India’s Mobile Wallet For Enterprise Payments

Will mobile payments take off in the world of B2B? The market isn’t sure, but one mobile wallet in India is probably hoping so.

Reports on Tuesday (Dec. 22) said SpiceMudra, a prepaid wallet launched by Spice Digital, is now entering the world of enterprise payments. Earlier this year the company received authorization from the Reserve Bank of India and has since seen significant traction.

[bctt tweet=”SpiceMudra is now entering the world of enterprise payments.”]

The wallet has focused on providing banking services for the underbanked and utilizing domestic money transfer services, like bill pay and transit ticketing. In October alone, the company reported transactions that linked 4,000 retail partners into its network across the nation.

But reports say the company will now be turning to enterprise payments. SpiceMudra is eyeing a service to enable Immediate Payment Service (IMPS) transfers to digitize fund disbursement to corporate bank accounts, reports said.

The company has also recently launched an Android app geared specifically for B2B sellers to facilitate mobile money transfers. Reports said the solution focuses on businesses in rural areas that are not always near a bank branch.

B2B eCommerce has become a focus for major corporations in India, including Amazon and Walmart. But B2B ePayments have seen a bit less attraction. Mobile payments, however, have been eyed in recent years as a potential solution to underbanked businesses in rural areas of the globe, allowing SMEs to pay suppliers via mobile devices that are often affordable.