In April 2017, the World Bank Group’s Universal Financial Access 2020 initiative set the goal to provide financial access to adults currently left out of the formal financial system. Globally around 2 billion working adults do not use formal financial services like a Bank. They have no access to a transaction account to store money, send and receive payments.
Pay1 is acutely aware of this state of affairs and has been working tirelessly since 2011 to connect the unorganized retail sector on its digital platform. In its endeavor to promote digital inclusion via innovative products and technology, Pay1 is introducing Pay1 SWIPE – Faayde ki Machine. Initially launched across select retailers as a pilot, we aim to take Pay1 SWIPE across the country in a couple of weeks.
Easy and convenient to use, Pay1 SWIPE is a digital payment solution for all kinds of transaction and accepts all major cards. With this product Pay1 offers its retailers an opportunity to increase their income. Imagine you are the only retailer in a remote location or where there are no distributors. Or, you are a retailer who wishes to retain and expand its current customer base. Pay1 SWIPE you have the opportunity to attract more customers and give them the simple solution of swiping transactions. No need to carry cash now! Money can be easily debited and credited. Your shop gets transformed in to a mini ATM!
What’s more, when you register with Pay1 for Pay1 SWIPE , by default you also become a member of Pay1’s recharge business. The Pay1 recharge business is a unique model in existence family through the SWIPE product get immediately connected with the rest of the community. Most importantly, this gives them access to another source of income. Using the extremely popular Pay1 Recharge app, a SWIPE retailer will be able to potentially increase his income from the recharge business as well.
The Recharge business will also aid in easy settlement of money on the same day transactions are done via SWIPE. The settlement money will be directly credited to his Pay1 wallet!
Retailers now have two sources of commission – cash transaction as well as recharge.
No wonder Pay1 SWIPE is Faayde ki Machine.