Spice Money, a subsidiary of DiGiSPICE Technologies, a rural fintech building nanopreneurs for India, has partnered with Wibmo, a PayU company, to launch 'Spice Pay. This Unified Payments Interface (UPI) solution is tailored to bridge the digital divide by expanding the power of the platform to rural India. 

In 2022, India witnessed a 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 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. Some of these challenges include the non-availability of active debit cards, lack of mobile number seeding, inoperative bank accounts, and income sources primarily in cash with limited cash deposit points. 

The next set of 250 million UPI users are expected to come from rural India. Hence, Spice Pay will offer Instant Prepaid Cards, a mobile wallet with a linked UPI identity, 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. 

For those facing hurdles with inoperative bank accounts, the fintech will introduce a standalone prepaid wallet account with a linked UPI identity, eliminating the need for traditional bank accounts. Moreover, Spice Pay 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. Additionally, it will also offer a range of financial services, including cash top-up, transaction history tracking, and bill payments and recharge options.

Spice Money will also leverage its network of over 12.7 lakhs Adhikaris to ensure that citizens can access Spice Pay and transact digitally even from the remotest part of the country. 

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. Together with our ecosystem partners, we are poised to redefine digital financial inclusion and create a lasting impact in rural India. 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, a PayU company, 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. 'Spice Pay' is not just a solution; it's a testament to the power of collaboration, product innovation, and modern technology stack in driving financial empowerment.”

Through the power of interoperable PPI, consumers can enjoy increased account limits, cash deposit, and withdrawal facilities at over 12.7 lakh merchants at 2.5 lakh villages, enhanced cash deposit limits of up to Rs 50,000, and insurance coverage of up to Rs 2 lakhs. This collaborative effort, in partnership with players like NPCI, network partner RuPay and platform partner PayU Wibmo, will bring the underserved 250 million citizens into the UPI ecosystem in India.