Spice Money: Industry Monitoring 14 to 17 June 2019
- Priyanka Kanodia
- Jul 8, 2019
- 6 min read
Spice Money
3 Fintech platforms keeping ATMs up & relevant
Publication- The Asian Age
Edition- Online
Date- 17 June, 2019
Even in this era of digitalization where a large section of the population is dependent on digital modes of payment, India still remains a cash economy as the other greater part of the population is dependent on cash for the financial transactions. But finding an ATM in India is getting tougher day by day as the number of ATMs in the country has gone down in the past few years even when the dependence on cash persists and cash amounts to 80 per cent of all transactions. The drop in the number of ATM machines is expected to continue as the Confederation of ATM Industry (CATMi) that operates the network of ATMs across the nation has said that it will rather shut down nearly 50 per cent ATMs because of high maintenance cost of software and equipment upgrades. With ATMs shutting down in the country, a situation of cash crunch might arise. But with the help of the following players which aims to provide cash easily, you will be able to withdraw even when almost half of the ATMs are expected to shut.
Spice Money – Spice Money is a tech-enabled hyper-local payments player offering cash-in & cash-out, Spice mini ATM, bill payments, airtime recharge and mPoS services. With a deep presence in ‘Bharat’, Spice Money has nearly 85 per cent of the cumulative 150,000 Customer Service Points (CSPs) in semi-urban and rural India. They have dense footprints in BIMARU region, comprising the states of Bihar, Jharkhand, Madhya Pradesh, Rajasthan, Chhattisgarh & Uttar Pradesh; accounting for 65 per cent of India’s population. Spice Money through its latest technology and wide network of Spice money agent; is bridging the gaps in access to various financial services.
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Industry News
India's digital payments projected to more than double to USD 135 billion in 4 years: Study
Publication- United News of India
Edition- Online
Date- 16 June, 2019
Turbo-charging expansion in the financial technology (FinTech), India's digital payments transaction value is projected to more than double to USD 135.2 billion in 2023 from USD 64.8 billion this year, according to an ASSOCHAM-PWC India study. “India is expected to clock the fastest growth in digital payments transaction value between 2019 and 2023 with a compounded annual growth of 20.2 per cent ', the study said. Though on a smaller base, Indias CAGR of over 20 per cent is ahead of China with 18.5 per cent and the US 8.6 per cent. It said India's share of the worldwide transaction value of digital payments is also set to increase from 1.56 per cent to 2.02 per cent in the next four years. “The rise of digital commerce, innovation in payments technology using Artificial Intelligence, the Internet of Things (IoT), real-time payments; and the introduction of mobile point of sale (POS) devices has led to a reduction in the cost of acceptance infrastructure and also contributed to the growth of digital payment," the latest ASSOCHAM-PWC publication said.
Listing the enabling factors for growing electronic payments, the study stated that regulatory efforts and the early successes of wallets of non-banking players played a catalyst role in enhancing the digital landscape in the country in the last three years, with lot more traction coming in the past one year. “This has helped transform the competitive digital payments landscape in India to include telecom players, banks, wallet companies and retailers (e-commerce)'. Going forward, the key growth driver for digital payment would be interoperability between the PrePaid Instrument (PPI) players, whose number has reached almost 50 in India. As of today, the customer and the merchant must have a common PPI operator to make the transaction happen. However, with interoperability, such a hindrance can be removed, enabling users to make payments at any and all digitally- enabled merchant outlets without the need to possess the same wallet platform.
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Into the Indian fintech endgame
Publication- Fortune India
Edition- Online
Date- 16 June, 2019
Financial services and technology when locked in a firm embrace, result in disruption and synergies. Fintech is transforming the financial services space and will continue to do so as the industry makes the shift towards fostering innovation and delivery. Moreover, the greater flexibility provided by the application programming interface (API) technology means banks can provide the kind of product customisation and experiences customers now expect. Here are the top four trends that are set to revolutionise the industry:
Interoperability in payments: The Unified Payments Interface (UPI) brings together a larger number of people under the umbrella of financial inclusion. While traditional banks have seen moderate success with their mobile wallets, UPI has seen a turbo boost, allowing for interoperable payments. A strong environment of interoperability in the payments system benefits all the participants in the ecosystem; it can produce cost efficiencies and enable superior risk management. Providers to these end-users, including banks, networks, and processors gain revenue from payments in the interoperable systems that they may not be able to achieve with closed-loop (or non-interoperable) systems. The end-users, including consumers, merchants, and governments now find it easier to make and accept payments.
