The broader shift towards cashless transactions, Growing Penetration Of Digital Payments In Rural Areas
FinTech BizNews Service
Mumbai, 6 November, 2024: Bharat Connect processed transactions totalling Rs 1 trillion (Tn) in October 2024, recording 239.31 million transactions that month.
Dilip Modi, Founder & CEO of Spice Money, is happy with the milestone. He states: "Bharat Connect’s achievement of processing Rs1 trillion in transaction value in October marks a significant step forward in our mission to enhance digital payments across India. As digital adoption continues to grow across the country, the demand for seamless, secure, and convenient payment solutions has become critical. This growing penetration of digital payments in rural areas reflects the broader shift towards cashless transactions in India, driven by government policies such as Digital India and the rising adoption of UPI. As the industry continues to evolve, we see significant potential for further growth in rural fintech, particularly in expanding digital literacy and access to financial services that bridge the urban-rural divide.
At Spice Money, we are committed to empowering rural India by providing seamless access to essential financial services through our network of Adhikaris. By positioning Bharat Connect as a one-stop solution for bill payments—ranging from mobile recharges, DTH services, and loan EMIs to utility bills and FASTag recharges—we aim to enhance the earnings potential of over 4,00,000 Adhikari counters across the country. In just the past three months, approximately 1,00,000 Adhikaris processed around 21.7 lakh transactions worth ₹450 crores on our Bharat Connect platform, with electricity bill payments leading the way. Spice Money’s vision is closely aligned with NPCI Bharat BillPay Ltd.'s mission to transform India's payment ecosystem. By embedding platforms like Bharat Connect into the daily lives of households, we can drive financial inclusion on a large scale and accelerate digital adoption across the country.”
