Spice Money is a digital and FinTech company based in Noida. It provides multiple services to merchants and retail counters such as money transfer/remittance, mini ATM, etc
To decrease the maintenance cost on Physical ATM and to develop an alternate transactional framework, Spice Money, a financial technology (FinTech) company based in Uttar Pradesh's Noida, had launched 'Micro ATM' a couple of years back. The purpose of this was to achieve greater financial inclusion and curb down the cost that a bank spends maintaining a physical bank ATM.
Spice Money, a DiGiSPICE group company, is a digital and FinTech company based in Noida. It provides multiple services to merchants and retail counters such as money transfer/remittance, mini ATM, etc. It provides micro-payment services where a sender and receiver get cash in their bank simultaneously.
The Micro ATM helps to withdraw, deposit cash, enquire balance in the bank account. It gives all the traditional facility that the ATM provides. It is a cost-effective tool for small traders and shopkeepers. This is where the FinTech company like Spice Money establishes itself in a new market and build its own brand.
Considering that the Confederation of the ATM industry (CATMi) has decided to close almost 50% of ATMs due to the increasing cost of software and upgrades that need to be done in the equipment, Spice Money's system has come in handy for small merchants and consumers.
The Spice Money has already started issuing cash across its 2,00,000 merchant points through Aadhaar Enabled Payment System.
This system has enabled and empowered the local retailers and kirana store owners to carry out necessary financial transactions other than Point-on-Sale machine. The micro ATM has allowed an essential transaction such as cash withdrawal and balance enquiry. The users can swipe the card on the machine and can withdraw cash or do a balance enquiry or even can change or secure a PIN ID.
"India has the world's second largest number of internet users and is expected to have more than 450 million smartphone users by 2022," says Spice Money.
Spice Money had claimed in last December that it had crossed Rs 1400 crore gross value transaction.
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