Spice Money eyes 20K retail partners by September, starts insurance

NEW DELHI: Mobile wallet Spice Money, developed by "Spice Digital", today said it plans to double partners accepting transactions from the platform to 20,000 by September and provide free accidental from April to registered customers.

Spice Digital aims to expand network to reach over 20,000 retail partners by September 2016. Spice Digital is committed to serving the underserved rural population in the country," Spice Digital Global CEO Saket Agarwal said in a statement.

Spice Money is present in 16 states and has 10,000 retail partners.

Further, Spice Digital is rolling out loyalty program for Spice Money customers under which it plans to cover all KYC ( Know Your Customers) customers for Rs 1 Lakh accidental death and disability insurance cover for every month of usage.

"The rollout would happen from the first week of April. 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," the statement said.

Spice Money has witnessed transactions worth Rs 600 crore in only six months, since its launch in October.

"We initially aimed to cross Rs 600 crore by June, 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 Money," Agarwal said.

The remittance service of the wallet had earlier registered Rs 200 crore in 100 days. The wallet service with a strong focus on domestic remittances and enterprise payments has recorded transactions worth Rs 400 crore in the last 90 days, the company said in a statement.

Source - Economic Times

Spice Money records Rs 200 crore of transactions in 3 months

Spice Money, a prepaid payment wallet service developed by Spice Digital, has recorded Rs 200 crore of transactions in just three months. The wallet service with a strong focus on domestic remittances and enterprise payments recorded transactions worth Rs 50 crore in October alone. The company received wallet authorisation from RBI for issuance and operations of a semi-closed prepaid payments instrument in April 2015.

Positioned as a mobile wallet for the underserved sections, Spice Money facilitates domestic money transfers and all kinds of utility services payments like bill payments, recharges and railway ticketing services.

The service focuses on the large and untapped domestic remittances market by providing a safe and convenient mode of money transfer to the increasing migrant population in the cities.

Saket Agarwal, Global CEO, Spice Digital said, Spice Money had received strong response from the market. "We aim to cross Rs 600 crore in transactions value and expand our network to reach over 20,000 retail partners by June 2016," he said in a company statement Tuesday. Source - Economic Times