Spice Money is a private limited company that offers a wide range of payment-related services. This bank-to-bank payment portal allows users to transfer money via NEFT or IMPS. To access these services, users must first login to their account. Then, they should select the desired financial institution and proceed to payment. Once they have completed the required steps, they can view their funds. Alternatively, they can choose to withdraw funds directly from their account.
Spice Money is a bank to bank portal
Spice Money is a popular bank to banking portal that enables users to transact with one another. The portal provides banking services, e-retail services and financial assistance. Once you have registered, you will be able to log in to the portal with your User Id and password. To get started, you must first create an account with Spice Money. You can either search for the B2B login on the official website, or you can simply click the link to access the portal.
If you’re looking for a secure and safe bank to banking portal, Spice Money is the way to go. The portal offers a host of services that include online banking, payment services, bill payments, and PAN card services. In addition to payment services, it provides PAN card and bill payment services for multiple banks. It also offers customer care and VLE ID to ensure your privacy is protected. You can even pay your bills and get SMS alerts with your account balance.
It offers IMPS or NEFT money transfer
In India, people are increasingly switching to digital modes of payment, such as IMPS or NEFT. This means that, instead of going to a physical branch to make a money transfer, you can now send and receive money through an app. Spice Money supports NEFT and IMPS payments, and the money received through the app is transferred directly into the sender’s bank account. You can use the app to send and receive money from payoff register stores as well.
NEFT allows you to transfer large amounts instantly. It also supports IMPS and allows you to transfer money at any time. Unlike NEFT, IMPS doesn’t require the recipient to enter bank account details. To transfer money with IMPS, all you need to do is enter the payee’s MMID, a unique 7-digit number issued by the bank.
It offers a variety of payment-related services
Spice Money is one of India’s fastest-growing digital payments brands. It offers a wide range of payment-related services to meet the demands of the ever-expanding middle class. The company has over 85% market share in BIMARU states, which account for around 66% of the population. Its network of customer service centers and mini ATMs span across the country, including most major metros.
The company is backed by Bollywood actor and philanthropist Sonu Sood and offers a suite of financial services throughout India. While Spice Money is based in Mumbai, it hires local representatives in every region to bring financial services to customers. Rammohan Pal, who lives in the Chattisgarh state, remembers June 9 with vivid clarity. In a nutshell, Spice Money helps its customers transfer funds, pay bills and perform many other financial tasks.
It is a private limited company
Spice money is a private limited company engaged in transforming businesses, governments, and communities through the use of technology. For the past two decades, it has built a robust ecosystem to become a leading communications and technology solution provider globally. The company has offices in South Asia, India, and Africa, where it provides various financial services. It is also a part of the Bharat Bill Payment System. The company’s mission is to make life better for consumers by helping them manage their money and stay connected.
The private limited company is headquartered in Delhi. Its business model is focused on providing digital financial services and e-retail services to rural citizens. It serves the underbanked and underserved populations of the country through a technology assisted business model and a vast network of spice money adhikaris. The company has five appointed directors and a total paid-up capital of between $5 million and $10 million.
It is a digital fin-tech company
Spice Money, a digital fin-tech company, is focused on financial inclusion in rural India. It has onboarded a large number of enterprises in the last six months and is experiencing an increase in overall transactions. The growth is largely driven by a shift in customer behaviour, with many users switching from cash payments to bill payments, recharge, and deposits. The company has seen its transactions hit a record high in April 2021, when the second wave of pandemic hit India.
With this acquisition, SIL has plans to increase its stake in Spice Money to 5%. In addition to this, Sood was named as a non-executive advisor to Spice Capital. The company operates a hyperlocal payments network, with cash deposit, Aadhaar-enabled ATMs, and insurance services. It also offers loans and a variety of other financial services, including insurance, bill payments, and ticket booking. The company’s services also include PAN card and mPoS related services.
It has a distribution network of Adhikaris
Spice Money has a distribution network of Adhikari members across India. This network includes over 8 lakh merchants and provides customers with a wide range of services such as cash deposits, Aadhar enabled payment system, mini ATM, bill payments, insurance, and more. In addition, the company also offers loans and other services through its Adhikari App. In total, Spice Money serves over 20 million customers monthly.
The majority of its revenue is derived from commissions paid on services such as balance inquiries, PAN cards for insurance, bank mini statements, mobile subscriptions, DTH recharge, bill payments, and more. The company’s fees have allowed its Adhikaris to make good profits, even when the average monthly income for each of them is above the threshold of Rs 15,000, as per the Income Tax Office.