NEW DELHI: Spice Digital, a subsidiary of Spice Connect, has launched SpiceMudra, a prepaid payment wallet focusing on domestic remittances and enterprise payments.
The company has recently received an authorization from apex bank RBI for issuance and operations of semi-closed prepaid payments instrument. SpiceMudra will facilitate domestic money transfers and all kinds of utility services payments like bill payments, recharge and ticketing services.
SpiceMudra wallet shall also be redeemable at several merchant locations, establishments and e-commerce websites across the country.
Spice Digital will focus on the domestic remittance market providing a mode of money transfer to the increasing migrant population. The company has appointed over 3,000 retail partners for facilitating domestic money transfers across the country. Customers can deposit cash at any of these outlets, which will then be remitted to their family or friend’s bank accounts instantly.
Saket Agarwal, Global CEO, Spice Digital, said, “With an increasing mobile penetration, mobile payments have become a strong alternative channel for safe and convenient money transfers. Even though mobile wallet usage is growing rapidly in metros and Tier I cities, there is a huge untapped opportunity for domestic money transfers in semi-urban and rural areas. We have launched SpiceMudra to cater to this large unserved population by offering them a convenient and safe mode of domestic money transfer.”
“We will also focus on collaborating with state governments and private enterprises for paperless money transfers and reimbursements. We are confident that through our wide merchant network, we can provide remarkable solutions to customers and thereby contribute towards the digital economy vision of the Government of India,” Agarwal added.
The company also plans to tie up with various state Government authorities and cooperative/ regional banks to bring Government to Customer/Customer to Government, retail and other online payment solutions. SpiceMudra shall also partner with various online and offline merchants across e-commerce, movie ticketing, travel including Indian Railways, Delhi Metro, State Bus transports, toll payments, parkings, hospitality, healthcare, education and other service providers.
A P Hota, MD and CEO, NPCI (National Payments Corporation of India), said, “We are delighted to certify Spice Digital as part of IMPS ecosystem. With this advancement, users of SpiceMudra would be able to send money to all bank accounts which are part of IMPS and hence will boost digital revolution by reaching out to a larger section of the Indian population.”