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Pandemic amplified the need for contactless payments to reduce transmission risk

The fintech industry wants continued focus and sector-friendly policies to be implemented to boost more participation in this sector, especially for the business correspondent (BC) industry, which is truly the poor man’s network and plays a pivotal role in ensuring financial access. “The fintech industry of the country hopes to see continued focus and sector-friendly policies,” Anand Kumar Bajaj, Founder, Managing Director and CEO, PayNearby, tells Bizz Buzz

How has been the journey of fintech companies in India so far?

Fintech companies have come a long way in the country over the past few years. Post demonetisation, there has been a radical rise in the number of fintech startups in the country, especially in the payments sector. With the success of AePS, UPI and P2P payments, there has been a rise in digital banking and app-based services. Collaborations between incumbents and technology disruptors have completely changed how financial services are delivered and integrated into everyday experiences. Examples of numerous use cases enabled by these rapid advancements include paymenttech, insuretech, robo advisory, data visualisation, lendtech for thin file customers and financial discovery platforms.

Rapid advancements in financial technology, together with rising collaboration between banks and new-age startups have the potential to bridge the digital and financial divide that exists in the country and create a stronger India. By democratising and satchetising products into consumable experience, fintech startups are universalising banking services among the masses and creating long-term sustainable financial models. It is now seen as a sector that is making the impossible possible.

The pandemic has made 2020 an unprecedented year and has boosted prospects for the fintech players in every aspect of life. How do you see it in terms of business facilitation? What is the way forward, present challenges and demands from the government and the RBI?

Covid-19 may have severely impacted businesses worldwide. With restricted mobility, there has been a major thrust towards digitisation globally. The pandemic has amplified the need for contactless payments to reduce the risk of transmission. This has given a major boost to digital payment adoption in the country and is also helping in promoting new form factors and experiences in this sector. With wide-scale restructuring in most sectors, and businesses and consumers going online, the only way forward for digital payment industry from here is northwards. As it propels towards growth, what needs to be kept in mind is that we put the right firewalls and security measures in place that protects the interest of consumers.

With ATMs becoming unviable to run in many parts of the country, especially in rural regions where even otherwise there was limited penetration, there is an urgent need for cost-effective digital architecture to provide accessibility to financial services. Branchless banking has seen a significant rise since the lockdown. One cannot ignore the role of Aadhaar banking in disbursal of DBT (direct benefit transfer) funds to masses during the pandemic, led massively by the tireless effort put in by the agent banking network.

The existing geographical challenges which have aggravated further in the wake of the pandemic has impeded accessibility to financial services in many areas, and this is where agent banking or business correspondents stepped in. They played a pivotal role in ensuring that the last mile had access to resources to tide this pandemic. In a country where there are less than 18 ATMs per lakh people, there is an immediate need to multiply business correspondents’ network multifold. So, it is imperative that we have enough support system for the BC industry so that they are viable and have the motivation and resources to execute their critical role in these difficult times.

On the technology side, there is a need for robust mechanisms that use tools like data science, artificial intelligence, blockchain and machine learning to fortify transaction security that can pave the way for true digital transformation. Additionally, regulatory bodies are now focusing on methods to bring rural India into the digital fold through innovative form factors.

As India moves towards a rapid digital growth, PayNearby is committed to simplifying high-end technology for the bottom of the pyramid, so that benefits of digital payments and digital banking can reach the masses. We are focused on creating form factor-agnostic digital payment solutions, available at over 10 lakh nearby outlets, so that there is a solution for every customer need. We want to ensure essential banking services are available for every citizen in the country at a store nearby, and the gap between Bharat and India can be bridged once and for all.

RBI has proposed a full-fledged separate division for the fintech players. How do you see it? What kind of dialogue are you having with the regulator and bankers amidst the evolving economic scenario and needs of the present time?

The fintech ecosystem in India has been fortunate enough to have progressive regulators with a strong, undeterred vision to usher in widespread financial inclusion. Over the last few years, RBI has created policies to boost new forms of lending and payment institutions such as mobile wallets, P2P lending and payment banks. It has also been making regulatory changes to encourage digitisation of banking, credit and payment services. Various initiatives such as the Innovation Hub, Regulatory Sandbox, OCEN (Open Credit-Enabled Network) and AA (Account Aggregator) are sure to boost innovation and test the viability of new technologies. Regulatory bodies like NPCI have made India the poster boy of digital payments through the unprecedented success of UPI and its monumental growth has caught the eye of major companies globally, putting India on the map as a digital innovator, rather than just an implementor.

