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FinTech also known as Financial Technology, a term introduced for the Innovation in the field of Finance with help of Technology. Financial Services are now being made more accessible to the public through smartphones which have increased “Ease of Doing Business” by improving Profitability and Performance resulting in providing Opportunity to Millions.

Jan Dhan–Aadhaar-Mobile abbreviated as JAM was a major initiative by Indian Government to improve Financial Inclusion upon which IndiaStack is based. Moreover, according to the report published by NASSCOM there are approximately 400 companies in Fintech space alone in India, some of which are Spicemoney, Paytm, etc.

Evolution of IndiaStack and its Layers

IndiaStack – technology for 1.2 Billion Indians is a “Unified Software Platform” which is based on Jan Dhan-Aadhaar-Mobile (JAM). “It consists of APIs that allows Governments, Businesses, Startups and Developers to utilize a Unique Digital Infrastructure to solve India’s hard problems towards Presence-less, Paperless, and Cashless service delivery” through which the Digital gap between India and Bharat can be bridged. Image result for aadhaar statistics indiastack

Before moving to the layers, let’s first have a look at its origin:

Origin of IndiaStack

  1. In 2009, to issue Unique Identification Number (Aadhaar) to every Citizen of country UIDAI (Unique Identification Authority of India) was created by Government.
  2. Next year, Aadhaar Authentication API was launched by UIDAI even before the first aadhaar was issued.
  3. Leaving a gap of one year, “National Payment Corporation of India launched Aadhaar Payments Bridge & Aadhar Enabled Payments System which uses Aadhaar number as a central key for electronically channelizing the Government benefits and subsidies”.
  4. eKYC (electronic Know Your Customer) was launched by Unique Identification Authority of India in 2012 which allowed “Businesses to perform Know Your Customer verification process digitally using biometric or mobile OTP”.
  5. On 15 August 2014, Government of India launched Pradhan Mantri Jan Dhan Yojana (PMJDY) which is a Financial Inclusion scheme applicable for individuals who have age between 18 to 65 years. Under this Program, 100 Million bank accounts were opened that year and till this time 600 million aadhaars were issued by UIDAI.
  6. Next year, an open API was launched to facilitate an Aadhaar holder to Digitally sign a document by Controller of Certifying Authority which was named as eSign and in that year only DigiLocker was introduced by MeitY which was a “platform for issuance and verification of documents & certificates in a digital way, thus eliminating the use of physical documents” and by the end of this year, the number of bank accounts opened were observed to be double as compared to the previous year and an addition of 350M was noticed in the figure of issued Aadhaar. 
  7. In 2016, an Advanced Payment system was launched by NPCI which was known as Unified Payments Interface (UPI), and in this same year, number of Aadhaar issued reached 1Billion while 250 Million Banks accounts were opened under Jan Dhan Yogna so far.

Insight into IndiaStack Layers

IndiaStack consists of the following 4 Layers:

IndiStack Four Layers

 IndiaStack Layers

Spicemoney and IndiaStack

Spicemoney with its vision to create technology-enabled financially integrated prosperous Bharat. Spicemoney’s India Stack vision is to provide a credible and dynamic platform, within reach of the population of India and Bharat to achieve Financial Integration with ease, as frictionless and as effective as possible, utilizing modern technology, government financial and payment initiatives and cashless services.

Spicemoney rejoices in its reputation of the leading entity in pre-paid instrument business. With our very well maintained deep-rooted presence in tier-2 and 3 areas which give us leverage to contribute towards the India Stack vision with high impact. 

Spicemoney provides various services leveraging IndiaStack/ JAM. With eKYC clamp down, only 2 layers on INDIASTACK are functional for the majority of FinTech space.

In place of eKYC, physical / offline Aadhaar (considering all necessary compliances) is used keeping JAM framework intact. You can know more about the above services by following our blog links:




For becoming Spicemoney agent

Contact us at +91 120 3986786, +91 120 5077786
or write to us at

Or download Spicemoney merchant app from Google playstore, install and click JOIN US or Open and click JOIN US

Post Author: Himanshu Gupta

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