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5 Start-Ups That Are Driving Digital Financial Literacy In The Country

Digital India’s vision is to team up with the government on various schemes and agendas to inspire others on the benefits of becoming digitally literate and how it can change the trajectory of governance, empowerment, social & financial inclusion, educational approach and employment.

Over the last two years, there has been a tremendous shift in how we perceive and interact. With the unlocking and incremental return to normalcy, life has taken a digital slant. However, with the rising digital demand, the pandemic has also revealed the ugly side of it. It underlined the disparities between Bharat-India and emphasized the role of digital literacy in not-so-urban India.

One is considered less competent in this post-pandemic; if there is a lack of digital literacy skills. While digitization has enormous benefits, it primarily benefits those who wield the power button of technology. According to a National Digital Literacy Mission survey, over 40% of India’s population is below the poverty line, illiteracy is more than 25-30%, and digital literacy is practically non-existent among more than 90%. But Why? The reason is simple: Lack of awareness.

This International Literacy Day 2021, UNESCO introduces a new theme: ‘Literacy for a human-centred recovery, Narrowing the digital divide.’ The goal of this year’s theme, according to UNESCO, is to take steps to bridge the digital divide and pave the path for literacy via it.

Digital literacy is a significant part of financial inclusion. The country’s attempts to develop accessible and organized financial systems through digital payments have gain momentum. But, there is still the requirement of accelerated financial and digital awareness among the people.

Digital India’s vision is to team up with the government on various schemes and agendas to inspire others on the benefits of becoming digitally literate and how it can change the trajectory of governance, empowerment, social & financial inclusion, educational approach and employment. Thus, various platforms teamed up in the mission to bring the country’s population on to the digital platform with ease of financial accessibility:

PayNearby:

PayNearby, leading digital payments and branchless banking network, enables individuals in every corner of the country to obtain quick access to financial services. It is a robust digital fintech company that empowers retailers at the first mile to offer digital financial services to locals, thereby boosting financial inclusion in India. It provides ‘sachetized’ financial products through PayNearby’s last-mile network and enables digitization of micro cash exchange to digitally reach 400 million+ last-mile audiences. It facilitates a bouquet of financial services, including deposits, domestic remittances, bill payments, card payments, granular investment, and insurance assurance. During the pandemic, the firm assisted users in obtaining anything from groceries to money, furthering the app’s popularity. Recently, PayNearby, in collaboration with RASCI, launched NeoDukaan, a platform that aims to modernize 100 MN retailers by 2025 while making them digitally literate. It has also introduced PayNearby University under its trade app to educate and handhold its retail partners towards a sustainable life.

Sarvatra Technologies:

Sarvatra Technologies is a unique end-to-end solutions provider focused on enabling “Next-Generation Banking” technology deployment for Commercial Banks in the private and public sector, Co-operative Banks, Rural Regional Banks, and Credit Societies. It offers digital payment and banking solutions on the “Cloud Computing Platform” that has been developing innovative banking products, switching, and payment solutions to fulfil the demands of the rural or cooperative banking sector for over 15 years. Sarvatra Technologies is a pioneer in developing payment solutions on the NPCI platform. So far, it has boarded over 50 urban cooperative banks on its UPI platform, allowing them to communicate with central banks across India. It provides multiple switches across platforms that enable banks to plug-and-play like the Immediate Payment Service, Unified Payments Interface, Bharat Bill Payment System or the AePs.

Vyapar App:

Vyapar app, launched in 2016, is a business accounting platform for micro-entrepreneurs that addresses invoicing, inventory, accounting needs, and more. With this app, SMEs can become GST-compliant, manage all parties from one location, and quickly assess their growing business. This app assists in generating, printing, and distributing customized invoices and doing financial accounting offline without an internet connection.

PayU:

During the pandemic, PayU aided SMEs to improve company efficiency, increasing customer convenience, and minimizing costs. PayU launched a series to help SMEs during the pandemic. The firm leverages data science to understand its customers inside out. A collection of models is used to evaluate a customer’s ‘worthiness,’ including ability and willingness to pay. PayU optimizes its clients’ degree of digital awareness and trains them by utilizing conventional data sources for better engagement by leveraging a home-grown NLP data model.

Tally Prime:

Tally Solutions has been assisting small and medium-sized businesses (SMEs) for over 35 years. It recently launched TallyPrime GoTo and SwitchTo solutions which enable SMEs in discovering new business insights. The solution has been built for scalability, letting customers switch and adapt to the latest updates without upskilling or learning new methodologies. Currently, 2 million SMEs pay for its accounting software, and almost 5 million SMEs have purchased the programme over the previous three decades. Tally supports over six million customers across industries in over 100 nations.

Source: Business World

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