Spice Money: Industry Monitoring 28 June 2019
- Priyanka Kanodia
- Jul 8, 2019
- 4 min read
Spice Money
Spice Money launches smartphone enabled Micro ATMs
Publication- Deccan Chronicle
Edition- Online
Date- 28 June, 2019
Spice Money, a DiGiSPICE Group company dedicated towards applying fin-tech solutions to achieve greater financial inclusion, has taken another strong step towards this objective through its ‘Micro-ATMs’ similar in design to Point-of-Sale card machines. Spice Money has already been rolling out the cash withdrawal facility across its 2,00,000 merchant points through Aadhaar Enabled Payment System. It continues to add thousands of merchants to this network every month.
Considering the fact that Confederation of ATM industry (CATMi) has announced its plans to shut down nearly 50 per cent ATMs due to high maintenance cost of software and equipment upgrades, Spice Money has taken up the pressing task of developing an alternate transactional framework. The enterprise’s AEPS systems enable thumb-print driven transactions through, while its Micro-ATMs allow users carrying debit cards to do essential financial transactions. The AEPS systems have already reached across 2 lakh customer touchpoints, while more than 10,000 micro-ATM devices spread across the states of UP, Bihar, Jharkhand and Orissa are easing financial operations for millions of Indians every day.
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What is Micro ATM? This fintech has just made withdrawing money, balance enquiry even easier
Publication- Zee Business
Edition- Online
Date- 28 June, 2019
Similar to bank ATMs, the micro Automated Teller Machine (ATM) also provide traditional services like withdrawing cash, balance enquiry, cash deposits and much more. However, the micro ATMs are best for carrying out cash transactions in situation when bigger ATMs are running dry. Micro ATMs as the name suggests are a mini version of an ATM. They are developed with features like point of sales (POS), connecting banking networks through GPRS for carrying bank-related transactions. Equipped with card swipe facility, the micro ones can even operate via fingerprint scanner. Generally, these mini ATMs are situated in remote or mobile locations.
Guess what! This Fintech has done
To strengthen the use of Micro ATMs, Spice Money, a DiGiSPICE Group company dedicated towards applying fin-tech solutions to achieve greater financial inclusion, has taken another strong step towards this objective through its ‘Micro-ATMs’ similar in design to Point-of-Sale card machines. Considering the fact that Confederation of ATM industry (CATMi) has announced its plans to shut down nearly 50 per cent ATMs due to high maintenance cost of software and equipment upgrades, Spice Money has taken up the pressing task of developing an alternate transactional framework.
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Competitors
Industry News
Micro ATMs a big hit in rural India, transactions in May touch 33.5 million
Publication- The Economic Times
Edition- Online
Date- 28 June, 2019
More than a million Indians are scanning their fingerprints and withdrawing cash at local kirana stores every day through biometric-abled payment channel from their bank accounts linked with Aadhar to fulfil their cash needs. With an annual growth rate of 150% since 2016, the Aadhar-Enabled Payments Channel (AEPS), which falls under the broader category of micro-ATMs, has emerged as one of the fastest growing payments systems in the country, second only to the Unified Payment Interface (UPI) system in terms of annual volume growth.
As per latest National Payments Corporation of India (NPCI) data, 33.5 million transactions worth Rs 9,000 crore happened over micro ATMs in May.
In the first five months of the calendar, nearly 145 million transactions have taken place through this channel as against an overall transaction volume of 200 million in the entire 2018. “While UPI addresses just top 80 million customers, AEPS caters to 800 million customers who are neglected by banks,” a senior private sector banker said. “With increased impetus by government on Direct Benefit Transfers (DBT) for transferring the government schemes to the citizens, such access infrastructure can go a long way in fulfilling financial inclusion mandate of the government,” the person said, requesting anonymity.
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WhatsApp Payments moves closer to launching in India
Publication- India Today
Edition- Online
Date- 28 June, 2019
WhatsApp, today, is being used for everything from sharing photos and songs to important files and documents. However, one critical functionality that remains beyond use for a vast majority of people in India is the ability to receive money via WhatsApp Payments. But that is about to change as soon WhatsApp users in India will be able to send and receive money using one of the most popular messaging apps in the world.
WhatsApp has been loggerheads with the Reserve Bank of India (RBI) over the central bank's requirement of data localisation. To give you some background, the central bank wants all the payment facilitators in India such as WhatsApp, Visa, Mastercard and Google to store all their payments related data pertaining to Indian citizens locally. However, earlier this year, WhatsApp changed its stand and decided to comply with RBI's demand.
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Cox & Kings defaults on payments of Rs 150 crore
Publication- Money Control
Edition- Online
Date- 28 June, 2019
Travel and tour company Cox & Kings June 27 said it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by rating downgrade. Cox & Kings said it would meet its financial obligations "through a combination of internal accruals and monetisation of assets". The company was required to pay Rs 200 crore, however, Cox & Kings was able to pay only Rs 50 and defaulted on Rs 150 crore.
"We wish to further state that the Company has been meeting its liability obligations. "However, due to cash flow mismatch and a situation exacerbated by rating downgrade, the Company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets," said Cox & Kings in a regulatory filing.
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