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Spice Digital launches mobile wallet service


Spice Digital Limited, has launched SpiceMudra, a prepaid payment wallet focusing on domestic remittances, enterprise payments. The company has recently received an authorization from DPSS, 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. SpiceMudrawallet shall also be redeemable at several merchant locations, establishments and e-commerce websites across the country.

In line with the Indian Government’s vision of a less cash economy, Spice Digital will focus on the large and untapped domestic remittance market providing a safe and convenient mode of money transfer to the increasing migrant population. The company has appointed over 3000 retail partners for facilitating domestic money transfersacross 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.

Speaking on the launch of the service, Mr. Saket Agarwal, Global CEO, SpiceDigital 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 SpiceMudrato 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 unparalleled and wide merchant network,we can provide remarkable solutions to customers and thereby contribute towards the digital economy vision of the Government of India.”

The company also plans to tie up with various state Government authorities and cooperative/ regional banksto bring easier and smoother 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, parking’s, hospitality, healthcare, education and other service providers to provide hassle-free and seamless payments.

With Government of India’s key focus on Smart City Projects, Spice Digital is confident that SpiceMudra can be a key enabler for digitizing payments across these smart cities. Spice Digital has a rich experience as a System Integrator with key partnerships across telcos and OEM’s like IBM, SAP etc. Leveraging on this strong expertise, SpiceMudra will enable Spice Digital to focus on developing customizable enterprise wallets facilitating convenient, paperless remittances and reward programs for employees. This could serve as a safe and convenient platform to transfer money to employees for various employee bills, travel and food reimbursements and discount coupons amongst others.

Commenting on the launch Shri A P Hota, MD & 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 toa larger section of the Indian population. This service will cater to the aspirational needs of a much larger section of our country.We wish them all success in their endeavor.”

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