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MFIs / NBFCs

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MFIs / NBFCs
 

MFIs/NBFCs

India’s Digital Payments Market is expected to grow to US $1 Trillion by 2023 (source: Digital Payment: Trends, Issues and Opportunities report by Niti Aayog). Growth, in rural areas is held by the lack of digital infrastructure. To overcome these challenges, a robust payment mechanism that does not dependent on internet connectivity or smartphones is needed. Through a range of financial inclusion initiatives, the Government of India is working to ensure that low-income groups and people in remote areas have access to financial services and credit at an affordable cost. Self-help groups play a key role in financial inclusion as they promote the habit of savings among members, raise funds and manage financial resources for the benefit of the group members.


PaySe is an offline and online digital cash solution designed to democratize money and move towards a cashless society at all levels. PaySe acts as a financial inclusion enabler and eases the challenges faced by banks and other financial institutions in making basic banking services accessible to the unbanked in remote geographies. PaySe, with its complete digital transformation solution including a mobile application and an offline solution designed exclusively for MFIs/SHGs ecosystem, makes it easier to replace the costly, time consuming and error-prone manual cash collection and disbursement with automated, digital processes.


PaySe has also catalyzed the empowerment of women through digital transactions to become rural entrepreneurs. PaySe enables banking access to people at the bottom of pyramid, in places where digital infrastructure is lacking, while at the same time building digital credit histories for them. People in rural areas can make secure micro payments in completely offline mode without the need of any additional factor of authentication, through the use of a secure PIN.

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