Aeps (Aadhaar Enabled Payment System)
It stands for Aadhaar enable payment services and with this service a person is capable of sending the money to whomever he or she want to, just with the Aadhaar number and UIDAI authentication. It has been made by National Payments Corporation of India (NPCI) and approved by Reserve bank of India (RBI).
Spice money has the authority to work on this basis by the approval of National Payment Corporation of India.
Services available under AEPS
Cash withdrawal : At any hour, you can go to one of the spice money retail centers to get the cash you need. They are available at all hours. The things you will need are your Aadhaar number, bank name and fingers. Hence, it works as a mini ATM.
Balance inquiry : Another thing that you can do in these spice money stores is get the balance receipt with the same information.
Cash deposit : The cash deposit services can also be availed in these stores with the help of the same three things mentioned above.
This service ensures that you are able to get all the required information with ease. The convenience of it makes it extremely useful for all the people. Also, it happens to be very secure.