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Spice Money clocks four billion in February 2017, post demonetization

ANI  |  New Delhi [India] 

Spice Limited, a subsidiary brand of Spice Connect Group has announced a record of four billion GMV in Fintech services, for the month of February, 2017. Despite demonetization, Spice has had an outstanding monthly growth of 100 percent.

SDL is the market leader of Mobile Value Added Services (MVAS), mobile applications, Internet products and services, and fintech services. "Spice is committed to serving the underserved rural population in the country," Spice Digital, Global CEO, Saket Agarwal said.

Spice Money, the fintech wing of Spice, aims to make the process an easier and a hassle-free experience for all. SDL one of the few companies which have access to the maximum number of fintech service license like PPI, BBPS, AEPS, to name a few. With the entire nation progressing toward digitization, spice money services are committed to bringing the nation closer to basic rights of Individual adults.

"Spice Digital's fintech services have seen a remarkable journey by enabling hassle-free payment methods. We have added over 20 percent transacting counters in a single month and have witnessed the phenomenal acquisition for AEPS products. So far, we have over 20,000 direct retail points and over 100,000 counters of alliance partners and these numbers are increasing," said Global CEO Spice Limited, Saket Agarwal.

"In the span of two months (Dec-Feb), we have jumped from 225 crore to 400 crore, which itself shows our growth rate," added Agarwal.

So far, the company has launched numerous services like eKYC, AEPS, BBPS alongside Motor insurance and PAN card application. eKYC, which is a paperless Know Your Customer (KYC) process, where your identity and address are verified electronically.

This process is secure, error proof and quick. Spice Money uses India Stack-based electronic Know-Your-Customer process (eKYC) to verify users' and onboard merchants/retailers credential.

Whereas, AEPS service allows payments and cash out using Aadhaar and biometric authentication. AEPS is a unique service that allows an individual to carry out the financial transaction on a Mini-ATM provided by a correspondent.

Another key service by Spice Money, is 'Bharat Bill Payment System' (BBPS), a RBI mandated system, which offers integrated and inter-operable bill payment services to customers across geographies with certainty, reliability, and safety of transactions. It's worth knowing that, Spice is one of the first operating units to commence BBPS operations. Operated by over 3500 agents, it is characterized by the presence of a large number of billers, that include BSES Rajdhani, Tata Power, Torrent Power, Reliance Energy, Tata Sky, Sun Direct, Delhi Jal Board, MTNL Mumbai etc.

As far as the PAN card application is concerned, any applicant can come in and get Pan card form filled for enrollment. And those who are seeking motor Insurance, for them, Spice Money is offering best rate on insurance through EasyPolicy web aggregator.

Fintech Services by SDL empowers the customer to use basic functionalities such as balance enquiries, cash withdrawals, cash deposits along side Aadhaar to Aadhaar funds transfers and remittances across banks (both intrabank and interbank). With an impressive product portfolio, Spice Limited continues to cater to a diverse set of customer needs and build a strong customer relationship.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 18:12 IST