We hope to see continued focus and sector-friendly policies implemented to boost more participation in this sector, especially for the business correspondent industry, which is truly the poor man’s network and plays a pivotal role in ensuring financial access. Friendly taxation policies and booster packages will go a long way in driving more participation in agent banking programs across the country.

How fast is the industry adapting and catering to the growing need of go-digital, a move highly promoted by RBI and the government?

Since the pandemic, we have seen digital payment platforms breaking records with UPI crossing 2 billion transactions a month, almost a 2x growth since last year, with a 135 per cent increase in overall the digital payment usage, especially in rural areas. AePS has also been critical in facilitating access to government relief funds and DBT access and has seen exponential growth during this period. MSMEs, too, have adapted to going digital, with PayNearby being instrumental in bringing kirana stores and local retailers online and helping them be a part of the e-commerce wave. Digitisation has mostly taken off successfully in urban areas, riding on the massive success of UPI and payment apps, but a lack of awareness and digital infrastructure still inhibit the rural sector. A concerted effort to handhold them to adopt digital transactions through agent banking and assisted tools is the key to catalysing this process and bridging the digital divide.

None of our resumes included experiences to deal with a situation like COVID. To call it a unique period, at least in our lifetimes, will be an understatement. So, as we fought our way through the pandemic, our success or failure depended solely on how well we adapted to the rapidly evolving situation. There wasn’t any play book to refer to. To overcome adversity, the earliest realization was the need to acknowledge adversity and accept that in the short to medium term, none of our lives, including those we serve, remained the same.

Successful organizations are defined by the level of empathy that they have with their audience and how well businesses understood the emotions, the everyday lives, the highs and lows of their user group. COVID brought a tectonic shift in everything. As people battled through bereavement, anxiety, job losses and unfathomable challenges of operating in a no-contact environment, businesses needed to quickly realign expectations and figure out what was relevant in today’s context.

COVID has accelerated digitization in all aspects of our lives, and the future is to ensure form factor agnostic digital payments, easily available at neighbourhood stores so that the digital divide between Bharat and India can be bridged once and for all: Jayatri Dasgupta

Organizational orientation in the world of crisis had to quickly shift from bottom lines to servicing, of ensuring every department came together to reimagine their services in the current context. Initiatives had to err on the side of humanity, often with no immediate returns, but with the ability to alleviate customer pain and create an emotional bond with the target audience. Audiences would always remember the brands that have provided for them during this time.

At PayNearby, this meant that we had to recenter ourselves and clearly define areas where we could lend support to our partners and customers. As migrants battled through mass exodus and people lost their source of income, our priority became to ensure government relief funds reached the hands of the beneficiary.

With large parts of Bharat having very limited access to formal financial systems, the only way to ensure last mile access of funds was through the agent banking network. We engaged in passionate advocacy efforts to ensure our last mile stores were allowed to operate seamlessly during COVID.

A lot of attention was directed to train our retail partners, our Corona warriors, on the best practices and how to keep themselves protected while serving the masses. Crisis brought out the best in the courageous, and there were thousands of stories from the field, of valour, of selfless service which became our guiding light during these extremely difficult times. These stories had to be recognized and socialized so that each of us could draw inspiration from them and the network operated at optimal efficiency.

From a marketing and communication perspective, this became our topmost responsibility. It was our duty to ensure network motivation and efficacy, so that every citizen of the country had the financial tools to help them tide through the pandemic. Just before lockdown, we had launched our brand campaign, “Zidd Aage Badhne Ki.” In the days of chaos that followed the announcement of lockdown, we repositioned our tonality to “Zidd Seva karne ki” and “Zidd Surakshit aage badhne ki”

And from there arose multiple initiatives, like enabling cash at doorstep, setting sanitized ATM facilities at societies, launching our national jobs registry for out-of-work blue collared workers, and ensuring neighbourhood stores across the country could service their customers digitally through the BuyNearby platform.

