SpiceMudra records transactions worth Rs 600 crore in first six months

NEW DELHI: SpiceMudra, a prepaid payment wallet developed by Spice Digital, a subsidiary of SpiceConnect, has recorded transactions worth Rs.600 crore in only 6 months, since its launch in October, 2015. Spice Mudra has extended its presence in 16 states from existing 8, with retail partners increased from 4,000 to 10,000.

The remittance service had earlier registered Rs.200 crores in 100 days. The wallet service with a strong focus on domestic remittances and enterprise payments has recorded transactions worth Rs.400 crores in the last 90 days.

Spice Digital has launched NPCI approved ‘Spice Mudra Retailers App’ for retail partners, to help ease of doing business without the need of computer, 24x7. Many retailers were unable to transact after closing the shop and on weekends, Mobile app is coming handy and allowing them to carry on business even when not at shop. The Company has seen significant traction already with 10% of the total daily transactions though its retailers app.

Saket Agarwal, Global CEO, Spice Digital said , “ We initially aimed to cross ₹600 crore by June, 2016 but having completed transaction worth ₹600 crore in mere 190 days stands testimony to excellent response from the market for our mobile wallet Spice Mudra. Spice Digital aim to expand network to reach over 20,000 retail partners by Sep 2016.

"Spice Digital is committed to serving the underserved rural population in the country and we are confident that through our wide merchant network, we can provide remarkable solutions to customers and contribute towards the digital economy vision of the Government of India," he added.