INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(40037, 20, '2019-01-16 05:30:48', '2019-01-16 05:30:48', '[vc_row content_placement=\"middle\" inner_container=\"no\" type=\"image\" bg_position_horizontal=\"center\" padding_top=\"96\" padding_bottom=\"96\" bg_image=\"12155\"][vc_column][vc_row_inner][vc_column_inner][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_repeat=\"repeat\" bg_attachment=\"true\" enable_parallax=\"false\" padding_bottom=\"0\" bg_image=\"10448\"][vc_column][vc_wp_custommenu nav_menu=\"63\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" type=\"image\" bg_repeat=\"repeat\" bg_attachment=\"true\" enable_parallax=\"false\" padding_top=\"30\" padding_left=\"0px\"][vc_column][vc_custom_heading text=\"Digital Financial Capabilities\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547468373472{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\" el_class=\"stories_tab\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1531488051886{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"40073\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/ivrs-story/\"][vc_custom_heading text=\"Testing IVRS as a tool to promote digital payment\nadoption among micro and small merchants\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fwp-content%2Fuploads%2F2019%2F01%2FIVRS_Story-1.pdf|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547559585953{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January,2019\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547468750806{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Digitizing low income clusters\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1531487404051{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1545213125068{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39674\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/promoting-digital-payment-solutions-canopy-stores/\"][vc_custom_heading text=\"Promoting digital payment solutions through canopy stores\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fpromoting-digital-payment-solutions-canopy-stores%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1545213211200{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Dec, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1545213666529{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536558918464{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25837\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/enroute-lakshya-power-savings-meet-unending-possibilities/\"][vc_custom_heading text=\"Enroute Lakshya – Power of savings to meet unending possibilities\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fenroute-lakshya-power-savings-meet-unending-possibilities%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1543956117052{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Nov, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1542371801874{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536558925414{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"24541\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/gen-next-chit-funds-dusty-dabbas-digital-khaatas/\"][vc_custom_heading text=\"Gen-Next Chit Funds — From Dusty Dabbas To Digital Khaatas\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fgen-next-chit-funds-dusty-dabbas-digital-khaatas%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1543956233996{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Nov, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1542371809798{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536933593159{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"26103\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/educating-low-income-clusters-benefits-active-banking-digital-payment-solutions/\"][vc_custom_heading text=\"Educating the low-income clusters about benefits of active banking and digital payment solutions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Feducating-low-income-clusters-benefits-active-banking-digital-payment-solutions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1536930607494{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536930566724{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Credit as a hook\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536559474462{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1542472436180{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39391\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/can-hunger-growth-lead-early-adoption-digital-payment-solutions/\"][vc_custom_heading text=\"Can hunger for growth lead to early adoption of digital payment solutions?\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fcan-hunger-growth-lead-early-adoption-digital-payment-solutions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542472375458{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1542472472919{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39390\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/trust-mpos-machines-biggest-concern-among-merchants-jaipur/\"][vc_custom_heading text=\"Trust in mPoS machines is the biggest concern among merchants in Jaipur\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Ftrust-mpos-machines-biggest-concern-among-merchants-jaipur%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542472335381{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536558918464{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25869\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-financial-inclusion-women/\"][vc_custom_heading text=\"Digital Financial Inclusion of Women\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fdigital-financial-inclusion-women%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1536559545656{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_row_inner gap=\"30\" el_class=\"lnContainer\"][vc_column_inner][vc_custom_heading text=\"eMitra\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043958090{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\" el_class=\"stories_tab\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1535623824149{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25641\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/opportunity-growth-small-merchants-emitras/\"][vc_custom_heading text=\"Opportunity and growth for small merchants with eMitras\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fopportunity-growth-small-merchants-emitras%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1535623575523{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1535623546451{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1521531052200{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12641\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/tuning-sound-digital-transactions/\"][vc_custom_heading text=\"Tuning into the sound of digital transactions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Ftuning-sound-digital-transactions%2F||target:%20_blank|\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532474337{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209607767{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668172942{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12643\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-good-business-adds-value-consumers/\"][vc_custom_heading text=\"Digital is good for business, adds value for consumers\" font_container=\"tag:h3|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fdigital-good-business-adds-value-consumers%2F|||\" el_class=\"lnContainerTitle stories-title\" css=\".vc_custom_1521545162510{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209635727{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1535623707278{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12642\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/age-just-number-comes-digital-payments/\"][vc_custom_heading text=\"Age just a number when it comes to digital payments\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fage-just-number-comes-digital-payments%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1520668128753{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209625065{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Digitizing small merchants\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043992655{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1531488051886{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"24540\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/unlocking-finance-small-merchants-digital-data-digital-credit/\"][vc_custom_heading text=\"Unlocking finance for small merchants — from digital data to digital credit\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Funlocking-finance-small-merchants-digital-data-digital-credit%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1531483887950{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"July, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1531483516928{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1531487725294{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13293\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/in-bhim-we-trust\"][vc_custom_heading text=\"In BHIM we trust\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fin-bhim-we-trust%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1523024783753{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"April, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523024799632{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Incubator\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830376563{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668008633{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13755\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/kaleidofinadvancing-financial-inclusion-data-analytics/\"][vc_custom_heading text=\"Kaleidofin… advancing financial inclusion through data analytics \" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fkaleidofinadvancing-financial-inclusion-data-analytics%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1525831377648{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527852602192{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13756\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/paybee-lets-buzz-payments/\"][vc_custom_heading