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Spice Digital’s new mobile wallet to focus on remittances

Mobile VAS and Internet products company Spice Digital has launched a new mobile wallet called SpiceMudra which will focus on domestic remittances, reports the Economic Times. Earlier in May, Spice Digital (a subsidiary of Spice Mobility) received its a semi-closed pre-paid payments wallet license from the Reserve Bank of India (RBI). The ET report also added that Spice Digital's 3,000 retail outlets will help with the remittances using the wallet and that the company plans to expand to other services such as bill payments, mobile recharges and ticket booking. Speaking to the publication, Spice Connect CEO Sakat Agarwal also said that the wallet will be integrated with Spice's handsets to enable easier payments for customers. "We are seeing an average ticket size of Rs 3500 per person and remittances of Rs 1 crore in a day. Customers can deposit cash at any of these outlets, which will then be remitted to their family or friend's bank accounts instantly," Agarwal added. Other wallets in recent times Mobile commerce marketplace and digital wallet Paytm announced its plans to add movie and entertainment tickets on its platform later this week. Vijay Shekhar Sharma, founder and chairman of Paytm said that it was planning to create a marketplace for entertainment tickets with deals and offers. In recent times, online recharge and couponing service Freecharge launched its wallet with private sector lender YES Bank. India's third largest private sector lender Axis Bank also launched a mobile app which integrates wallets, banking, payments and shopping called Lime. The RBI also granted…

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