Spice Digital has received CoA from RBI for operating as BBPOU. The BBPS, through its centralized bill payment system allows the users to use a single website or outlet to pay all their monthly or repetitive bills such as mobile phone and electricity.
Bill payment is a major component of the retail payment transactions in India, and is characterized by the presence of large number of billers, and aggregators who provide a variety of payment options to customers. According to the Digital Payments 2020 report by Google and Boston Consulting Group, non-cash contribution in the consumer payments segment will double to 40 per cent. Since January, 2017 the Bharat bill payment market has grown by nearly 70 times in over 6 months. According to the same report in this new era of digitization, India will see digital payments exceed USD 500 billion by 2020 and non-cash transactions exceed cash transactions by 2023.
SDL’s Spice money is making financial technology even more accessible to the common man. With a vision to bridge the gap of digital divide, Spice Money aims to reach the remotest corner of the nation bringing basic Fintech services like direct money transfer, Mini-ATM, Aadhar Enabled Payment System (AePS), health and vehicle insurance, travel booking and bill payments at every Indian’s reach.