger. All digital or electronic exchanges go into this ledger and are tracked and someone will be an incharge of the same. If that ledger is only with you and me, I can still cheat. However if the ledger copy is with everyone and all transactions are recorded, there is no chance of my duping you. It is not controlled by one person, so no one can cheat. Rules of the system are defined in the beginning in the blockchain code.

Here, also trust could be broken and colluders could rewrite historical records or create local records regardless of other parties’ interests and protests. Other parties may not even detect that colluders altered the historical record.  There are many mechanisms to address this problem as well, one is called proof of stake or proof of work. We will take this topic in our next blog on the same subject.

Irrespective of the type of blockchain, all have the following attributes

  • Decentralized and digitally distributed across computers in almost real time
  • Uses many participants to reach consensus
  • Uses cryptography and digital signatures to prove identity
  • Blockchain has mechanisms to make historical records editing hard
  • All transactions are time-stamped
  • Blockchain is programmable

Types of Blockchain

  • Public Blockchain
    • Permission-less
    • Anyone can read from or write data to the ledger if appropriate software is being used.
    • Parties to transaction can be anonymous
    • Typically requires additional mechanisms to arbitrate disputes among participants and protect integrity of the data
    • Secured by cryptoeconomics
    • Added complexity
    • Fully centralized
    • Public blockchains are open, and therefore are likely to be used by very many entities and gain some network effects

e.g. bitcoin

  • Private Blockchain:
    • Permission-less
    • Permissioned or trust based
    • Participants are known, trusted and have permission to update the ledger
    • Read permissions can be public or restricted
    • Transactions are cheaper due to lesser validating nodes
    • Nodes are trusted to be well connected and faults can be quickly corrected
  • Consortium Blockchain
    • Permissioned or permission-less
    • Consensus process is controlled by pre-selected set of nodes
    • Partially decentralized
    • Hybrid between low-trust provided by public block-chains and single highly trusted entity model of private block chains

It is difficult to monitor asset ownership and transfers in a trusted  business network – this is inefficient, expensive and vulnerable. However blockchain provides a solution by providing a shared, permissioned and replicated ledger which provides consensus, proves the transaction is immutable and is final


  1. Currently this technology can process 4-7 transactions per sec. whereas current digital transactions happen 10K X times more
  2. Fragmentation
  3. Regulations are under scrutiny

Seeing the value of Blockchain, deputy governor of RBI, HR Khan announced that central bank may soon setup a committee to study the use of ‘Blockchain’ technology to reduce the use of paper currency. This statement came on 24th June 2016. RBI, IDRBT (Institute for Development and Research in Banking Technology) and people from industry would work on this. Similar statement came from Rama Gandhi, Deputy governor on 19th July, in 12th IDRBT awards in Hyderabad.

Though Blockchain is a new, non-conforming disrupter, government is quite open and willing to explore this, as it has got a tremendous potential.

UMANG – A Master App for 200+ eGov Services


Aiming to target the Digital India dream, the government is coming up with a unified mobile platform and application – Unified Mobile Application for New age Governance (UMANG ). UMANG will enable access to e-Gov services to all the citizens of India. It will be a master app with integrated services such as national scholarship, CBSE/State Education Boards, passport services, income tax, women safety, e-Post, land records, DigiLocker and many more offered by Centre, states and even from local bodies & their agencies.

What is UMANG?

UMANG is an acronym for Unified Mobile Application for New Age Governance and will be developed by the Union Ministry of Electronics and Information Technology’s  (MeitY)   National E-governance Division (NeGD). The app will integrate 200+ government services which would be available on an app, an SMS service and IVR.

Why do we need  UMANG ?

Presently there are plethora of apps by various government departments for citizens to access e-Government services. Different apps for different e-Gov services lead to confusion, resulting in the lesser usage of apps.

UMANG, a revolutionary app will address the above issue along with making the entire gamut of e-Gov services available under one roof.

  • UMANG will add convenience offering single unified platform.
  • UMANG will be easy to use and will be available in multiple languages.
  • Citizens of India would be able to find all government services at a go.

How will UMANG work?

User has to download just a single app to access all the e-Gov services integrated on it. The app will store the personal details, preferences of the citizen eliminating the need to re-enter the details every time. UMANG will also include documents such as Aadhaar Card and DigiLocker. The app will be available in 13 languages over smartphone and internet.

Features of UMANG

  • One App, URL, SMS Code and IVR (Toll Free) Number
  • A robust cloud based platform at the back-end
  • No duplication of efforts => Efficiency, Lower Cost
  • Convergence of efforts
  • Unified Access
  • Multilingual Access and Support


Umang-Master of all apps


Spice Digital and UMANG

Spice Digital has always been at the forefront in bridging the digital divide in the country. We are now a proud partner agency for design, development and delivery of UMANG project. Our skilled technology team is developing UMANG Platform and with extensive experience in app development, we are also facilitating the integration of department APIs & providing maintenance and development support.

