BankTech

New Wallets Launched in India: SpiceMudra & XPay; and Visa Shuts M Payments Venture

Spice Digital Launches Prepaid Mobile Wallet SpiceMudra

Spice Digital, a subsidiary of Spice Connect, has launched its prepaid mobile wallet SpiceMudra which will mainly focus on domestic remittances and enterprise payments.

The company has recently received a semi-closed prepaid payments wallet license from the Reserve Bank of India (RBI) in May. SpiceMudra will make domestic money transfers and all kinds of utility services payments possible like bill payments, recharge and ticketing services. The wallet shall also be redeemable at several retail locations, establishments and e-commerce websites all over the country.

Speaking on the launch of the service, Saket Agarwal, Global CEO of Spice Digital, said, “Even though mobile wallet usage is growing rapidly in metros and Tier I cities, there is a huge untapped opportunity for domestic money transfers in semi-urban and rural areas. We have launched SpiceMudra to cater to this large unserved population by offering them a convenient and safe mode of domestic money transfer.”

“We will also focus on collaborating with state governments and private enterprises for paperless money transfers and reimbursements. We are confident that through our unparalleled and wide merchant network, we can provide remarkable solutions to customers and thereby contribute towards the digital economy vision of the government of India,” added Agarwal.

The company has 3,000 retail outlets across India facilitating domestic money transfers. Anyone can deposit fund with any of these retail partners and the fund will then be transferred to the recipient bank accounts instantly.

The wallet mainly targets the domestic remittance market. It is a safe and easy method of money transfer for the immigrant population whose number is increasing every day. The service is one more step towards a cashless economy which is the Indian government’s vision.

Visa Shuts Its Mobile Payments Venture in India:

Visa, one of the leading payments companies globally, has shut its mobile payment venture in India after leading telecom companies refused to share their network. 

Movida India, a five-year-old 50:50 joint venture that Visa had formed in collaboration with Monitise Plc UK, has now closed down. Naushad Contractor, head of the 50:50 JV, has left according to Economic Times.

Visa established this customized platform with Monitise’s software so that the banks can offer their customers mobile payment services.

"It happened at a time the mobile companies themselves were emerging as serious players in the mobile banking space. The telecom regulator and the concerned ministries were in favor of letting Visa use the channel of telcos. But the telcos refused to share their bandwidth and network though they had grudgingly given access to the state-backed National Payments Corporation of India (NPCI)," said a senior person in the payments industry to Economic Times.

"I believe the telcos did not have a choice when it came to NPCI as the PM himself was gung-ho about financial inclusion and 'Digital India' through mobile banking. Well, Visa did strike deals with a few telecom companies but they were not the biggies. It made no sense for Visa to continue the venture unless users of leading mobile companies used the service," the person quoted above added.

XPay Wallet by UAE Exchange India:

UAE Exchange India, remittance and foreign currency exchange player, has launched XPay Wallet - a mobile app. The company will be the first non-banking finance company to offer foreign exchange services through the mobile wallet. Other than this, the app will also offer services like booking tickets, loans, money transfer and prepaid mobile top-up. XPay wallet also provides payments solutions through quick response (QR) code.

Speaking on the occasion of the launch, V George Antony, MD, UAE Exchange India said to Business World, “UAE Exchange India is the first foreign exchange company to introduce mobile app in India, for buying forex. We, at UAE Exchange will continue to focus on innovations in technology to offer unique propositions that are simple, fast and convenient”.

“Company invites all to download XPay wallet and use it for their payments and receipts and support India in moving to a digital economy. Mobile wallet can become a house hold habit if many people start using it for making payments which will bring convenience to the lives of the people”, said Mr. V George Antony, MD, UAE Exchange, India.

XPay has been designed in such a way so that it can reduce the time taken in currency exchange processes. The app also provides online foreign exchange booking and home delivery facilities to fit the demand of today’s generation.

The wallet can be downloaded from Play store or UAE Exchange’s website.

Priti Thakur

Priti has keen interest in digital money and fintech startups . She completed her B-School education this year and likes to write about innovation with respect to digital payments.

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