Pay1 a Retail Tech Platform Focusses on Empowering the Unorganised Retailers of India

By: DT News Network
January, 30, 2020

Pay1, is a tech company currently solving for the unorganised retailers of India. With various modules that have been developed by the company, it solves critical issues plaguing the unorganised retail market. The services offered improve the digital infrastructure of the retailer, provide access to credit and also help in increasing the customer footfall in their shops.

The retail market of India is considered to be one of the top 5 retail markets in the world evaluated by economic value. Even though it has a significant contribution to the country’s economy, it has largely been overlooked for years now. The Indian consumer is dependent on these stores for their day to day needs especially when it comes to the metropolitan cities like Mumbai while the rural/semi-urban the population is largely dependent even for their monthly stocking up of groceries/ household products.  Optimising the unorganised retail chain strengthens a very important pillar of the Indian economy.

Realising this issue and the potential a micro-retailer carries, the company set out to help these retailers earn more by giving them access to additional services that they can provide to their customers. The upside to this is that the retailer can provide all these services through the same physical infrastructure and doesn’t need any heavy spending.  By monetising their businesses more effectively and by providing  services like micro-ATM, digital payments, insurance to the end consumers a Pay1 retailer  not only is able to create multiple revenue opportunities but is also able to tackle various issues that are hindering the growth of these micro-businesses.

The company aims to help the retailer community to shift from offline business transaction modes to reduce their reliance on cash, become financially inclusive and generate more income through the various services, the technological company provides to its users. Financial inclusion does not only extend till the Pay1 retailers but rather the above-mentioned services promote digital and financial inclusion to the last mile customer.

This helps in increasing customer footfall and also creates digital transactional footprints that can be utilised by the retailer to access micro-loans along with an improved credit rating, which also strengthens their core business. A good percentage of Pay1’s merchant now have access to formal credit which would have not been possible without the transactional data that has considerably improved the loan eligibility of many of these micro-businesses. The company serves to holistically develop the unorganised retailers & distributors by digitally transforming the shop and bringing them to a digital forefront.

The formal credit and the various digital services solve issues not just for the small retailer but the entire retail chain including the retail distributors and the customers transacting with these micro-merchants.

Pay1 has secured a niche position in the market, by providing the latest tech solutions to assist the merchants in improving their online customer management. Due to this, the number of users for the tech company has doubled in the last two years, along with a rapid increase in the per-user transaction which has grown almost twenty times. Today, Pay1 is present in more than 300 cities with more than 3 lakhs plus registered merchant on the platform and an annual turnover of Rs. 2,500 Crore  

To maintain and enhance this merchant engagement, Pay1 has also introduced a loyalty program that rewards tokens to the retailers for every transaction. The company plans to introduce a coupon based ecosystem that will help the merchants to promote their product by offering discount coupons to their customers. These coupons which were till now only common in the organised retail market has now made its entry into the unorganised retail sector with the current tech innovations that Pay1 has developed. This not only unlocks value for the merchants but also for the numerous big brands who are partnered up with the company.

Pay1 has not only transformed the lives of the retailers but also established an inclusion point for their customers. With their technological upgradations, Pay1 has now managed to take care of the needs of the largely untapped population of the tier2 onwards cities of India and has made the most fundamental services available to them at their nearby Pay1 retailers.

Going forward, Pay1 aims to expand to other markets that have an unorganised structure similar to India and empower the micro-businesses and merchants by providing them with an avenue of opportunities through digital engagement.



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