In its efforts to modernize retail across the nation, PayNearby, an Indian branchless bank and digital payment network is collaborating with the Retailers Association's Skill Council of India (RASCI) to launch "PayNearby NeoDukaan', a digital upgrade for the retail customers it serves and guide toward a better future.
PayNearby NeoDukaan is a comprehensive tool for managing stores that aims at digitizing retail stores and increasing the adoption of digital technology at the last mile.
Retail is India's biggest industry that accounts for more than 10% of the nation's GDP and around 8 percent of the workforce, but despite its scale, the sector remains largely unorganized because of the existence of local vendors and stores. To compete in the changing market, local retailers must change as well. To be valuable to consumers local retail stores, they must continually adapt to their changing demands.
In line with this is PayNearby newest business venture that is the NeoDukaan application. With this application, PayNearby intends to make retailers more resilient and bring their business to a point where they can compete with big e-commerce firms and superstores. Through the platform PayNearby intends to digitize and enable local stores in India while enhancing their efficiency and enabling them to provide better service to their customers.
The brand-new platform will allow retailers to provide wide-ranging payment options, including UPI QR, Aadhaar Pay, mPOS and SoftPOS for people who live in the community. PayNearby NeoDukaan will allow retailers to offer a wide range of options for their customers. It will accelerate the digital adoption across the country, particularly in the areas of underbanked people and will decrease the need for cash or cash-driven transactions.
NeoDukaan can help them manage customer credit more efficiently by using the 'Customer Khata A digital ledger. In addition to providing enhanced security, CustomerKhata will assist retailers in going digital, streamlining their accounts and better reconcile. With Customer Khata the retailers will be able to track all transactions in a digital format, set automatic reminders to customers for payment and get the payment in time, and also view custom reports as well.
In order to assist with the management of supply, PayNearby NeoDukaan will also act as an aggregator which allows retailers to connect to various wholesale suppliers like Big Basket, ITC, Unnati and more. All in one place.
In his remarks on the event the The Mr. Anand Kumar Bajaj, the Founder, MD and CEO of PayNearby said, "We are thrilled to introduce the PayNearby NeoDukaan application that will assist our retailers to grow continuously throughout their lives. The retail industry within India can be considered one of the mainstays of our social structure that is rooted in deep connections with local communities. In order for India to grow and prosper it is essential that retailers are provided with the required support and tools to be relevant in the ever-changing economy. PayNearby NeoDukaan is one such initiative that is aimed at facilitating financial inclusion as well as the prosperity of the retailers.
Since the word "neo" signifies change, PayNearby NeoDukaan will be an exciting development for the general retail industry, giving them the chance to attract new customers, interact more with customers who are already there and lower the cost of operation. This will also increase the expansion in the digital market in remote and rural towns while making the dream of a digital India a reality. PayNearby NeoDukaan will transform every store in India into a retail store that is that is ready for a brand new era.
As an organisation, PayNearby acknowledges the deep synergy it shares with the retail community and , with PayNearby NeoDukaan we aim to ensure the growth for our retail partners. Our partnership with RASCI will ensure that our retailers are equipped to succeed in their business. This is our "Zidd Aage Badhne Ki'. The 'Zidd' is to make each shop within Bharat modern, technologically-powered and future-proof."
At the time, James A. Raphael Executive Head of Retailers Association's Skill Council of India (RASCI) and Joint Central Apprenticeship Adviser Ministry of Skill Development & Entrepreneurship (GOI) stated, "PayNearby is paving the way to bridge the gap between Bharat as well as India. NeoDukaan is a steadfast step towards the digitalization of local retail in the final mile. It will place Indian retailers in the forefront of a new economy of consumption while providing an immense boost for the "Digital India" movement. This digital transformation will inaugurate the new age of commerce and transform job seekers' into "job creators', and will provide millions of opportunities for livelihoods in the hinterlands as well as small towns, driving the growth of economics and social development within the actual Bharat."
Furthermore the company has set a lofty goal of bringing on 100 million retailers in 2025. PayNearby NeoDukaan is designed to bring a brand new set of retailers to it's PayNearby fold.