Providing digital payment solutions

SPICE MONEY Wallet (issued by Spice Digital Ltd.), is a RBI approved Semi-closed PPI wallet linked to Sender’s Mobile Number. A robust and convenient tool for financial inclusion, SPICE MONEY is predominantly used for Domestic Money Remittance, Cash deposit to Bank Accounts through agent assisted model. Additionally, we have tied up with 2 Banks to become its Business Correspondent (BC), namely IndusInd Bank Ltd. and Yes Bank Ltd. to enable money remittance using Banking channel.

Purpose

To provide remittance solutions to the underserved section of the society through SPICE MONEY strong Agent Network

How does it work?

SPICE MONEY Agent opens a SPICE MONEY wallet (semi-closed) of sender using OTP on his/her Mobile. The Sender’s wallet is credited with an amount equal to the money to be remitted using O2O payments. Using IMPS/NEFT the wallet load of sender is transferred to the bank account in India.

DMT – PPI – Product features

• Opening a Sender’s PPI (semi-closed) wallet (Basic and KYC) by an Agent and sender mobile number is verified through OTP
• Adding a beneficiary bank account details using Bank Account Number and IFSC Code
• Verifying Beneficiary Bank Account details
• Single click : i) Sender’s wallet is loaded by Agent and ii) Pre-paid load is transferred to Bank account
• Generating a receipt/SMS confirming the status of Money remittance for the Sender