Crisis requires us to respond to change in real-time, to ensure that we are not tone deaf, to have a realistic evaluation of both the demand and supply side, and operate from a position of service and not opportunistic profit: Jayatri Dasgupta

The importance of the network and its role in creating income opportunities and accessible solutions for both the retailer and the local community soon became very popular and we onboarded more than 30,000 new retailers at the height of the pandemic.

Today PayNearby has more than 15,00,000 registered retailers, across 17,000+ PIN Codes servicing more than 15 crore customers monthly. COVID has accelerated digitization in all aspects of our lives, and the future is to ensure form factor agnostic digital payments, easily available at neighbourhood stores, so that the digital divide between Bharat and India can be bridged once and for all. Along with focusing on core banking solutions, like inculcating habits of savings and insurance among our masses, this will be a key focus area for the organization.

Crisis requires us to respond to change in real time, to ensure that we are not tone deaf, to have a realistic evaluation of both the demand and supply side and operate from a position of service and not opportunistic profit. Brands that manage to touch the core of their users during these difficult times are brands that will stay connected forever.

Jayatri Dasgupta, Chief Marketing Officer at PayNearby, has more than 19 years of experience in marketing, brand management, product development on web and mobile, digital initiatives, and P&L management in the eCommerce sector. She earned invaluable insights from her many years of work experience at Google and travel marketing companies like Goomo, Cox & Kings, and Cleartrip.

Her leadership has been recognized by several distinguished organisations, and she has been the recipient of several industry awards – including CMO Asia’s 100 most Influential National Leaders in Marketing in 2015 and ABP NEWS Women Super Achiever for Brand Excellence in November 2014.

•     The introduction of RuPay PoS to digitally empower merchants by turning their smartphones into a PoS machine

•     RuPay PoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost

•     This unique phenomena will proliferate digital payments acceptance among millions of underserved Indian MSMEs

•     RuPay PoS enables customers to perform ‘tap & go’ payments on merchant’s NFC enabled smartphone just by taping their RuPay cards on it

•     As a pilot, RuPay PoS can also accept offline transactions of NCMC cards, a global first for RuPay acceptance, eliminating dependency on unstable internet connectivity

Mumbai, December 31, 2020: National Payments Corporation of India (NPCI) announced that RuPay has partnered with RBL Bank to launch an innovative payment solution for Indian merchants – RuPay PoS in association with PayNearby. The RuPay PoS will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers. Merchants will now be able to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on his NFC enabled mobile phones. Customers using RuPay cards or have tokenized their RuPay Cards, can carry out contactless payments for their regular purchases.

RuPay PoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost. This unique phenomena would be able to proliferate digital payment acceptance among millions of underserved and tech shy Indian MSMEs. Merchants can convert their android smartphone into a payment acceptance terminal by simply updating their PayNearby app. With RuPay PoS, nearby local stores even in the remotest areas will now be able to process contactless payments on their smartphone.

As a pilot, RuPay PoS can also accept offline transaction of RuPay NCMC, thus ensuring easy acceptance infrastructure for both online and offline card payments. Transactions of Rs. 200 and below will not require online authorization, making these transactions as quick and easy as exchanging cash. This serves the dual purpose of eliminating internet dependency for micro payment processing and at the same time ensuring hassle-free shopping experience for customers.

Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank said, “We are happy to partner with RuPay and PayNearby to offer the unique RuPay PoS solution. This initiative is aimed at transforming the digital payments landscape and democratizing access to secure and convenient modes of transaction. With the proliferation of smartphones and last mile penetration of the RuPay network, we believe accepting digital payments will become simple and cost-efficient for millions of merchants and consumers across the country. With the launch of this innovative offering, we at RBL Bank look forward to deepen our geographical penetration and multiply our customer base. We are confident that with innovations like RuPay PoS will definitely lead to the evolution of a less-cash economy in India”.

Anand Kumar Bajaj, MD & CEO, PayNearby said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat” payment solution in the country. Through RuPay PoS, we wish to build an ecosystem by adding the number of acceptance points for easy and fast digital payments. This cost effective solution is targeted towards the 30 million+ small and medium merchants in the country and empower them with simple contactless payment solutions for their customers. We look forward to empowering our retailers and consumers by blending easy-to-use digital technology with last-mile connectivity. This is how we will bridge the digital divide among the masses and create an equal Digital India”.