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Digital payments to more than double to $135.2 bn by 2023
Publication- Livemint
Edition- Online
Date- 16 June, 2019
Digital payments in India will more than double to $135.2 billion in 2023 from $64.8 billion this year, according to an Assocham-PWC India study. “India is expected to clock the fastest growth in digital payments’ transaction value between 2019 and 2023 with a compounded annual growth of 20.2%," said the study released on Saturday. The study also showed that India’s share of worldwide transaction value of digital payments is also set to increase from 1.56% to 2.02% in the next four years.
Among factors which led to the exponential growth in digital transactions are demonetization and discounts on mobile wallets and UPI transactions. Funding from a diverse set of domestic and international stakeholders also contributed to the growth in digital payments. The study stated that regulatory efforts and the early successes of wallets of non banking players (like Paytm) played a catalyst’s role in enhancing the digital landscape in the country in the last three years, with heavy traction in the past one year.
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Digital transactions set to rise four times by 2021: Reserve Bank of India
Publication- The Indian Express
Edition- Online
Date- 17 June, 2019
India’s push to build a less-cash economy seems to be gathering momentum with the central bank recording a phenomenal growth in digital transactions till March 2019 and setting an ambitious target to push up the volumes by four times by 2021. Total digital transactions in volume terms recorded a growth rate of 58.8 per cent during 2018-19, on top of a growth of 50.4 per cent during 2017-18, the Reserve Bank of India said in a report. The RBI says digital transactions in value terms grew by 19.5 per cent during 2018-19, compared to the growth of 22.2 per cent during 2017-18. Though the bulk of digital transactions in value terms (82.8 per cent) are accounted for by RTGS transactions, retail component of digital transactions (excluding RTGS customers and interbank transactions) witnessed a volume growth of 59.3 per cent during 2018-19, as against 50.8 per cent growth in the previous year.
Given the current trend in cheque usage and the thrust to shift to digitised transactions, the RBI’s vision document expects the volume of cheque-based payments would be less than 2.0 per cent of the retail electronic transactions by 2021. Payment systems like the Unified Payment Interface (UPI) are likely to register average annualised growth of over 100 per cent and NEFT at 40 per cent over the vision period. The number of digital transactions is expected to increase more than four times from Rs 2,069 crore in December 2018 to Rs 8,707 crore in December 2021, it says.
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Fintech Company Monerium ehf To Eliminate Needs For Intermediaries
Publication- OWLT Market
Edition- Online
Date- 17 June, 2019
Monerium ehf is a FinTech company who will eliminate needs for intermediaries. The company obtained a license from an Iceland-based single supervisory authority for the financial sector called Financial Supervisory Authority. The main purpose of obtaining the license is to issue e-money on blockchains with the help of Monerium EMI ehf. Monerium EMI ehf is a subsidiary of Monerium ehf. Whereas the main purpose of issuing e-money on the blockchains is to eliminate the needs for the intermediaries. Providing the ability to automating transactions in multiple sectors is one more purpose behind the issuing of e-money. Payments, trade finance, securities settlement, and e-commerce are the sectors. A vision of Satoshi Nakamoto is extended by e-money on the blockchains. The vision is related to an online peer-to-peer (P2P) currency transaction. The online P2P currency transaction is actually extended to a regulated form of digital fiat currency. The license is issued under EU e-money regulations. The license is passportable within the global economic zone (GEZ). It isn’t only passportable within GEZ, but it is also passportable within the European Economic Area (EEA).
Partnering with distributed application developers and blockchain platform providers is a plan of the Fintech Company Monerium. Whereas making e-money available to consumers and enterprises internationally is a purpose behind the plan. Jon Helgi Egilsson is the co-founder, the chairman, and the former chairman of the supervisory board of an independent institution called the Central Bank of Iceland who will make an announcement of the license on June 15, 2019, in Stockholm. Jon Helgi Egilsson is the Chairman and the co-founder of Monerium. He has his educational background in engineering, economics, and finance. He has five years of experience in the global financial markets. Financial Engineering, Business Development, Strategy, Innovation, Startups, Investor, Business Angel, Entrepreneur, Management, Fintech, Blockchain are the specialties of Jon Helgi Egilsson, according to the official LinkedIn account of Jon Helgi Egilsson.
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