Fintech News · 28 October 2026 · 3 min read
In short: Spice Money, a subsidiary of DiGiSPICE Technologies, has received in-principle approval from the RBI to operate as a Payment Aggregator – Physical (PA-P). The company told the stock exchanges on 23 October 2026. It plans to use its network of about 17 lakh agents to help small shops in towns and villages accept digital payments.
Key facts
| Item | Detail |
|---|---|
| Approval | In-principle authorisation, Payment Aggregator – Physical |
| Law | Payment and Settlement Systems Act, 2007 |
| Disclosed | 23 October 2026 |
| Network | About 17 lakh ‘Adhikaris’ and agents, including about 2 lakh merchants |
| Payment modes | QR codes and Aadhaar Pay |
| Earlier licences | Prepaid payment instruments, Bharat Bill Payment operating unit |
A payment aggregator is a company that lets shops accept digital payments and then settles the money into the shop’s bank account. The ‘physical’ licence covers in-person payments at a counter, such as scanning a QR code or paying with your fingerprint through Aadhaar Pay. Spice Money wants to sign up kirana stores, pharmacies and small traders, and help lenders such as NBFCs and microfinance firms collect payments in rural areas.
This is not the final licence yet. Spice Money must meet the RBI’s conditions within a set time and follow the RBI’s rules for payment aggregators.
What it means for you
- More local shops may start accepting QR and Aadhaar Pay, which helps people who don’t carry cash or don’t use a smartphone.
- With Aadhaar Pay, money is taken from your bank account using your fingerprint. Always check the amount on the screen and ask for a receipt.
- Never share an OTP or your UPI PIN with an agent. If a payment goes wrong, complain to the provider first, then to the RBI Ombudsman if it is not fixed in 30 days.
New to digital payments? Start with the basics on our Learn page.
Sources
- Elets BFSI: Spice Money gets RBI in-principle nod as physical payment aggregator
- Whalesbook: DiGiSPICE subsidiary Spice Money gets RBI nod
This is a news summary for education, not investment advice. Figures are as reported on or before 28 October 2026; check official sources before making decisions.