Nalin Bansal, Head of RuPay & NFS, NPCI said, “We are glad to associate with PayNearby, Paynext, Uvik and RBL Bank to facilitate the launch of the innovative RuPay PoS solution which will empower merchants across the country to onboard into digital payments ecosystem. We believe this revolutionary mechanism of smartphone turning into a PoS machine will deepen the penetration of digital payments and strengthen the acceptance infrastructure in the country – thereby providing a seamless transaction experience for both merchants as well as customers. Apart from easy merchant onboarding into digital payments, this facility would benefit them in reducing the hassle of dealing with cash at the counter. It is our belief that this initiative will enable merchants and customers to be Atmanirbhar by reducing their dependency on cash and at the same time accelerate India’s journey towards a less-cash economy”.

Mr. Rahul Singh, National Head – Sales and Mr. Sanjiv Singh, Head Retail Sales Strategy & Planning

Mumbai, December 23, 2020: PayNearby, India’s largest hyperlocal fintech startup, recently announced two strategic leadership hiring in Retail Sales to further strengthen and expand its omnichannel retail network. The company has appointed Rahul Singh as the ‘National Head of Retail Sales’ and Sanjiv Singh, as the Head of ‘Sales Strategy & Planning’. The latest appointments are a part of the company’s ambitious plans to drive growth, through branchless banking, across emerging businesses and for its channel partners.

While digitisation has always been on India’s agenda, PayNearby aims to play a leading transformational role with a strong digital footprint of 12 million consumers, backed by its industry-leading physical network of 10 lakhs+ retail outlets across the country. Deeply rooted in fintech and sales, these highly skilled leaders will fuel PayNearby’s mission and vision to strive to democratise digital payments and access to financial services at the last mile in the country.

Rahul Singh, who previously worked with Atishay Limited, brings with him 29 years of vast experience across several sectors like FMCG, Telecom Sales & Distribution and Fintech with a special focus on payments, mobile wallets, domestic and international remittances and AePS services. Prior to joining PayNearby, Rahul has also worked with Nokia Money, Oxigen Services, ITC Ltd, Colgate Palmolive India Ltd, Idea Cellular and Tata Docomo. As the National Head of Retail Sales at PayNearby, Rahul, apart from acquisition and strategy, will lead and manage future partnerships and alliances to diversify the company’s retail network from 10 lakhs+ to 50 lakhs+ retailers to become the one-stop-shop for branchless banking services in the country. His role will be to make PayNearby the benchmarked financial service provider in India by enabling the best-in-class sales and distribution network.

Sanjiv Singh brings to the table over 25 years of rich experience in helping businesses expand quickly and profitably. His focus has been chiefly in the fields of fintech and telecom while having worked with many renowned companies like Idea Cellular limited, Reliance Communications, Tata Tele Services, among others. During his last stint with Aditya Birla Payments Bank, Sanjiv served as the Head of Sales & Business Development and held a pan-India position for over nine years.

Sanjiv has an affinity for forming go-to-market sales strategies with a unique ability to create and manage large distribution setups. His core strength lies in defining business processes, corporate and large account management, business development and providing market research analytics. At PayNearby, his role will be to strengthen the sales processes, create an effective sales force management system while bringing efficiency in the marketplace through digital and financial enablement. He will help the company expand its portfolio while driving innovation for customer and retailer base and thus help bridge the urban-rural gap and build a digitally inclusive society.

On the appointment, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “We are delighted to welcome Rahul and Sanjiv into the PayNearby family. Rahul is a veteran and an active player in the fintech industry. He has showcased his leadership prowess in several fintech-related B2B, B2C & B2B2C assignments. His pivotal role in leading three startups to success showcases his extraordinary skills as a fintech visionary. Sanjiv’s unparalleled mastery in sales and adroitness in risk management is imperative to our future expansion goals. We are delighted to collaborate with people who are strongly aligned with our vision for the company and look forward to benefitting from their decades of expertise in the field. As we continue to double down on building the next-generation platform for digital payments, we look forward to utilising their dexterity and leadership in their respective fields to achieve expansive growth and take PayNearby to new heights. This alliance is sure to catalyse the growth of branchless banking and drive financial inclusion further.”

