rural
Retail

PayNearby launches NeoDukaan, aims to bring in 100 mn retailers under online retail

With NeoDukaan app, PayNearby 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
PayNearby launches NeoDukaan, aims to bring in 100 mn retailers under online retail
PayNearby launches NeoDukaan, aims to bring in 100 mn retailers under online retail

In a bid to mass modernise the retail sector across India, PayNearby, a leading branchless banking and digital payments network, 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 digitising 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. Additionally, the company has set a target of onboarding 100 million retailers by 2025.

In India, retail is evolving, retailers are not. Retail is India’s largest industry, accounting for over 10 per cent of the country’s GDP and 8 per cent of employment. With NeoDukaan app, PayNearby is taking steps to transform 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.

PayNearby NeoDukaan, the store management package is an end-to-end comprehensive suite that exclusively focuses on helping retailers modernise 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 neighbourhood 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. NeoDukaan, thus, aims to democratise digital payments, ensuring the availability of form factor agnostic transactions at the last mile such that digital payments become as seamless as exchanging cash.

In the majority of tier-II, tier-III cities and beyond, most of the daily businesses run on credit. Retailers end up breaking their backs to maintain a physical ledger and spending long hours on reconciliation. While retailers are used to traditional bookkeeping by maintaining bahi-khatas, NeoDukaan will help them manage customer credits more efficiently with ‘Customer Khata’ – a digital ledger. Besides offering enhanced security, Customer Khata will help retailers to go digital, streamline their accounts and reconcile better. With Customer Khata, retailers can record all transactions digitally, set automatic payment reminders for customers – so that they can collect the dues on time, and view customised reports too.

Moreover, many small businesses do not have good supply management. They often end up shelling out exorbitant prices for supplies that are way beyond the wholesale rates, incurring losses. To help with this, PayNearby NeoDukaan will also function as an aggregator platform, whereby retailers can easily access various wholesale procurement alternatives. Currently, no other player offers multiple wholesale procurement options on a unified platform. Besides operational efficiency, the app will enable retailers to digitally procure goods timely and at competitive prices.

Highlighting the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “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. PayNearby NeoDukaan is one such effort, enabling financial inclusiveness and the economic wellbeing of the retailers.

As the word ‘neo’ denotes transformation, PayNearby NeoDukaan will be a game-changer for the mass retail community offering them opportunities to acquire new customers, engage better with existing customers and reduce the cost of operations. This will further accelerate the growth of the digital economy even across rural markets and remote towns whilst making ‘Digital India’ a closer reality. PayNearby NeoDukaan is planning to transform every shop in the country into a shop ready for a new era.

Speaking on the launch, James A. Raphael, Executive Head, Retailers Association’s Skill Council of India (RASCI) said, “PayNearby is paving the way to bridge the gulf of Bharat (rural India) and India. NeoDukaan is a stride towards the digital empowerment of local retail at the last mile. It will position Indian retailers at the forefront of a new consumption economy whilst offering a huge stimulus to the ‘Digital India’ movement. This digital transition will usher in a new era of commerce, transform ‘job seekers’ into ‘job creators’ and will create millions of livelihood opportunities in the hinterlands and small towns thereby driving economic growth and social upliftment in the rural Bharat.”

Read more: SnapBizz, REVIVE Alliance, Nielsen to take small kirana stores under e-commerce

RuralMarketing.in is now on Telegram. Click here to join Rural Marketing on Telegram and stay updated with the latest news and updates on rural business and the economy.

0 Shares
The Changing Face of Rural India