Spice Money’s mPOS service (Image credit: Spice Money website)
Fintech company Spice Money has established an ATM network with 1 lakh Spice Money micro ATMs in rural areas in the country, making it the fastest growing micro ATM network in India. With this milestone, Spice Money has covered 95 percent of India’s rural PINs to bring digital and financial inclusion to rural areas, according to a statement the company shared on Tuesday, Aug. 17.
Currently, the highest number of traditional ATMs installed by a bank in the country stands at about 60,000. The country’s largest nationwide fintech company records more than Rs 1,000 crore in transactions monthly through its mATM network.
The company integrates technology into the nationwide financial network and ensures financial inclusion for its ‘Adhikaris’ or bank correspondents, the Kirana stores, stationery stores or anyone with access to the Internet. Spice Money has more than 7 lakh Adhikaris on its network, which allows it to maximize the reach of the micro ATMs to the money driven parts of the nation.
Individuals can equip themselves with the Spice Money micro ATMs and turn their business into a ‘Spice Money ‘Digital Ducan’, offering essential banking services such as cash withdrawal, deposit in their local communities, according to the company’s statement.
During the COVID-induced lockdown, micro ATMs emerged as the main driver to help people withdraw cash and other essential services. Spice Money’s mATM network grew from just over 18,000 in February 2020 to over 100,000 as of today.
“Spice Money micro ATM is a perfect fit for small business owners who can now convert their business to Spice Money Digital Dukaan, at no cost, and provide an additional service of essential banking products to their customers,” said Sonu Sood, Brand Ambassador and member of the advisory board, Spice Money.
“Micro ATMs can play an increasingly critical role in bridging the financial services gap by bringing the convenience of banking transactions to the adjacent kirana. shops in rural India,” added Mr Sood.
More than 90 percent of Spice Money’s network is located in semi-urban and rural India. The company offers services such as Aadhar-enabled payment system that includes cash withdrawal, bill payments, mini ATMs, insurance, cash deposits, Pan Card and mPoS services. The services are available through Spice Money app (Adhikari app) and web portal.
“As of March 2021, India had only 2.39 lakh ATMs for a population of over 1.3 billion. This number confirms the inadequacy of the ATM infrastructure in our country to meet the needs of the semi-urban and rural economy that is growing thanks to direct benefit transfers through Jan Dhan accounts,” said Sanjeev Kumar, Chief Executive Officer, Spice Money.
“While establishing a tremendously strong ATM network is a milestone for us, we will continue to expand our reach and support more rural customers in their financial needs,” added Mr. Kumar.
