Spice Money rolls out AePS cash deposits to third-party bank accounts
Spice Money has launched NPCI’s three-party AePS cash-deposit service, allowing customers to deposit cash into a registered beneficiary’s Aadhaar-linked bank account through authorised agents. The rollout extends assisted remittance access across its 16 lakh-plus Adhikari network, particularly in rural and underserved markets.
What happened
Spice Money rolled out NPCI’s three-party AePS cash-deposit service, letting customers deposit cash into a registered beneficiary’s Aadhaar-linked bank account
Key facts
- 16 lakh+ Adhikari network
What changed
Spice Money rolled out NPCI’s three-party AePS cash-deposit service, letting customers deposit cash into a registered beneficiary’s Aadhaar-linked bank account through authorised agents, expanding assisted remittance access in rural and underserved Indian markets.
Why this matters
Spice Money’s three-party AePS cash deposits give its 16 lakh-plus agent network a higher-utility assisted remittance service for rural customers sending cash to beneficiaries’ bank accounts.
What to watch
- NPCI transaction-volume data and bank participation for three-party AePS deposits.
- Spice Money disclosures on active agents, deposit transactions, repeat usage and agent commissions.
- Competing launches by PayNearby, Fino, Paytm, India Post Payments Bank and business-correspondent networks.
- RBI, NPCI or sponsor-bank changes to AePS limits, KYC, authentication or fraud-liability rules.
- Reported fraud rates, cash-management issues, failed transactions and beneficiary-account disputes.