Team
Product 1
PROBLEM
Unregulated financial institutions such as the Primary Agricultural Credit Society, Non-Banking Financial Companies and Nidhi Limited are not part of the payment system. Currently, these institutions rely on banks to access payments (NEFT, RTGS, IMPS, UPI, etc.).
More than 95% of their transactions are done in cash.
There is no common network is available to connect to each other.
These institutions do not really use technology for scaling.
They are not part of the e-commerce ecosystem / online payments.
They only work in a small area. The ability to scale or serve across territories is limited.
SOLUTION
We have built a common platform to connect these unregulated financial institutions. Additionally, we provide a mobile application for users of these institutions. This product is inspired by UPI.
Users of one institution can make payments to users of another institution. This platform enables the user to make payments to online eCommerce merchants and retail shops.
These institutions can offer online/offline deposit and withdrawal facilities across the country instead of being limited to a small area.
Non-smartphone users can also access the platform.