Spice Digital Limited has unveiled SpiceMudra, a prepaid wallet that will facilitate domestic remittances and utility payments like bill payments, recharges and ticketing services. It can also be used at merchant locations and e-commerce websites across the country.
There are around 3000 retail partners for the company for facilitating domestic money transfer. Customers can deposit cash at these outlets, which will then be remitted to their family or friend’s bank accounts instantly.
“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. SpiceMudra intends to cater these unserved population,” said Mr. Saket Agarwal, Global CEO, Spice Digital.
“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,” he added.
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 to a 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.”