December 2, 2022

Spice Cash’s mPOS service (Picture credit score: Spice Cash web site)

Fintech firm Spice Cash established an ATM community with 1 lakh Spice Cash micro-ATMs throughout rural areas within the nation, making it the fastest-growing micro-ATM community in India. With this milestone, Spice Cash has lined 95 per cent of Indian rural pin codes to carry digital and monetary inclusion within the rural areas, in accordance with an announcement shared by the corporate on Tuesday, August 17. 

Presently, the best variety of conventional ATMs put in by any financial institution within the nation stands at roughly 60,000. The nation’s largest rural fintech firm registers greater than Rs 1,000 crore value of transactions on a month-to-month foundation via its mATM community.

The corporate integrates expertise into the agricultural monetary community and gives monetary inclusion for its ‘Adhikaris’ or banking correspondents, the Kirana shops, stationery outlets, or any particular person with entry to the web. Spice Cash has greater than 7 lakh Adhikaris on its community, which permits it to maximise the attain of the micro-ATMs to the cash-driven elements of the nation.

People can equip themselves with the Spice Cash micro-ATMs and switch their companies right into a ‘Spice Cash ‘Digital Dukaan”, providing important banking providers of money withdrawal, deposit of their native communities, in accordance with the corporate’s assertion.

Amid the COVID-induced lockdown, micro ATMs emerged as the important thing driver to help individuals with money withdrawal and different important providers. Spice Cash’s mATM community grew from simply over 18,000 in February 2020 to greater than 1,00,000 as of as we speak.

”Spice Cash micro ATM is an ideal match for such small enterprise homeowners who can now convert their companies to Spice Cash Digital Dukaan, in zero value, and supply an extra service of important banking merchandise to their clients,” stated Sonu Sood, Model Ambassador and Advisory Board Member, Spice Cash.

”Micro-ATMs can play the more and more essential function of bridging the hole in monetary providers by bringing the comfort of banking transactions proper to the following door kirana shops in rural India,” added Mr Sood.

Greater than 90 per cent of Spice Cash’s community is in semi-urban and rural India. The corporate gives providers sich as Aadhar enabled fee system for money withdrawal, invoice funds, mini ATM, insurance coverage, money deposits, Pan Card and mPoS providers, amongst others. The providers can be found via the Spice Cash App (Adhikari App) and internet portal. 

“As of March-end 2021, India had simply 2.39 lakh ATMs for a inhabitants of over 1.3 billion. This quantity establishes the inadequacy of the ATM infrastructure in our nation to deal with the wants of the semi-urban and rural financial system that’s rising on the again of direct profit transfers via Jan Dhan accounts,” stated Sanjeev Kumar, Chief Government Officer, Spice Cash.

”Whereas establishing a lakh-strong ATM community is a milestone for us, we are going to proceed rising our attain and supporting extra rural clients of their monetary wants,” added Mr Kumar.

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