Spice Digital launches mobile wallet service 'SpiceMudra'

The company has recently received an authorization from DPSS, RBI for issuance and operations of semi-closed prepaid payments instrument.

SpiceMudra will facilitate domestic money transfers and all kinds of utility services payments like bill payments, recharge and ticketing services.

SpiceMudra wallet shall also be redeemable at several merchant locations, establishments and e-commerce websites across the country.

Speaking on the launch of the service, Saket Agarwal, Global CEO, SpiceDigital said, “With an increasing mobile penetration, mobile payments have become a strong alternative channel for safe and convenient money transfers. Even though mobile wallet usage is growing rapidly in metros and Tier I cities, there is a huge untapped opportunity for domestic money transfers in semi-urban and rural areas. We have launched SpiceMudrato cater to this large unserved population by offering them a convenient and safe mode of domestic money transfer. We will also focus on collaborating with state governments and private enterprises for paperless money transfers and reimbursements. We are confident that through our unparalleled and wide merchant network,we can provide remarkable solutions to customers and thereby contribute towards the digital economy vision of the Government of India”.

Commenting on the launch A P Hota, MD & CEO NPCI (National Payments Corporation of India) said, “Weare delighted to certify Spice Digital as part of IMPS ecosystem.With this advancement, users of SpiceMudra would be able to send money to all bank accounts which are part of IMPS and hence will boost digital revolution by reaching out toa larger section of the Indian population. This service will cater to the aspirational needs of a much larger section of our country.We wish them all success in their endeavor”.