Tech-enabled Hyper Local Payments Network Spice Money has recently carried out 12 million transactions within the month of April and the transactions have generated a massive Gross Transactional Value of Rs 2400 crore, the company said in a statement here on Thursday.
A business unit of Spice Digital, Spice Money has introduced new product offerings and enriched existing ones to further its goal of extending digitized transactional benefits to a large section of people who have little access to conventional financial facilities.
Spice Money, in addition to its Aadhaar Based payment system, has added a Mini-ATM feature that enables users to carry out debit-card based transactions.
It helps to circumvent a few problems which might crop up during Aadhaar based transactions, such as bio-metric mismatch, data error etc.
“The April figures underline the strong growth trajectory Spice Money has achieved over a considerable period of time. We have strived to diversify our services framework significantly, and have already acquired licenses such as Prepaid Instruments License and Bharat Bill Payment System license. We hope to expand our footprint even deeper in India and serve as the bridge between the served and the un-served, providing financial services to every individual with limited accessibility,” said Spice Money Chairman Dilip Modi in a statement.
“The move is expected to serve the elder population significantly, who often complain of hassles during fingerprint based Aadhaar transactions, which might change due to age. Additionally, Debit-card based transactions allow for a higher withdrawal limit, thereby enhancing the scope of the transactions that can be completed,” it said.
“The platform has enabled next door Kirana stores to function as ‘Mini-Banks’, and users can also realize transactions ranging from utility bill payments, domestic remittances, travel-related transactions, Cash Deposit, Cash Withdrawal, Air Time Recharge, POS Services, Railway Ticketing Services etc. through Spice Money’s authorised agents,” it stated.
