SpiceMudra records transactions worth Rs 200 cr in 100 days
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.