Aadhaar Enabled Mini ATMs – A New Age Banking Solution

Cash Withdrawal - Spice Money Mini ATM

India is witnessing a Fintech revolution owing to technological advancements and various Government initiatives. One of the most talked about initiatives is Pradhan Mantri Jan Dhan Yojana which aims to ensure access to various financial services — savings bank accounts, availability of need based credit, remittances facility, insurance and pension to low income groups across India. However, the last-mile of cash-disbursal remains a challenge even today with only 2,25,000 ATMs for all banks against the population of about 1.2 billion.

Cash Withdrawal using ATM  – A challenge to unravel

Though the number of ATM per million population is increasing i.e. from 105 in 2012 to about 300 in 2017, yet ATM market is underpenetrated in India. The country has approximately 120 ATMs per million people.

ATM Market Comparison

  • US has about 1,500 ATMs per million people
  • China has about 350 ATMs per million
  • India has only 120 ATMs per million people

Also, the cost of operating and maintaining a conventional ATM is higher and includes factors such as 24*7 power availability and security. These factors make ATM an unviable option to scale up cash out facility in semi urban/ rural areas.

New Age Banking Solution – Spice Digital launches Aadhaar enabled Mini-ATMs

With continuous efforts to bridge the divide between the served and the underserved, Spice Digital has launched Aadhaar enabled Mini-ATMs and will be shortly offering the services to customers at Spice Money retail counters. We have been authorized by the National Payments Corporation of India (NPCI) to offer Aadhaar Enabled Payment System (AEPS) services.

This service shall bring rural masses and low income groups at par with their urban counterparts. Technology and Aadhaar would play an imperative role in bridging the digital divide in India by extending banking services to all including low income groups.

A user can visit any Spice Money retail outlet near to their home or work to withdraw cash by providing the following details –

  1. Issuer Identification Number (IIN)– It is a unique, six digit number issued by NPCI to bank. Previously known as BIN or Bank identification number, IIN identifies the bank to which the customer has mapped his/her Aadhaar number.
  2. Aadhaar Number
  3. Fingerprint captured during their enrollment
  4. Amount to be withdrawn

With mini-ATMs withdrawing cash is now easy, secure and convenient. Read our blog – AEPS – Leading a Way to New Age Banking to know more about Aadhaar enabled payments.

Interested to join our team! Visit our page – b2b.spicesafar.com

Sound Based Payments – The way to go forward

what is sound based payment technology

The magical combination of increasingly connected world, technological innovations and expanding mobile phone market is greatly transforming Fintech industry. India currently is witnessing a transition from a traditional cash driven to cashless economy. Amid this revolution, Finetch firms are embracing technology and leveraging growth of mobile owners to make payments much easier and secure for the end users.  Latest ship at the dockyard of technology is “Sound based Payments”. This radical technology is definitely a game changer enabling payments without Internet connectivity.

While our devices are ever more connected, but still poor connectivity while using Internet is a big hurdle for making payments. In such a case, data is transferred using peer-to-peer connectivity like Bluetooth, Wi-Fi Direct, or Near-field communication (NFC). But again, these solutions have specific requirements of hardware and APIs which may not be available in all the devices. However, every device comes with a microphone and a speaker. So here comes an alternative, i.e. data transmission using sound waves.

Thus, use of sound based transmission in the form of “Sound Based Payment” is going to benefit the Fintech industry the most. Such payments work independently of Internet connectivity or communication tool such as NFC to enable payment. User can offer payment from smartphones, feature phones, card swipe machines and point-of-sale devices with the use of sound.

Benefits of sound based payment

Working of Sound Based Payments              

Sound based payments can be made by anyone having a bank account and a mobile phone. Using a unique ultra high frequency encrypted sound-based technology will enable you to pay directly from any of your bank accounts or credit/debit cards to the merchant account offline.

In the process of Sound wave technology, data is encoded into sound waves with the help of an algorithm which can then be transmitted to make offline payments. To make this happen, algorithm has to be integrated in the buyer’s mobile phone as well as the merchant’s phone or card readers.

  1. Merchant enter payment detail like bill amount on his device
  2. Numbers are converted to analog format with using the Algorithm
  3. Encrypted analoged data is transmitted to buyer’s phone as a sound signal
  4. Buyer’s phone is placed near merchant’s device to receive signals
  5. Buyer’s phone receivess data and decrypts the received data.
  6. Payment can then be made using debit card / credit card / digital wallet.

Working Prototype:

Using this technology we have built a prototype. This prototype has an input field where you can type the text you want to send. When you press the “Send” button, the data is continuously broadcasted alternatively with the Barker code. When another user is close enough to pick up the signal he can press the “Receive” button to get the data on his phone.  If the decoding failed (probably due to the surrounding relatively strong interference), it continues to monitor a sound wave transmission, continue decoding.

It is the magical new way to share your stuff – using sound. We can easily transfer any data and it would just require one action from the sender (starting to broadcast) and one action for the receiver (starting listening to all broadcasts).

AEPS – Leading a Way to New Age Banking

Aadhaar Enabled Payment System

What is 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).

