In the upcoming quarter, India’s Fintech Company will be providing B2B Spice Money Transactions facilitated by ONDC. Spice Money, a subsidiary of DiGiSPICE Technologies that is among the five buyer applications on the government-supported e-commerce platform that is an Open Network for Digital Commerce (ONDC), is set to expand its business to the B2B sector via the ONDC platform in the upcoming quarter with the introduction of electronics.
Spice Money has enabled B2C transactions in select pin codes of Bengaluru and is now looking to expand its reach to rural India. By leveraging its 11 lakh service providers, the company aims to provide easier access to products such as mobile phones in semi-urban and rural areas.
The company currently provides services to those who are not digitally literate. These services can include payment of bills, travel arrangements, top-up of mobiles, ATM withdrawals, and cash management.
About Spice Money
Spice Money is an innovative online portal that offers a variety of services to its users. It has become increasingly popular due to its comprehensive range of features, including its user-friendly rating system.
Spice Money Portal has seen massive success in recent times, due to its wide range of services available to both agents and customers. It is highly recommended that one should explore the application and take advantage of its features.
What the CEO of Spice Money Sanjeev Kumar Said
Sanjeev Kumar, the CEO of Spice Money, recently told to ET, revealing that the company has a vast network of 1.1 million merchants across 2.1 lakh villages in rural India.
These merchants, which include grocery store owners and mobile phone accessory sellers, that have been appointed as ‘Spice Money Adhikaris’, allowing them to provide a range of services to rural customers via the digital platform.
Approximately 25 million customers are provided the services by Spice Money every month. On average, around 40 million transactions are conducted on the platform every month.
How is the Spice Money Model Work
Spice Money’s operations are based on a transaction-based business model, resulting in service fee revenue from each transaction. Two-thirds of this revenue is then distributed to Adhikari and its partners. By the end of the second quarter of fiscal year 23, Spice Money had generated a total service fee revenue of 98 crore rupees.
Mr. Sanjeev KumarKumar explained that the services they provide include basic banking services such as withdrawals, transfers, and deposits as the nearest bank branch could be located up to 25 kilometers away.
As this segment is not particularly tech-savvy, they have Adhikari to help them out with tasks such as electricity bill payments, mobile recharge, DTH payments, loan repayments, and ticket bookings. Looking to the future, Kumar mentioned that they plan to add more services.
B2B spice money login
In order to access the spice money B2B portal on Spice Money, please visit the official website.
- Access the Spice Money B2B Login portal by clicking the corresponding link.
- Please enter your valid Username and Password to gain access to the spice money b2b portal.
- Once you have completed the steps, the application will be displayed on your screen.
- It is essential that you read all the service’s terms and conditions before proceeding further.
- Once you click the OK button, you will be redirected to the next page.
And if you want to reset your password, simply follow the instructions provided on the online B2B spice money portal.
Spice money agent login
In order to gain access to the Spice Money Portal as an Agent, please visit the official website.
- You will need to download and set up the application on your device.
- Download and launch the Spice Money application, then click on the link to become an Agent.
- To proceed to the next step, please provide a valid mobile number so that you can receive an OTP (one-time password).
- You will receive an OTP on your mobile phone.
- In order to proceed to the next step of the process, you must provide the OTP.
- To access the Spice Money Login Page, you need to provide certain basic personal information.
After carefully considering the terms and conditions of the Spice Money App, then proceed. Congratulations, you have successfully registered on the Spice Money App as a Spice money agent.
B2B foray on ONDC
Mr. Kumar also highlighted the importance of onboarding Adhikari as B2B spice money buyers on the app, as they are merchants, in order to help them and save time and money.
They can utilize the digital platform, they will be able to easily purchase a wide range of mobile accessories at competitive prices, enabling them to source their goods from a much wider range than they would have been able to take from their local area.
The potential for Business-to-Business (B2B) trading on ONDC is vast, particularly in rural areas which have been difficult to access for many sellers.
To capitalize on this opportunity, our 11 lacks Adhikari/merchant network and will be able to enable B2B spice money buying and selling of electronics on ONDC in the coming quarter. We have identified a significant demand for the electronics category and believe that our merchant network is well-positioned to facilitate this activity.
In order to ensure the successful implementation of their B2B spice money product in rural India, it will be necessary to conduct tests assessing the logistics, delivery, supply chain, consumer experience, and grievance redressal.
By following that, the company plans to expand its product range beyond electronics to include home décor, as well as partner with various local logistics providers to enable transportation between district headquarters and villages.
Conclusion
On this page, we are provided comprehensive information regarding the Spice Money Portal Online and the services they offer, and how the B2B spice money system works. If you wish to use this portal, you should stay up to date with the latest updates and take advantage of its excellent customer and agent services.
Post Reference: economictimes.indiatimes.com