Branchless banking and digital payments network, PayNearby, has associated with Retailers Association’s Skill Council of India (RASCI) to launch ‘PayNearby NeoDukaan’ to digitally upgrade its retail partners and gear them towards a better livelihood.
PayNearby NeoDukaan is a first-of-its-kind holistic store management tool aimed at digitizing the retail stores and accelerating digital adoption at the last mile.
With multiple digital payment options, digital ledger for credit management and online wholesale procurement options, PayNearby NeoDukaan looks to create a thriving ecosystem for its retail partners by empowering them digitally and bringing them at par with the current times.
In India, retail is evolving, retailers are not. Retail is India’s largest industry, accounting for over 10% of the country’s GDP and 8% of employment, however, despite its large size, the sector has remained predominantly unorganized due to the presence of local stores and vendors. To win in this changing landscape, the local retailers need to change too.
To be indispensable to the consumer, local retailers must constantly update to accommodate their various needs. And, PayNearby is transforming the retail outlets and making them future-ready. The company has enabled more than 38 lakh retailers across 17, 600 PIN codes to have a strong online presence and ensures that small and local shops are not left behind in the transforming digital world, the company said in a release.
Echoing this sentiment is PayNearby’s latest business vertical – the NeoDukaan app. This store management package is a comprehensive suite that exclusively focuses on helping retailers modernize their stores, simplify their lives and bring them at par with the times.
With this app, PayNearby intends to make retailers future-proof and take them to the level where they can compete with the e-commerce giants and large format superstores. PayNearby NeoDukaan enables stores to go online with a single click and service customers in their neighborhood and beyond to avail the digital store at their convenience. With this platform, PayNearby aims to digitally empower the local retailers in India whilst enhancing their efficiency and opportunities to serve their customers better.
Today, it is crucial for all stores to have digital formats of digital payments. This all-new platform will enable retailers to offer wide-ranging payment options such as UPI QR, Aadhaar Pay, mPOS and SoftPOS to the customers in the local community. Besides being cost-effective and easily implementable, retailers will not lose customers due to limited payment options and will be able to offer digital financial services seamlessly.
PayNearby NeoDukaan will help retailers provide a slew of choices to their customers and will help accelerate digital adoption in the country, especially among the underbanked spectrum, reducing the demand for cash and cash-led transactions. Besides, in the wake of COVID, it will enable customers to make safe, contactless payments too.
PayNearby Founder, MD & CEO, Anand Kumar Bajaj said, “We are thrilled to present the PayNearby NeoDukaan app to help our retail partners grow non-stop in life.”
“Retailing in India is one of the pillars of our socio-economic structure, with retailers having deep-rooted relationships in the local communities. For India to thrive and grow, it is important that the retailers are given the necessary support and tools to stay relevant in the fast-evolving economy,” he added.
The company has set an ambitious target of on-boarding 100 million retailers by 2025. PayNearby NeoDukaan is designed to bring a completely new set of retailers into the PayNearby fold, the company added in the release.