Spice Money
Spice Money Limited (SML) is an Indian rural fintech and digital services company headquartered in Noida, India.[1] It was founded in 2000 by Dilip Modi, the chairman and group CEO of DiGiSPICE Technologies. SML operates as a subsidiary of DiGiSPICE Technologies.[2] It engages local individuals, known as Adhikaris, to assist customers with their banking requirements.[3] As of 2021, SML reportedly had a network of over a million Adhikaris on its platform.[4]
Company type
History[edit]
Spice Money began its operations as a digital wallet under the name Spice Digital Limited.[5] Later, the company expanded into ticketing, bill payment, banking, and micro ATM services.[6][7] It operates as a wholly-owned subsidiary of Digispice Technologies.[8] In 2014, SML established a partnership with IRCTC for ticket booking and collaborated with YES Bank to enable Domestic Money Transfer. In 2017, the company introduced its micro ATM and bill pay services, followed by the mPOS service in 2018, which earned Spice Money the NPCI National Payments Excellence Award.[9] In January 2018, Spice Money received its final license from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU) within the Bharat Bill Payment System (BBPS).[10]
In 2020, the company launched a no-cost proposition to assist nanopreneurs with onboarding. This initiative aimed to provide support to entrepreneurs in rural and semi-urban regions, enabling them to introduce new products, including insurance, loans, and assisted e-commerce.[11] In August 2021, Spice Money announced that it had established an ATM network with 1 lakh micro-ATMs operating across rural India.[6]
In September 2023, a strategic partnership was formed with Grameen Foundation for Social Impact (GFSI) India, a non-profit organization supporting underserved communities.[12] Spice Money also partnered with NSDL Payments Bank and Axis Bank, enabling the opening of zero-balance savings or current accounts for rural citizens through its Adhikari platform.[13]
Media appearances[edit]
In February 2021, the company launched its brand campaign titled 'Spice Money Toh Life Bani,' featuring Sonu Sood as brand ambassador.[14]
In September 2022, Spice Money was featured in the first episode of The Great Indian Disruptors on Disney+Hotstar, presented by Digital Refresh Networks. Spice Money was featured in ET Now's Leaders of Tomorrow and Zee TV's Naya Bharat Sunehra Amrit Kaal.[15]
Controversy [edit]
In December 2021, the Reserve Bank of India (RBI) imposed a monetary penalty on Spice Money, for non-compliance with norms, as stated in a central bank announcement. Spice Money incurred fines of ₹1 crore.[17]