Tag: spice money

Spice Money sets up 1 lakh micro-ATMs in rural India

Banking & Finance

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Spice Money on Tuesday said it has established a network of one lakh micro-ATMs (mATM) operating across rural India.

“During the pandemic induced lockdown, micro-ATMs emerged as the key driver to assist people with cash withdrawal and other essential services. Spice Money’s mATM network grew multifold from just over 18,000 in February 2020 to over 1,00,000 as on today,” it said in a statement.

The company covers 95 per cent of the rural pincodes in India with more than 7 lakh Adhikaris on its network, maximising the reach of the micro-ATMs to the financially underserved and cash-driven parts of the nation, it further said.

Spice Money witnesses over ₹1,000 crore worth of transaction on a monthly basis on its mATM network.

“While establishing a lakh – strong ATM network is a milestone for us, we will continue growing our reach and supporting more rural customers in their financial needs,” said Sanjeev Kumar, Chief Executive Officer, Spice Money.

Sonu Sood, Brand Ambassador and Advisory Board Member, Spice Money noted that micro-ATMs can play a crucial role in bridging the gap in financial services by bringing the convenience of banking transactions right to the next door kirana stores in rural India.

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Spice Money looks to expand beyond payments, scale up network

Banking & Finance

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Rural fintech Spice Money is looking to expand beyond payments into other financial products and scale up its network.

“We want to go beyond just payments to other financial products like credit, savings and insurance. As we are a tech platform, we are also being leveraged by manufacturers for building digital products around mobile health, mobile education and jobs, which can integrate into our platform and reach out to our customers,” said Dilip Modi, founder, Spice Money.

Many customers are already using the Spice Money platform for booking online medical consultations.

E-commerce companies are also using the platform to book orders, deliver goods, collect cash.

“The objective is to bring people in the rural areas on to formal financial fold. We are working on multiple products with different companies,” Modi said, adding that in the last six months, the company has on-boarded a significant number of enterprises and has seen overall transactions on the platform increase.

He said that customers are also going for payment products like bill payments and recharge apart from cash withdrawals and deposits.

With the start of the second wave of the pandemic in April 2021, AePS transactions on Spice Money registered a record high of Rs 100 crore daily.

“In the last 12-18 months, we have seen three to three and a half times growth in number of transactions and gross transaction value,” he said.

Modi said the company currently serves about 2.5 crore customers per month but wants to scale it up to 10 crore over a period of time.

It has also onboarded 2.36 lakh Adhikaris or rural entrepreneurs since March 2020. In the last quarter, 1.3 lakh Adhikaris joined the Spice Money network, taking the number of Adhikaris to 5.37 lakh in March 2021 from 1.64 lakh a year ago.

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