If you’re wondering what Spice Money is, here are a few answers. This Fintech company provides banking and mobile recharge services, but privacy is a priority, too. With over 8 lakh merchants and Aadhar enabled payment systems, Spice Money is a convenient option for many people. It also offers insurance, loans, travel agency services, and bill payments through its Adhikari App. In addition to being a popular financial service, Spice Money is also backed by Bollywood actor Sonu Sood.
Spice Money is a Fintech company
Spice Money, a fintech startup in India, has over eight lakh merchants. The company offers cash deposits, an Aadhar enabled payment system, and a mini-ATM. In addition to cash deposits and withdrawals, Spice Money offers other financial services like loans and bill payments. In addition, the Adhikari App is available for a variety of purposes. The company claims to serve 20 million people every month. In fact, some of its customers have been big celebrities like Sonu Sood and Bollywood actor Rajkummaran.
With such exponential growth, Spice Money needs to maintain innovation, high performance, and reliability. With Digitization gaining prominence in India, Spice Money has to provide faster and more secure services to keep up with the demand of customers. To address these challenges, Spice Money chose a Nutanix Enterprise Cloud solution. The company also achieved lower TCO and improved productivity. They experienced a 50% reduction in overall infrastructure costs, and a 40 percent increase in transaction processing speed.
The platform is available on Android and web, and customers can interact with the Adhikari from anywhere. The user-friendly design and accessibility means that customers do not have to travel to a brick and mortar location to obtain their financial services. Spice Money has a full suite of financial services for consumers, and is striving to become a one-stop-shop for all financial services. This innovative approach to banking will help Indian consumers get the financial services they need with minimal effort.
A new CEO has been appointed for Spice Money, the leading rural fintech in India. Sanjeev Kumar will report to Dilip Modi, the Founder of Spice Money. Sanjeev Kumar has been a key part of the company’s fast-growing success. And his appointment is a significant change. The new CEO of Spice Money is expected to drive the company’s growth, especially in rural India.
It provides mobile recharge or travel agency services
Spice Money is an online payment service that offers multiple services in one online interface. The company offers money transfer, aadhaar based mini ATM, travel booking, bill payments, MPOS, and even buy/sell gold. The company was founded in 2000 and began as a business services portal. In 2013, Spice Digital was spun off into two separate businesses. One unit focuses on domestic and international VAS and the other runs m-government services.
While many companies don’t offer AEPS, Spice Money supports it. Merchants can use the new Aadhaar Enabled Payment System to make transactions at a micro-ATM. Aadhaar Enabled Payment System enables users to complete financial transactions with biometric identification by scanning a QR code. The company has received approval from the National Payments Corporation of India for AEPS implementation.
Spice Money also offers
Unlike many other payments options, Spice Money also offers B2B money transfers and remittances. Users offer cash to sellers, who accept it and credit it to their accounts. Since the launch of Spice Money in 2013, it has expanded to offer B2B travel and tourism solutions, as well as money transfers. Its services are now available in seven languages. While focusing on the financial inclusion of rural and semi-urban communities, Spice Money also has a mobile app that allows people to make payments in seven different languages.
Apart from providing mobile recharge, Spice Money offers travel and tourism solutions. Using their services, customers can bypass long queues at travel destinations and book tickets directly through agents. Agents can also become authorized railway ticketing agencies and earn substantial commissions on the sale of tickets. Apart from train tickets, Spice Money agents can earn handsome commissions by selling hotel rooms, bus tickets, and flights. You can even become a partner of the company and become an agent for booking tickets through the company.
The interface of Spice Money makes it easy for users to make a payment in seconds. With the ease of UPI, users can check their account balance with the use of mobile apps or UPI (Unified Payments Interface) technology. Agents can also transfer money to any domestic account using a fingerprint scanner. The maximum limit of transactions is Rs 50,000 per month. If you’re interested in becoming a Spice Money agent, sign up today and start generating revenue for your business!
It offers banking services
If you’ve ever wanted to use your mobile phone for banking, you’ve probably heard of Spice Money. The digital startup is the 100% subsidiary of DiGiSPICE Technologies. The Spice Money app provides basic digital financial services including Aadhaar led withdrawals, mini ATM services, loans, and travel. Its network covers 18,000 pin codes in India and serves nearly 10 crore households – or 95% of rural areas.
The company claims to have served over 100 million users in its first year and processed almost Rs 7,000 crore in the current financial year, with over four crore transactions. While it’s a successful venture, it has no immediate plans to expand globally and will remain focused on rural and semi-urban India. However, it has received $4 million in funding from DiGiSPICE Technologies. And that’s just the beginning. So, how do consumers make use of Spice Money?
The company’s products and services are aimed at the underserved sections of society. For example, it offers utility payment services, a mini-ATM based on Aadhaar, travel booking, and gold selling. Besides banking, Spice Money is also involved in micro-payments, with over 2 lakh customer service points in India’s rural and semi-urban areas. If you’re in need of cash, Spice Money can make it easier for you by providing a mobile app that accepts the cheapest coins.
In addition to its mobile app, Spice Money offers a full range of financial services, from credit cards to insurance. The company has also launched a micro-ATM initiative, known as Mini Magic. These ATMs will be provided for free to Adhikaris as part of its ongoing effort to strengthen the ATM network in India. And with over 5 lakh Adhikaris on the platform, the company hopes to help bring digital inclusion to rural areas.
It ensures privacy protection
When you use Spice Money to make a payment, you can be sure that your information is safe. The company uses the latest security technologies to protect your privacy, which is a big plus. Spice Money is fully secure and encrypted, making it the best choice for online payments. Despite being one of the fastest growing payment companies, privacy is a key priority. To learn more about how Spice Money protects your information, read on.
The company uses AEPS to protect your privacy. This technology makes it possible to use Spice Money at many locations including POS, Micro-ATMs, and Aadhaar enabled services. Aadhaar card information is required for AEPS transactions. Once you’ve completed the process, Spice Money will provide you with a username and password to use in your payments. You can use these credentials to securely transact with others in any location, including restaurants and hotels.
Nutanix helps Spice Money monitor performance. The integrated hypervisor provides a single control plane to manage resources. Spice Money can reduce its total cost of ownership (TCO) by 50% while increasing transaction processing speed by 40%. This integrated hypervisor also enables the company to prepare for disaster recovery scenarios. The company also reduces the need to purchase virtualization licenses and maintain the system. Further, the company is able to implement a secure and reliable cloud infrastructure that will allow them to meet the growing demands of their customers.