From Kirana Store to Digital Banking Point: A Retailer’s Journey
A small retailer makes a significant contribution towards enabling simple and safe banking for his/her consumers by becoming an AEPS service provider. By becoming an AEPS service provider, retailers can initiate a money transfer business from their own shop, quickly enabling individuals in their area to send and receive money without going to a bank. It is this easy technology that brings banking near home, particularly in rural towns, to expedite and simplify daily financial transactions for all.
Real-life stories of digital transformation
Let us consider the case of Raju, who has a small Kirana shop in a small village. He used to sell groceries and household items predominantly until now. But once he heard of AEPS and Aadhaar Pay, he thought he had a chance. By availing basic banking services like cash withdrawal and money transfer through his shop, Raju was made a trusted financial contact for the people around his neighborhood.
This change benefited individuals who earlier used to go a long way in search of banks. Now, banking was available to them in their own village, from the local Kirana store. Raju also made additional money by charging a small fee for transactions, thus making his enterprise more viable.
Such tales are no longer rare. In India, Kirana shops are embracing digital services to cater to community needs and enhance their living conditions.
How AEPS and Aadhaar Pay empowered rural retailers
AEPS enables customers to perform simple banking operations with their Aadhaar number and fingerprint, without PINs or ATM cards. Aadhaar Pay enables customers to pay directly from their bank account through the retailer, using biometric identification.
For small rural retailers, these services have some benefits:
- They provide new means to serve customers.
- They provide an additional source of income.
- They turn the store into an integral hub of local banking.
- They save customers from taking long journeys to far-off banks or ATMs.
These products make it a simple gateway to financial services, particularly where digital infrastructure is only being developed.
What it takes to become a digital service provider
A merchant who wants to provide banking services using AEPS and Aadhaar Pay should:
- Join an authorized AEPS service provider, for example, Ezeepay.
- Install a biometric device together with a smartphone or tablet.
- Be trained to use the devices and conduct transactions properly.
- Implement KYC and regulatory rules to safeguard customers.
- Establish trust among the community by offering steadfast and truthful service.
These are steps that are doable and have already made many Kirana stores recognized banking points.
By teaming up with Ezeepay, a Kirana store easily became a digital banking point. Here’s how Ezeepay helped:
- Easily start at the beginning and be straightforward, so the store can offer AEPS and Aadhaar Pay without delay.
- They provided helpful training and support to use the devices and handle transactions confidently.
- The store earned good commissions, adding extra income.
- With 8 years of reliable service, Ezeepay built trust with both the store owner and customers.
Benefits to customers and the local economy
By becoming digital banking points, merchants assist their communities in numerous ways:
- Customers have convenient access to cash and banking without having to travel.
- More individuals join the formal banking system.
- Local enterprises enjoy more streamlined financial transactions.
- Merchants acquire new streams of income and tend to create employment.
- Transactions become secure and transparent.
This increases individual convenience as well as overall local economic prosperity.
Overall, this change makes daily life more convenient for everyone and helps the local economy grow stronger. It builds a stronger community where financial services are easy to access, creating new opportunities for people to improve their lives.
Why Ezeepay is the right partner for this journey
Ezeepay is aware of Kirana retailers’ needs and provides a hassle-free method for becoming digital banking points. Their benefits are:
- Efficient and rapid onboarding to get the retailers up and running quickly.
- Easy-to-use and robust technology for smooth processing.
- Support and training to overcome any operational challenges.
- Wider bank connectivity, which increases customer choices.
- Low costs that do not keep entry points high.
Many retailers have been able to grow their businesses with Ezeepay while also serving their communities.
