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Spice Money Announces Partnership With Wibmo To Launch Spice Pay

Spice Pay will offer instant prepaid cards, link UPI IDs to wallets for interoperability, and will also solve the challenge of mobile number seeding with the help of eKYC

Spice Money Announces Partnership With Wibmo To Launch  Spice Pay
POSTED ON September 06, 2023 4:39 PM

Spice Money (subsidiary of DiGiSPICE Technologies), announced its strategic partnership with Wibmo - A PayU company to launch 'Spice Pay,' a UPI solution tailored to empower the citizens. This strategic collaboration aims to bridge the digital divide by expanding the power of the Unified Payments Interface (UPI) to rural India.

In 2022, India witnessed a remarkable surge in internet users, reaching a total of 759 million, with 420 million residing in urban areas and 339 million in rural regions. It is projected that by 2025, India will have a staggering total of 900 million internet users, and while 56 per cent of all new internet users are expected to emerge from rural India, these regions face unique infrastructure challenges that act as barriers to UPI adoption.

Spice Pay will offer instant prepaid cards, and mobile wallets with linked UPI IDs. eliminating entry barriers for rural citizens. It will also streamline the challenge of mobile number seeding through its Instant UPI ID creation process, which utilises eKYC for effortless registration. This user-friendly approach will eliminate the complexities typically associated with mobile number verification. 

Moreover, it will address the challenge of limited cash deposit points and the reliance on cash income sources by empowering rural consumers with convenient cash deposit and withdrawal services. In addition to its core solutions, it will also offer a range of essential financial services, including cash top-up, transaction history tracking, and bill payments and recharge options.   

Sanjeev Kumar, Co-Founder, Executive Director, and CEO at Spice Money, said, “Spice Money is built on the foundation of Digital public infrastructure for good, where we have successfully implemented services like AePS, Bill payments, and now, we're proud to offer UPI. Spice Pay is not just an offering; it's a promise of progress, prosperity, and empowerment for every citizen of Bharat."

Suresh Rajagopalan, CEO of Wibmo, said, “By combining our technological prowess with Spice Money's extensive network and deep understanding of rural India, we are opening up new avenues for millions of Bharat's citizens. We look forward to the positive impact this partnership will create, ushering in a new era of digital financial inclusion for rural India” 

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