Spay India launches phygital platform to serve banking needs of low-income groups

Fintech company Spay India has announced the launched of a new platform to empower rural banking. This platform will serve the needs of the lower-income groups in rural areas.

Spay believes that digital India has come a long way, but the people in rural areas still lack the expertise and means to do all transactions digitally. The platform has been termed phygital. They are enabling customer service points near customer localities. These physical points will help low-income groups to smoothly avail banking services like Money Transfer, Aadhaar based withdrawal, micro ATM, flight train bus ticketing, etc.

This model is an extension of the digital India dream and is unlocking numerous possibilities in rural banking. In three years of operation, the organization has reached a service base of 16 million customers with its 30,000 network channels. They are under the StartUp India model, it said.

Apart from empowering rural banking needs, the platform is also an effort to reduce unemployment and offer livelihood. This is being done by offering commissions to the network partners who are in customer-facing roles. Their network partners have evolved as micro-entrepreneurs who have become a connection between rural and urban India by digitizing banking, the company said.

They plan to extend the efforts to the southern and western parts of the country.

(With PTI inputs)

Published on: Friday, February 18, 2022, 10:49 AM IST