M-wallet Spice Mudra records 600 crore transactions in six months, introduces insurance

The prepaid wallet service Spice Mudra has completed transactions worth Rs.600 Crores in six months. The service that launched in October 2015 has extended its presence in 16 states from the existing eight. Its retail partners have also increased from 4,000 to 10,000.

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Commenting on the new milestone, Mr. Saket Agarwal, Global CEO, Spice Digital said, “We initially aimed to cross Rs.600 crore by June 2016 but having completed transaction worth Rs.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,” he added.

As a promotional offer, Spice Digital Limited is introducing loyalty program for Spice Mudra customers. Under the program, the company provides Rs.1 Lac accidental death & disability insurance cover for every month of usage for the customers. This program will be launched this month and will be activated from the next calendar month of usage. The policy will be activated through mobile registration process, similar to the registration of transferring money remittances. In a recent research conducted by Spice Digital, the company learned that the Accidental Risk cover is one of the most ignored but often needful insurance component for this segment.

Spice Mudra facilitates domestic money transfers and all kinds of utility services payments like bill payments, recharge and railway ticketing services. The transactions through Spice Mudra completes within 25 seconds, as it’s powered by a platform designed and developed by Spice Digital’s own R&D division using the latest J2EE technology.

To make the transactions secure, Spice Mudra wallet has an in-house enterprise messaging gateway for OTP and alert deliveries as per specified banking standards and automated workflow approval process for digitized KYC documents. The wallet also offers dedicated customer service and a 24×7 customer grievance cell.

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