If you are using the mobile application or website, you must first have a Spice Money account. Then, you can proceed to login into your account. You can enter your User ID and Password to log in. Then, you can check I Agree box to confirm your registration and click Login. In case, you don’t know OTP, you must enter it and click on Submit button. Then, you will be able to use your Spice Money account.
Digital Banking & Financial Service
Spice Money is a digital banking and financial services provider based in India. It has over seven lakh Adhikaris in its network and serves over 10 crore households in rural areas. It uses a distributed network of ATMs and micro-ATMs to maximize reach of essential banking services to rural areas. The Adhikaris are independent small business owners and entrepreneurs that install these ATMs. As part of their service offering, the Adhikaris help the customers by providing them with money transfer, bill payment and loan collection services.
The company has partnered with leading banks and other financial institutions to offer these services. In addition to ATM services, it also offers bill payment services through Aadhaar Enabled Payment System and Domestic Money Transfer. Through these services, you can transfer money to any bank account in India. Spice Money also offers bill payments through debit cards and mobile phones. The company has a wide range of offerings to meet the varied needs of its customers.
Mobile-Based Fintech Company
Spice Money is a mobile-based fintech company that provides a range of b2b and e-commerce services. Its diversified product offerings are focused on making rural India financially independent and help small businesses and individuals do business more efficiently. The company has already witnessed stellar growth in its FY21 financial year. It plans to continue its rapid growth in FY22, introducing new lines of business and offering a diverse range of products.
The platform has two main tiers of b2c services. Spice Money b2b enables Adhikaris and other government officials to accept payments for utility bills and other bills from customers. This service makes it easy for these employees to accept payments and help their communities stay connected and financially independent. Besides providing these services, Spice Money b2b provides its customers with several payment options.
Spice Money has a mobile application for both android and iOS users. The sign-in process is simple. Simply open the app, choose your language and hit the arrow icon on the top of the screen. Next, you will be prompted to input your password and PIN. Once you have entered the required information, the application will send you a verification OTP. After a few days, you will be contacted by the Spice Money authorities to verify your identity and access your money.
With an increasingly mobile workforce and the growing demands of customers, the banking sector has been evolving to meet these needs. Today, banks are becoming more technologically advanced and strategically focused to defend their market share against competitors. One of the main challenges facing the sector is the need to move from a traditional banking environment to a cloud solution. Spice Money chose the Nutanix Enterprise Cloud platform to achieve these goals. The company saw a 50% reduction in total infrastructure costs and a 40% increase in transaction processing speed.
Aadhaar Enabled Payment System (AEPS)
The new Aadhaar enabled payment system (APS) allows users to perform different types of transactions. Aadhaar enables users to make transactions within their bank and outside it. They can also perform fingerprint authentication to confirm transaction details. To use the AEPS, an Aadhaar-linked bank account is required. In order to use the AEPS service, you must link your Aadhaar number to your bank’s savings account.
An Aadhaar-linked account can be linked to multiple bank accounts. You can also link multiple bank accounts to Aadhaar to enjoy the AEPS service. The cutover takes place every day at 11 PM. While the RBI hasn’t set any limit for Aadhaar-linked accounts, different banks have imposed a daily cap on Aadhaar transactions. Some banks have set a maximum limit of Rs 50,000 here.