Spice Money: Industry Monitoring 30 April 2019
- Priyanka Kanodia
- Apr 30, 2019
- 3 min read
Spice Money
Industry News
3 fintech companies plugging the gap in financial inclusion (India)
Publication- How 2 Shout
Edition- Online
Date- 30 April, 2019
India is poised for a Financial services disruption and the following are the fintech companies that are on a mission to plug the gaps in access to various financial services for the masses across the length and breadth of India:
Spice Money - Spice Money which is a part of Spice Digital. the company’s main motive to launch Spice Money to ease the money related transaction at ground level by providing Spice mini ATM, bill payments options, airtime recharge and mPoS services. It has around 85% of the accumulative 150,000 Customer Service Points (CSPs) in semi-urban and rural India due to a deep presence in ‘Bharat’. They have dense footprints in BIMARU region, comprising the states of Bihar, Jharkhand, Madhya Pradesh, Rajasthan, Chhattisgarh & Uttar Pradesh; accounting for 65% of India’s population. So, with the help of wide Spicemoney agent netwrok, it helps in bridging the gap across financial services in India.
Please click on the link below:
The Mobile Wallet Market Analysis: Expectations vs Reality
Publication- Market Research Gazette
Edition- Online
Date- 30 April, 2019
Latest market research report titled Mobile Wallet Market in India 2017 states that the digital market has greatly benefitted from the recent demonetization in India, which has boosted the usage of m-wallets in the country. The m-wallet is driven by increased usage of smartphones, 3G and 4G penetration and growth of e-commerce industry, combined with the rise in disposable income. Post demonetization, the monthly average wallet spending has jumped from INR 500-700 to INR 2000-10,000. Within next four years, prepaid instruments transactions will grow to become the double of mobile banking transactions. Companies like PayTm, FreeCharge, Mobikwik, My Airtel, Oxigen Wallet, My Vodafone, and Pockets by ICICI are the main players in this industry.
Increased cases for cybercrimes in India, lack of trust in digital payment gateway, compatibility issues, consumer mindset and financial regulations are adversely affecting the market. Many companies are expanding and restructuring with the aim of not only increasing their gross merchandise value but also to launch other financial services such as loans and investments on their platform. With the convenience of payment and other benefits offered by digital gateways, the m-wallet industry is expected to grow exponentially.
Please click on the link below:
PhonePe introduces ‘keyboard’ app to make UPI-based digital payments easier
Publication- BGR
Edition- Online
Date- 30 April, 2019
Bengaluru-based digital payments firm PhonePe has introduced a new “Keyboard” app that makes it easier for Android users to digitally transact while using other apps. The new keyboard app looks and feels exactly like Google keyboard app that most Android users are used to. However, it includes a dedicated PhonePe button on the top left, just above “Q” which gives you quick access to send and request payments, and check balance. It is an innovative, first of a kind solution that aims to make digital payments easier.
“The PhonePe keyboard is an industry first initiative that will give PhonePe consumers the power to transact seamlessly and securely even while using other apps on their smartphone. PhonePe users no longer need to toggle through multiple apps and they can easily transact while having a conversation with their friends and family on their preferred social platform. The PhonePe keyboard will revolutionize the payments experience and is in line with our constant endeavor to build the best experience for PhonePe users,” said Vishal Gupta, Head of Product, PhonePe.
Please click on the link below:
Amazon launches P2P payments on UPI for Android users
Publication- Medianama
Edition- Online
Date- 30 April, 2019
Amazon Pay on Monday launched person-to-person (P2P) payments for Android users, who can now make instant bank-to-bank transfers using the UPI platform on the Amazon app. It will also let users make payments from their bank account to local stores or to Amazon’s delivery agents via scanning UPI QR codes. It can be used to settle bills with friends, lend or return money to family, pay rent, and for services like house-help, newspaper bills and more, the company said.
The new feature will let Amazon users send or receive P2P payments by simply selecting a contact on their phone. The app will automatically detect if the contact is a registered Amazon Pay UPI customer and enable instant bank-to-bank transfers. If the contact is not registered for Amazon Pay UPI, the user will have the option to pay using any another BHIM UPI ID or the contact’s bank account. All P2P payments are secured through multi-factor authentication involving the user’s phone, SIM details, and UPI PIN, Amazon said. The app will also display recent transactions to make it easier for customers to make repeat payments.
Please click on the link below:
Comments