PayNearby launches NeoDukaan to help modernize retailers across India

By Leandra Monteiro

In its bid to mass modernize the retail sector across the country, PayNearby, an Indian 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.

PayNearby NeoDukaan is an holistic store management tool aimed at digitizing the retail stores and accelerating digital adoption at the last mile.

Retail is India’s largest industry, accounting for over 10% of the country’s GDP and 8% of employment, however, despite its large size, the sector has remained predominantly unorganized due to the presence of local stores and vendors. To win in this changing landscape, the local retailers need to change too. To be indispensable to the consumer, local retailers must constantly update to accommodate their various needs.

Echoing this sentiment is PayNearby’s latest business vertical – the NeoDukaan app. 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. 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. 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.

In the majority of Tier II, Tier III cities and beyond, most of the daily businesses run on credit.  NeoDukaan will help them manage customer credits more efficiently with ‘Customer Khata’ – a digital ledger. Besides offering enhanced security, Customer Khata will help retailers to go digital, streamline their accounts and reconcile better. With Customer Khata, retailers can record all transactions digitally, set automatic payment reminders for customers – so that they can collect the dues on time, and view customized reports too.

To help with supply management, PayNearby NeoDukaan will also function as an aggregator platform, whereby retailers can easily access various wholesale procurement alternatives such as Big Basket, ITC, Unnati etc. all in one spot.

Commenting on this occasion, Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby shared, “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.

As the word ‘neo’ denotes transformation, PayNearby NeoDukaan will be a game-changer for the mass retail community offering them opportunities to acquire new customers, engage better with existing customers and reduce the cost of operations. This will further accelerate the growth of the digital economy even across hinterlands and remote towns whilst making ‘Digital India’ a closer reality. PayNearby NeoDukaan will transform every shop in the country into a shop ready for a new era.

As an organization, PayNearby acknowledges the deep symbiotic relationship it has with the retailer community, and with PayNearby NeoDukaan, we want to assure the progress of our retailers. Our association with RASCI will ensure that our retail partners have all they need to get ahead in life. This is our ‘Zidd Aage Badhne Ki’. A ‘Zidd’ to make every shop in Bharat modern, digitally-empowered and future-ready.”

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 on-boarding 100 million retailers by 2025. PayNearby NeoDukaan is designed to bring a completely new set of retailers into the PayNearby fold.