AEPS functions through the National Financial Switch of NPCI, which is also used for routing interbank ATM transactions and Interbank Mobile Payment Service (IMPS).

Aadhaar – a key enabler as a part of JAM (Jan Dhan Yojana, Aadhaar and Mobile) plays a key role in AEPS.

What does a customer need for doing transactions under AEPS?

The inputs required by the customer to do a transaction under this scenario are:-
1.  Issuer Identification Number (IIN) – It is a unique, six digit number issued by NPCI to bank. Previously known as BIN or Bank identification number, IIN identifies the bank to which the customer has mapped his/her Aadhaar number.
2. Aadhaar Number
3. Fingerprint captured during their enrollment


What are the key objectives of Aadhaar Enabled Payment System?

Key objectives of AEPS, as per GoI and RBI are

  1. Empowering the customer to use basic banking functionalities such as balance enquiry, cash withdrawals, cash deposits and Aadhaar to Aadhaar funds transfer, remittances across banks (both intrabank and interbank) using his/her single identity i.e. Aadhaar.
  2. Enhancing financial inclusion
  3. Facilitating the disbursements of various schemes like NREGA, MGNREGA
  4. Digitization of retail payments and thus assisting in financial policy making
  5. Interoperable, safe, convenient, secure service offering full range Aadhaar based banking solutions.
  6. NPCI to act as a central switching and clearing house for Aadhaar initiated banking transactions

What are the Pre-requisites for using AEPS?

  1. A resident of India holding an Aadhaar number and having a bank account may become a part of the Aadhaar Enabled Payment System.
  2. Customer needs to have a bank account linked to his/ her Aadhaar number with bank offering AEPS services
  3. In case of multiple accounts linked with Aadhaar, only primary account will receive all the AEPS transactions
  4. There is no separate registration or enrollment required for AEPS if bank account is linked to Aadhaar number. However, if the bank account number had not been linked to Aadhaar at the time of Aadhaar enrollment then customer has to approach his/her bank for linking bank account with Aadhaar number.
  5. Beneficiary customer should also have an Aadhaar (UID) number linked with any bank, with which they maintain an account (bank should be a part of AEPS network) and in which he intends to receive the credit.
  6. AEPS transactions can be initiated during the business hours of the respective BC centre of the sponsored bank.
  7. Minimum balance for AEPS transaction is decided by the respective bank where customer has the Aadhaar linked bank account number

How does the safety and security of AEPS transactions ensured?

AEPS is a safe and convenient channel enabling micropayments. Every terminal (MicroATM) has the encryption as per UIDAI norms & in case of any deviation, transaction will get rejected with an error code as “invalid encryption” on the terminal.

AEPS only supports real time online biometric verification using the Aadhaar number. The fingerprints/biometrics submitted during the enrolment of the individual need to match at the UIDAI server end to make any transaction successful.

How can customer check if his Aadhaar linked bank supports AEPS?

Customer can check the details on www.npci.org

Internet of Things (IoT) – A Next Big Thing

Internet of Things

With high-speed development in technology and devices, ways to communicate, doing business or completing any other routine task has evolved drastically over the last few decades.  Progression in technology has also paved the way of doing task more competently, with lesser efforts and in a time bound manner than ever before. With various technologies emerging in recent years, IoT is one of the most sought after space for organizations who wants to stay ahead, relevant and grow in the coming future. According to Gartner Inc. (a technology research and advisory corporation), there will be nearly 20.8 billion devices on the Internet of Things by 2020. Internet of Things (IoT) will connect the world around us and change the way we would communicate in the future.

Understanding Internet of Things

All devices like smart phones, tablets, PCs etc can be connected to Internet to share information and to make our life easier. A new generation set of smart devices have built-in communication capabilities. For example your air conditioner can be smart enough to record its energy usage patterns and send it to the cloud and then based on this available data it can adapt to your habits to save more energy. Now here the data is being sent without any human intervention and it is called device to device or machine to machine (M2M) communication.

Another live example of IoT is fitness band – You wear the fitness band on your wrist and it records your heart rate, sleep patterns, distance you covered on your foot and other health parameters. The recorded data can then be seen through an application on your mobile phone. The same data is also sent to the cloud for analytical purposes.

IoT has really unlocked new areas for numerous industries. As the Internet was first thought to be a kind of information sharing platform for researchers and then, as it evolved over the time, it became part of life.  IoT is still in its infancy stage but it’s already opening up new avenues.

Interesting facts about IoT

Following are some statistics as per studies and predictions (Source Gartner Reports)




Internet of Things is going to impact our lives in ways we haven’t yet imagined but there going to be some challenges. Few among these are

IoT challenges


Spice Digital Limited continuously strives to venture into the emerging technologies. We have already taken steps towards Internet of Things and tied up with various startups and OEMs to provide smart solutions in the field of Smart Parking, Smart Offices, Smart Homes, Smart Agriculture, Smart Energy Management and Smart Retail.

Spice Digital Limited is also providing smart IoT solutions to Government of India, various state governments, Indian Railways and other Enterprise customers in India and abroad.