For more information, visit: http://paynearby.pivotroots.com/

मुंबई स्थित PayNearby, आनंद कुमार बजाज, सुभाष कुमार, यशवंत लोढ़ा और राजेश झा द्वारा सह-स्थापित, कायराना स्टोर्स के माध्यम से एकीकृत वाणिज्य हाइपरलोकल लेने का लक्ष्य है, यह देखते हुए कि ये किसी भी भारतीय इलाके में विशेष रूप से वाणिज्य का निकटतम बिंदु हैं, विशेष रूप से ग्रामीण भारत।

फिलहाल, PayNearby ऐप में 22 सेवाएं सूचीबद्ध हैं। आनंद कुमार बजाज ने कहा कि लॉकडाउन के दौरान, प्लेटफॉर्म का उपयोग बढ़ता चला गया। “हम विश्वसनीय किराने की दुकान के माध्यम से ग्राहकों की सहायता करने में सक्षम थे – जहां वे आलू, प्याज और भी ट्रांसफर के लिए कह सकते थे। एक बार जब हम ऐसा करना शुरू कर देते हैं, तो वॉल्यूम और लेनदेन की संख्या वास्तव में बढ़ जाती है, और हमें वास्तव में वृद्धि की मांग को बनाए रखने के लिए एक तकनीकी वृद्धि करनी थी, ताकि स्केलिंग जारी रखी जा सके।

PayNearby प्लेटफॉर्म पर हर महीने 30,000-40,000 किराने की दुकानों को जोड़ रहा है। घटते एटीएम और उन्हें प्रबंधित करने से संबंधित लागत इस व्यवसाय के उदय में कारकों का और योगदान दे रहे हैं। स्थानीय दुकानों की खोज को सक्षम करने के अलावा, ऐप उपयोगकर्ताओं को ऑनलाइन ऑर्डर देने और निकटतम स्टोर से आइटम प्राप्त करने देता है।

“हमने दो बड़े साझेदार बैंकों के साथ एकीकरण किया है, जो हमारे डेटाबेस को एफएमसीजी कंपनियों से जोड़ रहे हैं। क्योंकि ग्राहक हमारे प्लेटफ़ॉर्म पर ऑर्डर देते हैं, हम FMCG ब्रांडों को डेटा संचालित अंतर्दृष्टि प्रदान कर सकते हैं, जिसके बारे में उत्पाद कैराना स्टोरों के माध्यम से बेचते हैं और जो देश भर में नहीं हैं, “बजाज कहते हैं, प्लेटफॉर्म को स्थानांतरित करने की क्षमता के बारे में बात करते हुए मूल्य श्रृंखला और हाइपरलोकल स्तर पर उपभोक्ता ब्रांडों के लिए इन्वेंट्री प्रबंधन को सक्षम करना। बजाज का लक्ष्य सेवाओं का तिमाही दर तिमाही विस्तार करना है।

“हम पहले प्लेटफॉर्म हैं और अगले नेटवर्क। मुथूट गोल्ड जैसी कंपनियों के साथ हमारी साझेदारी है और गोल्ड लोन के लिए उनके लिए विस्तारित नेतृत्व है। हमने उधार देने वाली सेवाओं को बेचने के लिए कुछ बैंकों के साथ साझेदारी की है। इस पूरे नेटवर्क में, किराना स्टोर के मालिकों को एक स्थिर प्रौद्योगिकी मंच और उस पर होने वाले हर लेनदेन के लिए एक प्रोत्साहन मिलता है। प्रोत्साहन 0.5% से शुरू होता है और 11-12% तक चला जाता है।

आज PayNearby पर 5 लाख से अधिक रिटेलर्स हैं जो विभिन्न सेवाओं और उत्पादों को बेचते हैं। यह खुदरा विक्रेताओं को बताता है कि किसी विशेष क्षेत्र में किस तरह की सेवाएं या उत्पाद मांग में हैं और उन्हें उन वीडियो, सामग्री के अन्य रूपों के माध्यम से बेचने के लिए शिक्षित करता है। उन्हें अपने पिनकोड के भीतर एक लीडरबोर्ड भी दिया जाता है, केवल उन्हें दिखाई देता है, इस आधार पर कि वे अपने इलाके में वाणिज्य कैसे चलाते हैं।

