Nasvi, an organization representing over 30 lakh street vendors from 25 states across India has announced a tie up with Indian mobile wallet major MobiKwik in line with Prime Minister Narendra Modi's vision to make India cashless.
"Livelihood of small vendors has suffered to a greater extent following demonetization. The partnership with MobiKwik will be a great help to them at this time of cash crunch. It will make the process of transaction easy for them and they will be able to receive payments seamlessly and keep their businesses going on," said Founder Nasvi, Arbind Singh.
"Due to demonetisation street vendors all across India had lost 70 percent of their business and it affected them badly. Thus, NASVI has come up with Mobikwik to provide the solution and make them aware about cashless economy," added Singh.
Ever since the announcement of demonetisation, the income of street vendors has come down drastically. The repercussions of currency ban had affected sale and supply both end. Cashless ecosystem became the need of the hour and could be a savior for lakhs of vendors and their families.
"Keeping with our mantra Desh Ke Liye, Desh Ka Wallet, we constantly strive to develop the solutions to bridge the gap between Bharat and India. Hence, this association is imperative for us to support street vendors by educating them about various e-payment options available to receive payments from customers," said Co-founder MobiKwik, Upasana Taku.
"We will train 10 lakh street vendors in 3 months to enable them to transact digitally. MobiKwik payments will soon be accepted by 30 lakh street vendors in 25 states directly," added Upasana.
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MobiKwik has taken many initiatives to ease the common man's life. MobiKwik recently launched a lighter version of the app MobiKwik Lite, which allows smaller and unorganized retailers and shopkeepers, accept payments seamlessly. With gradual integration of digital payment and fintech space, being an app with less than one MB that works smoothly on EDGE connections, MobiKwik Lite addresses the underserved smart phone users in the country who face challenges of slow data connectivity and thus are unable to access digital payments easily.
The company was the first to announce free bank transfers that motivated millions of sellers and buyers to transact cashless. The e-wallet firm has witnessed 100 x increases in overall traffic and 200 per cent increase in app downloads.