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,
Based on an innovative model of low-cost technology and inter-connectivity, Indepay is a payment technology company.
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
Talking exclusively to
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