SpiceMu­dra records trans­ac­tions worth Rs 200 cr in 100 days

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SpiceMu­dra, a pre­paid pay­ment wal­let de­vel­oped by Spice Dig­i­tal, a sub­sidiary of SpiceCon­nect, has recorded trans­ac­tions worth Rs 200 crore in a span of 3 months. The wal­let ser­vice with a strong fo­cus on do­mes­tic re­mit­tances and en­ter­prise pay­ments has recorded trans­ac­tions worth Rs 50 crores 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 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 3300 through its net­work of over 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 per­cent was reg­is­tered from the Delhi-NCR re­gion fol­lowed by Maharashtra and Ra­jasthan with 19 per­cent and 18 per­cent re­spec­tively. Spice Mudra will also of­fer en­ter­prise pay­ments that can en­able en­ter­prises to dig­i­tize dis­burse­ments into bank ac­counts in real-time via IMPS trans­fers.

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