PayNearby launches NeoDukaan; aims to modernize 100 MN retailers by 2025

In its bid to mass modernize the retail sector across the country, PayNearby, India’s leading branchless banking and digital payments network, has associated with Retailers Association's Skill Council of India (RASCI) to launch “PayNearby NeoDukaan” to digitally upgrade its retail partners and gear them towards a better livelihood.

PayNearbyNeoDukaan is a first-of-its-kind holistic store management tool aimed at digitizing the retail stores and accelerating digital adoption at the last mile. With multiple digital payment options, digital ledger for credit management and online wholesale procurement options, PayNearby NeoDukaan looks to create a thriving ecosystem for its retail partners by empowering them digitally and bringing them at par with the current times.

PayNearby has enabled more than 38+ lakh retailers across 17, 600+ PIN codes to have a strong online presence and ensures that small and local shops are not left behind in the transforming digital world.

Echoing this sentiment is PayNearby’s latest business vertical – the NeoDukaan app. This store management package is an end-to-end comprehensive suite that exclusively focuses on helping retailers modernize their stores, simplify their lives and bring them at par with the times. With this app, PayNearby intends to make retailers future-proof and take them to the level where they can compete with the e-commerce giants and large format superstores. PayNearby NeoDukaan enables stores to go online with a single click and service customers in their neighborhood and beyond to avail the digital store at their convenience. With this platform, PayNearby aims to digitally empower the local retailers in India whilst enhancing their efficiency and opportunities to serve their customers better.

This all-new platform will enable retailers to offer wide-ranging payment options such as UPI QR, Aadhaar Pay, mPOS and SoftPOS to the customers in the local community, says the company statement. Besides being cost-effective and easily implementable, retailers will not lose customers due to limited payment options and will be able to offer digital financial services seamlessly. PayNearby NeoDukaan will help retailers provide a slew of choices to their customers and will help accelerate digital adoption in the country, especially among the underbanked spectrum, reducing the demand for cash and cash-led transactions. Besides, in the wake of COVID, it will enable customers to make safe, contactless payments too.

Commenting on the occasion, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, remarked, “We are thrilled to present the PayNearby NeoDukaan app to help our retail partners grow non-stop in life. Retailing in India is one of the pillars of our socio-economic structure, with retailers having deep-rooted relationships in the local communities. For India to thrive and grow, it is important that the retailers are given the necessary support and tools to stay relevant in the fast-evolving economy. PayNearby NeoDukaan is one such effort committed to enabling financial inclusiveness and the economic wellbeing of the retailers.”

On the occasion, James A. Raphael Executive Head - Retailers Association's Skill Council of India (RASCI) and Joint Central Apprenticeship Adviser - Ministry of Skill Development & Entrepreneurship (GOI) said, “PayNearby is paving the way to bridge the gulf of Bharat and India.  NeoDukaan is a committed stride towards the digital empowerment of local retail at the last mile. It will position Indian retailers at the forefront of a new consumption economy whilst offering a huge stimulus to the ‘Digital India’ movement. This digital transition will usher in a new era of commerce, transform 'job seekers' into 'job creators' and will create millions of livelihood opportunities in the hinterlands and small towns thereby driving economic growth and social upliftment in the real Bharat.”

Additionally, the company has set an ambitious target of onboarding 100 million retailers by 2025.