October 4, 2022

Spice Cash, the home remittance service from Spice Digital, is now processing funds by the Aadhaar Enabled Fee System (AEPS), in line with a report by Medianama.

The transfer follows Spice Digital’s announcement in October that it has been approved by the Nationwide Funds Company of India (NPCI) to supply AEPS providers.

The AEPS permits digital funds utilizing the nationwide Aadhaar quantity and biometric authentication. Customers can carry out monetary transactions on a micro-ATM offered by a financial institution.

On the time, Spice Digital mentioned it might deploy Aadhaar-enabled mini ATMs at Spice Cash retail counters.

Spice Digital additionally gives a pockets licence from the Reserve Financial institution of India and launched a service in September 2015 referred to as Spice Mudra, which gives home remittances.

The corporate’s 3,000 stores will assist with the remittances utilizing the pockets. Spice Digital additionally plans to increase to different providers together with invoice funds, cell recharges and ticket reserving.

Saket Agarwal, CEO of Spice Join, mentioned the corporate was seeing a median ticket dimension of Rs 3,500 (US$51.42) per particular person and remittances of Rs 1 crore (US$146,907) in a day.

Along with Spice Cash providing AEPS providers, funds firm Oxigen has additionally been approved by the NPCI to course of funds by the AEPS.

Oxigen has been commissioned by the ministry of petroleum and pure gasoline to put in 5,000 micro ATMs throughout gasoline stations on highways near rural areas, which is able to permit withdrawals, money deposits, stability enquiries and cash transfers to Aadhaar-linked financial institution accounts.

Launched in November, Oxigen mentioned the micro ATMs have been deployed at over 1,000 rural areas together with within the provinces of Bihar, Jharkhand and Orissa.

Article Subjects

Aadhaar  |  biometrics  |  India  |  Oxigen  |  funds  |  Spice Digital  |  Spice Cash

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