Here's how Indepay is making rural India cashless


PM Modi’s call to demonetize Indian economy of Rs 500 and Rs 1000 notes wasn’t well implemented one. While the motive is appreciable, the modus operandi failed badly resulting in a hue and cry over cash even after 100 days. The worst hit is the rural India, which was well of on cash economy. A sudden decision has destabilized the rural economy to the core.

At this juncture, to digitize the rural economy in a unique way, Indepay has introduced prepaid cards, which can overcome the hurdles of payment banks and mobile wallets. Many a times, traders may not have the mobile wallet that you use. To address such issues, Indepay’s prepaid cards work the best.

Based on an innovative model of low-cost technology and inter-connectivity, Indepay is a payment technology company. Visa and MasterCard pricing investment in developed counties has always been a high cost management affair, which has been captured in the law suits filed against them. There is a pressing need for an equitable pricing payment network for developing economies like India.


When demonetization began, many people in rural India and the migrant labourers of urban landscape complained of not having bank account at all. Indepay plans to serve the population devoid of banking facility.


Indepay was launched in 2015 in Indonesia with the same model, in cooperation with one of its largest banks, PT Bank Central Asia Tbk (BCA). The model is already operating successfully with high appreciations from the government of Indonesia.

Talking exclusively to Business Insider, Rajib Saha, President and CEO- Indepay Networks expressed his interest to pioneer a low cost payment network with Indepay Networks. He envisions of providing all kinds of financial services to the unbanked and under-banked masses, apart from the universal population.

Credit issue
Another big problem in rural areas is money lenders. Many people still rely on money lenders to build their houses and get their daughters married. However Indepay will enable credit at lowest level, where the network also bridges the divide between credit users and credit aspirants who lacked the digital cash signature for credit worthiness. This in turn would help boost credit consumption in the country.

Focus on Pre-paid Model
Indepay will decrease the dependence on bank branch infrastructure, hence facilitating accelerated adoption of cashless transaction. The branchless mode of operation involves enrolment of unbanked consumers with simple Aadhaar identification documents.

No usage of smart phone
Transactions can take place without smart phones, which will out the user at a lower risk of security breach

To begin with, Indepay is launching its pre-paid cards and has fast-tracked the near cash digital alternative in line with the Government’s demonetisation drive. Indepay aims to add 100 million new customers to banking system through its pre-paid cards. The project is already in its pilot phase, where Indepay has tied-up with State Bank of India as the first banking partner, acquiring more than 1.25 million customers.
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