Initiates ‘Aap Hain Toh Hum Hain’ campaign to recognise efforts of retailers

Mumbai, 12 December 2020: PayNearby, India’s largest hyperlocal fintech network with over 10+ lakh retail touchpoints, has partnered with Trust for Retailers & Retail Associates of India (TRRAIN) and Retailers Association of India (RAI), to celebrate the ‘Retail Employees’ Day’ (RED) observed on the 12th of December. The company has launched the ‘Aap Hain Toh Hum Hain’ campaign, in support of #KhulKeBoloThankYou campaign by TRRAIN & RAI, to recognise, acknowledge and applaud the efforts for every neighbourhood retailer in the country.

Retail Employees Day aims at creating awareness and empathy for the substantial role and value retailers add in the daily lives of their customers by offering convenience. And, in sync with the spirit of this day, the ‘Aap Hain Toh Hum Hain’ campaign encourages people to recognise the efforts of the local retailers across the country.

‘Aap Hain Toh Hum Hain’ is a montage of how retailers have stepped up during this pandemic and have serviced customers. They are the front-line warriors who have faced the challenges and kept their shops open so that customers could have access to the essential goods along with government relief funds and essential cash to help them tide over these turbulent times.

Whether it is essential banking facilities from their shops, or door-step delivery of DBT funds, or providing prepaid recharges that kept people connected to their loved ones, retailers have stood in solidarity for their customers. This video salutes the retailers’ selfless service in making their customers’ lives better, even in these tough times.

Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “Retailers are the invisible force, who are building the nation ground-up. They define and shape our local communities. They are the glue that is holding the economic fabric of this country together. For India to become financially inclusive at the last mile, it is important that the local retailers, who form the majority of the retail industry, are given the necessary recognition for their contribution in this economy. PayNearby acknowledges the local retailers and is keen on improving and enriching their lives. We wish to make our retailers feel valued by building a sincere and trustworthy relationship. Our campaign expresses our heartfelt gratitude for their steadfast and relentless support. Kyunki, Aap Hain Toh Hum Hain. Happy Retail Employees Day.”

Mr. B.S. Nagesh, Founder, TRRAIN said, “If the year 2020 has taught us one thing, it is gratitude, especially towards frontline retail employees and retailers who provided us essentials in a time of need, all while risking their own health! This, 12th December, Retail Employees’ Day, we’re delighted to celebrate these heroes with our #KhulKeBoloThankYou campaign and are excited that PayNearby has joined us,  as they understand the very emotion of the retailers across the country. There could not have been a better way to thank our retailers than this unique campaign ‘Aap Hain Toh Hum Hain’ which echoes our very sentiment perfectly.”

About PayNearby:

Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands – PayNearby, Insure Nearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focused on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.

It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech startup, partnering with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).

For more information, visit: http://paynearby.pivotroots.com/

 About Trust for Retailers and Retail Associates of India (TRRAIN)

TRRAIN is a public charitable trust formed in 2011 by B. S. Nagesh, with the vision of empowering people in retail and works to achieve immediate and lasting change in the lives of retail associates in India. They are solely committed to upgrading the lives of people in retail, both at work and at home.

TRRAIN’s initiative on building an inclusive retail workforce by creating livelihood for Persons with Disabilities in retail roles, Pankh, has received tremendous support from the industry and impacted the lives of over 17,000+ Persons with Disabilities. TRRAIN’s initiative TRRAINHer Ascent aims to create livelihood for women in retail. It has been created to train women, provide them employment opportunities in the retail industry, and help them become financially independent. TRRAIN has undertaken various initiatives to build pride and dignity through the TRRAIN Retail Awards and Retail Employees Day.

Now it is indisputable that the pandemic will have a far greater impact globally than the 2008 crisis and economies will take longer to turn around. What is certain is that essential services like the banking ecosystem need to evolve rapidly, to ensure offering uninterrupted banking services at the last mile while making seamless consumer connect a ground reality.Therefore, there is a need to propagate branchless banking through an assisted model, thereby building access to financial services as a ubiquitous phenomenon. Branchless banking is making India more financially inclusive one Pin Code at a time.

