What is Spice Money – Money Transfer Business?

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Article Index:

1. Introduction

2. The services offered by Spice Money

2.1 Aadhaar Enabled Payment System

2.2 Ticket booking services

2.3 Bill Payment and Recharge Services

3. Spice Mudra or the Spice Money Wallet

4. 4. Spice Money Log-in features

5. Conclusion

 

1. Introduction:

Spice Money is the money transaction service launched by Spice Digital to cater to its customers. This money transaction service provides a variety of services to retail counters and merchants involved with it. This lucrative money transaction service is available in 7 different languages. 

The long list of services provided by Spice Money includes utility payment services, travel booking, Aadhaar based mini-ATM, money transfer/remittance, and also includes buying insurance or selling gold. 

Spice money also gets involved in micro-payment of remittances and services wherein the sender provides some cash to the merchant, and the recipient receives the same cash credited to their bank account electronically. 

Spice Money got initially launched in 2013, with the idea of business solutions to Travel and Tourism. The prime rationale of the company was to create a B2B Travel and Tourism solution, but slowly, it got converted into B2B Spice Money transfer. 

 

2. The services offered by Spice Money:

2.1 Aadhaar Enabled Payment System:

The recent development from the side of Spice Money is that now it can process payments over Aadhaar Enabled Payment System. Before launching this service, Spice Money had assured most of its merchants that it had already got the authorization from the National Payments Corporation of India in October.

Now, what is this Aadhaar Enabled Payment System? It is a quick and straightforward system that helps a person in carrying out his financial transactions in a micro-ATM. For this feature, the person can use his Aadhaar Card and provide his biometric authentication to start with his operations. 

But yes, one point to note here is that the micro-ATMs have to get provided by his banking correspondent. In simple words, this system works on under the banks which are supporting it and not with others. 

To mitigate this feature and to enable Aadhaar Enabled Payment System in most parts of the country, the company has started working on setting up Aadhaar Enabled mini ATMs at many Spice Money retail counters. Spice Money is not the only company to get authorization from NPCI to carry out AEPS, even the payments company Oxigen has obtained approval to do it. 

Spice Money has already started setting up its mini-ATMs in around 1000 rural locations, which include many rural states such as Jharkhand, Bihar, and Orissa. Other than AEPS payment systems, Spice Money Transfer also houses different payment setups such as UPI, QR Scan, and MPOS. 

2.2 Ticket booking services:

Another lucrative feature of Spice Money is providing Travel and Tourism solutions. In simple words, it helps you to skip those long queues at railway stations, bus stations, airports, and hotels and lets you book tickets directly through their agents. 

Spice Money provides all its agents a medium to book railway tickets, which will help them in becoming an IRCTC authorized train ticketing agency. This feature will also help them in earning a significant amount go money as a commission on selling each ticket and also provides them with monthly incentive plans. 

A noteworthy thing to note here is that Spice Money is the only company that offers a commission on train tickets. Not only train tickets, but you can also book hotels, bus tickets, and flight tickets through Spice Money. 

Spice money also provides an easy and fast interface to its agents for booking tickets of customers through a single wallet system. Moreover, this wallet can get recharged using multiple options such as D.D., Credit Card, Cash, Debit Card, Cheque, and Net Banking.

2.3 Bill Payment and Recharge Services:

Like all other UPI and Wallet services, even Spice Money offers day-to-day functions such as bill payments, DTH recharges, and phone recharges. These services get provided to all customers conveniently from their doorstep through their network of agents. This attribute will enable you to pay your bills quickly at a single place. 

Spice Money also houses a quick interface through which the bill payments and recharges get finished within seconds. Every year around 6000 billion rupees are generated in the top 20 cities of India through bill payments and recharges. 

For this sake, The Reserve Bank of India has launched a mandated system by the name Bharat Bill Payment System. This system offers reliability, certainty, the safety of transactions for customers through integrated and interoperable bill payment services across the world.

 

3. Spice Mudra or the Spice Money Wallet:

Spice Digital previously had acquired permission from The Reserve Bank of India to launch a wallet service. Using its wallet license, the company launched its wallet service by the name Spice Mudra in September 2015. The Spice Mudra Wallet also gets called as Spice Money Wallet. 

The main motto of this Spice Money Wallet is to focus on remittances and transfer, which occur in domestically. More than 3000 retail outlets of Spice Money will help payments and other transactions through the usage of these wallets. The company has already started to expand this wallet service to its other facilities, such as recharges, bill payments, and ticket booking.

in the mid-year of 2018, Spice Money reached a gross transaction value of more than 1 billion U.S. dollars 

 

4. Spice Money Log-in features: 

Yes, this might be the question everyone has in their minds by now. How to register or log-in to this lucrative portal offering so many services. It is quite easy. 

4.1 At first, you have to click the ‘Join Now’ button, which gets shown on the website.

4.2 Once you click it, you will get redirected to a registration page. Here, you will have to fill up three different steps. 

4.3 At first step, you have to fill in your required details such as name, email-id, phone number, address, and your pin code. 

4.4 Now comes the second step wherein you have to upload your PAN card with its number as a proof of identity. You also have to upload an I.D. as a proof of address. 

4.5 In the third step, you have to upload your photograph. Later you to have to mention for which services you are getting registered as an agent with Spice Money. The services you can choose are IRCTC Booking, Distributor, Retailer, and Spice Money ATM or account service. 

Once you have capitulated this form, it will get duly examined. If your application gets cleared without any discrepancies, then you will get presented with a Spice Money Agent ID and a password. So, every time you want to log-in to the Spice Money Portal, you have to enter your log-in details, which are your agent ID and password.

 

5. Conclusion: 

Like every other payment services in our country, even Spice Money offers lucrative services and features in it. Though it doesn’t provide offers such as discounts or cash backs, it houses a quick and easy interface. It is a boon for citizens who have little knowledge about smartphones, as Spice Money comprises of agents who will do this work more comfortable for those people. 

The company is providing employment offers to many people and is also solving many problems of customers within minutes. No wonder why this service is getting rapidly increased in rural areas of our country.

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Shreyas Aravind is a mechanical engineer by profession. He is a good orator and writes with passion. Shreyas Also a vivid learner and an eager enthusiast.

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