The ‘Asian Development Outlook 2017: Transcending the Middle-Income Challenge’ has forecasted India’s GDP to grow by 7.4% in 2017 and 7.6% in 2018. The report further states that India will continue to maintain its status as the world’s fastest growing major economy. Recent banking reforms and the Government’s drive for digital payments/transactions are a big boost for India’s economy growth.
Benefits of cash-less and digital economy
• Digital transactions enhance transparency- when transactions are carried out digitally; it becomes easy to keep a track and record of them.
• Helps curb black money – transparency in transactions will result in abolition of a black economy where money is exchanged in illegal transactions, or as payment for criminal activities.
• Increases convenience – making and receiving payments becomes super easy and quick! No need to carry cash or stand in Bank queues to withdraw or deposit cash.
• Transact wherever, whenever – Imagine if in an emergency you get stuck because of lack of funds…with digital transactions, one can handle any cash related emergency with ease and no stress.
• Tracking your spends – with it being easy to record spends; it becomes easier for you to track your spend per day/week/month and budget accordingly.
• Lower risk – when traveling you no longer need to carry big amounts of cash and worry about it getting stolen…
Pay1’s role in helping India achieve a sustainable and prosperous economy
Pay1’s digital platform is aimed at transforming and empowering retailers. The products that ride on our digital platform translate into growth for the entire ecosystem, right from manufacturers to the end consumers, ultimately leading to employment generation. And it is this employment generation that will fuel India’s growth.
The retail segment consisting of kirana stores and/or mom-pop stores are a critical group in India’s leap towards a cash-less country. With over 1.5 million merchant units that account for 92% of the retail market, Pay1’s focus on this unorganized retail sector is an important pivot that can help reduce the cash-to-GDP ratio, thereby contributing to the overall growth of India’s economy. Pay1 strongly believes that its ecosystem approach and end-to-end product offering has the potential of changing the landscape for merchants.
Pay1 is a brand of of Mindsarray Technologies Pvt Ltd, which is a registered company. You can type Mindsarray here and view the details. Since its launch in 2011, Pay1 has grown exponentially in over 100 cities and continuously innovates to bring new products on its digital platform.