~ Targets to reach transactional value worth Rs.600 croreby June’16~
Hyderabad, December 29: SpiceMudra, a prepaid payment wallet developed by Spice Digital – subsidiary of SpiceConnect, has recorded transactions worth Rs. 200 Crore in a span of only 3 months. The wallet service with a strong focus on domestic remittances and enterprise payments has recorded transactions worth Rs.50 Crore in the month of October 2015.
The company received the wallet authorization from RBI for issuance and operations of semi-closed prepaid payments instrument in April 2015 this year and successfully expanded its reach across India. Positioned as a mobile wallet for the underserved Bharat, SpiceMudra 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.
In October, the company registered over 1.28 Lakh transactions with an average transactional value of over Rs.3,300 through its network of more than 4,000 retail partners. The transactional split was spread across various geographies such as Punjab, Haryana, Gujarat, Karnataka, Uttar Pradesh, Bihar, Madhya Pradesh amongst others. A major share of the remittance, roughly over 47% was registered from the Delhi-NCR region followed by Maharashtra and Rajasthan with 19% and 18% respectively. Spice Mudra will also offer enterprise payments that can enable enterprises to digitize disbursements into bank accounts in real-time via IMPS transfers.
On reaching this milestone, Mr. Saket Agarwal, Global CEO, Spice Digital said, “Wehave received excellent response from the market for our mobile wallet SpiceMudra and aim to cross Rs. 600 croresin transactional value and expand our network to reach over20,000 retail partnersby June 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.”
SpiceMudra leverages the best of industry technology infrastructure, powered by a platform designed and developed by Spice Digital’s own R&D division using the latest J2EE technologythat offers users a swift response, enabling a transaction to be completed within just 25 seconds. For safer transactions, the SpiceMudra 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 that provides tech support structure with the best ITIL practices powered by Spice Network operations center.
Spice Digital has also launched an android app for Spice Mudra for B2B Retailers, offering them holistic economic mobility and 24×7 reach and thereby enabling them to tap the huge opportunity for domestic money transfers in semi-urban and rural areas from a convenient location and time.
About Spice Digital
Spice Digital Ltd (erstwhile Cellebrum Technologies) was founded in the year 2000 and is part of the Noida based Spice Connect Group. Spice Digital is engaged actively in the field of VAS, Enterprise, Technology Solutions, Mobile Advertising and Retail. With its presence in over 30 countries, Spice Digital has its headquarters in Noida, India. It has partnered with leading telecom operators in India and more than 40 telecom operators globally for mobile VAS solutions. Spice Digital also has exclusive tie ups with Government organizations and Enterprises to provide mobile solutions. In its retail channel, it has a footprint of over 8000 retail touch points offering various services such as ticketing, shopping and money transfers to end customers.