The COVID-19 crisis presents unforeseen challenges to global economies in the immediate, short, and longterm. Even as countries fight this global crisis, the response has clearly outlined the lack of resilience at the macro level. The sharp decline in global trade, liquidity crunch, difficulties in accessing credit, disrupted income streams, increase in bad debts, lowered cross-border remit-tances, and lack of access to finance, especially in developing countries like India, is reflective of the lack of a robust public infrastructure which will have long-term implications on the future eco-nomic growth.

Consumers without access to basic banking facilities have been the most affected. In the purview of future contingencies such as the Covid-19, banks and payment companies are under greater pressure to transform their operating models to expand their reach in the last mile, across both physical and digital touchpoints. Therefore, there is an imminent need for an omni-channel strategy, which is form agnostic and can serve the common citizens.

India, home to one of the most fragmented banking systems has been pushing for rationalization and rolling out new age financial start-ups to widen reach, thereby pushing the agenda of financial inclusion. However, in a vastly geo-distributedpopulationlike ours, financial inclusion has been a huge challenge owing to factors such as – socio-economic influences, inhibition to adopting tech-nology, high distribution and operational costs and lack of inclusive growth among others.

With the democratisation of financial services occupying the centre stage, offering unprecedented access is what will help revolutionise banking in India. This is where ‘branchless banking’ is pinned as the go-to model offering innovative distribution while seamlessly accelerating reach.

Today, while we have 400 million active WhatsApp users, less than 160 million avail mobile pay-ments.Thus, a majority of the population in our country, either lack the technical know-how or are inadvertently technology-shy which builds a strong case for a more personalised platform that of-fers adequate handholding besides trust and confidence that form an integral part of financial transactions.Moreover, for our country to realise the true potential of Digital India, financial inclusion should transcend beyond just a banking transaction, addressing allied offerings such as savings, lending and insurance whilst building a comprehensive service model.

Branchless banking is the new mantra of the banking industry. It is the way of offering banking services in unbanked rural areas outside of the traditional bank branches. Business correspondents (BCs) have been effectively bridging the gap between the banking institutions and the unbanked masses located in the rural areas. They act as representatives of banks and play a crucial role in promoting the financial inclusion agenda. The BC network has been an absolute win-win for the banking industry as it helps them drive an asset-light model while offering unparalleled last-mile connectivity including the tier-II, III markets and the hinterlands.

Gone are the days when countryside citizens travelled hours to visit a bank just to check their balance. Banking Correspondents have come as a boon to the rural masses by helping them enjoy banking services without going through the hassle of travelling. Even during the lockdown, the government’s direct benefit transfer of 1.7 lakh crore to the poorest sections, worst hit by the pandemic was largely realised by banking correspondents who ensured that the most margina-lised communities could easily access the relief funds.

Furthermore, banks must understand the enormous unrecognised potential of the rural cohorts. Taking cognizance of the existing financial strain, it is imperative to realign our focus as ‘rural consumption’ is all set to play a catalytic role in the growth of the overall economy. Considering the strength of the BC establishment, especially in rural India, the latter is well poised to play a very significant role in this growth story.

With microfinance being an integral part of the rural economy, sachetising financial services like lending and insurance through branchless banking and the BCs’ actively serving as agents of change can encourage and equip the rural cohort with the means to meet their financial goals.Financial offerings are inherently based on trust and who better than the local kiranawala, who enjoys both a personable relationship and an affinity for their needs. Besides financial inclu-sion, this will also help boost consumption and spending among the masses, eventually offering huge impetus to the economy.

Gradually, even non-banking financial services are also joining the bandwagon, especially with the launch of e-KYC. Regulators like RBI and SEBI are continuing to encourage the move towards branchless transactions through pushing the technology acceptance model.

Now it is indisputable that the pandemic will have a far greater impact globally than the 2008 crisis and economies will take longer to turn around. What is certain is that essential services like the banking ecosystem need to evolve rapidly, to ensure offering uninterrupted banking services at the last mile while making seamless consumer connect a ground reality. Therefore, there is a need to propagate branchless banking through an assisted model, thereby building access to financial services as a ubiquitous phenomenon. Branchless banking is making India more financially inclusive one Pin Code at a time.