Spice Mudra, a prepaid payment wallet developed by Spice Digital – subsidiary of SpiceConnect, witnessed transactions worth Rs.600 Crores in only 6 months, since its launch in October, 2015. Spice Mudra has extended its presence in 16 states from existing 8, with retail partners increased from 4,000 to 10,000.
The remittance service had earlier registered Rs.200 crores in 100 days. The wallet service with a strong focus on domestic remittances and enterprise payments has recorded transactions worth Rs.400 crores in the last 90 days.
Spice Digital has launched NPCI approved ‘Spice Mudra Retailers App’ for retail partners, to help ease of doing business without the need of computer, 24×7. Many retailers were unable to transact after closing the shop and on weekends, Mobile app is coming handy and allowing them to carry on business even when not at shop. The Company has seen significant traction already with 10% of the total daily transactions though its retailers app.
On reaching this milestone, Mr. Saket Agarwal, Global CEO, Spice Digital said, “We initially aimed to cross ₹600 crore by June, 2016 but having completed transaction worth ₹600 crore in mere 190 days stands testimony to excellent response from the market for our mobile wallet Spice Mudra. Spice Digital aim to expand network to reach over 20,000 retail partners by Sep 2016. Spice Digital is committed to serving the underserved rural population in the country and we are confident that through our wide merchant network, we can provide remarkable solutions to customers and contribute towards the digital economy vision of the Government of India.”
Spice Digital Limited is rolling out innovative loyalty program for Spice Mudra customers. Under the same, they also plan to cover all KYC customers for Rs.1 Lac accidental death & disability insurance cover for every month of usage. The rollout would happen from first week of April 2016. The unique policy shall cover unforeseen accidental death and disability from the next calendar month of usage. The policy will be activated through mobile registration process, similar to the registration of transferring money remittances. It has chosen to provide this cover basis an internal study which has showcased that the Accidental Risk cover is one of the most ignored but often needful insurance component for this segment.
The company received the wallet authorization from RBI for issuance and operations of semi-closed prepaid payments instrument in April, 2015 and successfully expanded its reach across India. Positioned as a mobile wallet for the underserved Bharat, Spice Mudra facilitates domestic money transfers and all kinds of utility services payments like bill payments, recharge and railway ticketing services. In line with the Indian Government’s vision of a less cash economy, the service focuses on the large and untapped domestic remittance market providing a safe and convenient mode of money transfer to the increasing migrant population in the cities.