text=\"PayBee… lets buzz payments \" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fpaybee-lets-buzz-payments%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1525831034922{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527857875416{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"14805\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/fingpay-fostering-bare-pocket-transactions/\"][vc_custom_heading text=\"Fingpay… fostering bare-pocket transactions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Ffingpay-fostering-bare-pocket-transactions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1527850904285{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527857884041{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"14811\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/paynearbytowards-hyperlocal-fintech-network/\"][vc_custom_heading text=\"PayNearby…towards a hyperlocal fintech network\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fpaynearbytowards-hyperlocal-fintech-network%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1527852445833{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Dairy\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043969034{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1539069399569{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"31368\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/why-i-tried-digital/\"][vc_custom_heading text=\"Why I tried digital – a dairy distributor’s story\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fwhy-i-tried-digital%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1539068936812{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"October, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1539068902865{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1521531052200{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13297\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/dairy_story/\"][vc_custom_heading text=\"Milking the benefits of digital payments - A journey towards finding simple solutions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fdairy_story%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532536721{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"March, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521531260119{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043753078{margin-left: -15px !important;}\"][vc_custom_heading text=\"Mera Paper\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043981077{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668008633{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13295\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/merapaper_story/\"][vc_custom_heading text=\"Digitising Khatta system - Journey of MeraPaper\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fmerapaper_story%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532184955{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"March, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521531260119{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1526060837057{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\n<p style=\"text-align: center;\">CATALYST is an initiative funded by USAID under the mSTAR Program, through funding provided to FHI 360. Housed within IFMR LEAD, the initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\n\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\n\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'User Stories', '', 'inherit', 'closed', 'closed', '', '12173-autosave-v1', '', '', '2019-01-16 05:30:48', '2019-01-16 05:30:48', '', 12173, 'https://cashlesscatalyst.org/media/12173-autosave-v1/', 0, 'revision', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(39396, 20, '2018-11-17 16:33:08', '2018-11-17 16:33:08', '[vc_row content_placement=\"middle\" inner_container=\"no\" type=\"image\" bg_position_horizontal=\"center\" padding_top=\"96\" padding_bottom=\"96\" bg_image=\"12155\"][vc_column][vc_row_inner][vc_column_inner][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_repeat=\"repeat\" bg_attachment=\"true\" enable_parallax=\"false\" padding_bottom=\"0\" bg_image=\"10448\"][vc_column][vc_wp_custommenu nav_menu=\"63\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" type=\"image\" bg_repeat=\"repeat\" bg_attachment=\"true\" enable_parallax=\"false\" padding_top=\"30\" padding_left=\"0px\"][vc_column][vc_custom_heading text=\"Digitizing low income clusters\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1531487404051{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1536933593159{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"26103\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/educating-low-income-clusters-benefits-active-banking-digital-payment-solutions/\"][vc_custom_heading text=\"Educating the low-income clusters about benefits of active banking and digital payment solutions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Feducating-low-income-clusters-benefits-active-banking-digital-payment-solutions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1536930607494{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536930566724{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536558918464{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25837\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/enroute-lakshya-power-savings-meet-unending-possibilities/\"][vc_custom_heading text=\"Enroute Lakshya – Power of savings to meet unending possibilities\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Ftrust-mpos-machines-biggest-concern-among-merchants-jaipur%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542371842598{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Nov, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1542371801874{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536558925414{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"24541\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/gen-next-chit-funds-dusty-dabbas-digital-khaatas/\"][vc_custom_heading text=\"Can hunger for growth lead to early adoption of digital payment solutions?\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fcan-hunger-growth-lead-early-adoption-digital-payment-solutions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542371893092{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Nov, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1542371809798{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Credit as a hook\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536559474462{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1542472436180{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39391\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/can-hunger-growth-lead-early-adoption-digital-payment-solutions/\"][vc_custom_heading text=\"Can hunger for growth lead to early adoption of digital payment solutions?\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fcan-hunger-growth-lead-early-adoption-digital-payment-solutions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542472375458{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1542472472919{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39390\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/trust-mpos-machines-biggest-concern-among-merchants-jaipur/\"][vc_custom_heading text=\"Trust in mPoS machines is the biggest concern among merchants in Jaipur\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Ftrust-mpos-machines-biggest-concern-among-merchants-jaipur%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542472335381{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536558918464{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25869\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-financial-inclusion-women/\"][vc_custom_heading text=\"Digital Financial Inclusion of Women\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fdigital-financial-inclusion-women%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1536559545656{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_row_inner gap=\"30\" el_class=\"lnContainer\"][vc_column_inner][vc_custom_heading text=\"eMitra\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043958090{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\" el_class=\"stories_tab\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1535623824149{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25641\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/opportunity-growth-small-merchants-emitras/\"][vc_custom_heading text=\"Opportunity and growth for small merchants with eMitras\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fopportunity-growth-small-merchants-emitras%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1535623575523{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1535623546451{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1521531052200{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12641\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/tuning-sound-digital-transactions/\"][vc_custom_heading text=\"Tuning into the sound of digital transactions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Ftuning-sound-digital-transactions%2F||target:%20_blank|\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532474337{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209607767{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668172942{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12643\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-good-business-adds-value-consumers/\"][vc_custom_heading text=\"Digital is good for business, adds value for consumers\" font_container=\"tag:h3|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fdigital-good-business-adds-value-consumers%2F|||\" el_class=\"lnContainerTitle stories-title\" css=\".vc_custom_1521545162510{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209635727{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1535623707278{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12642\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/age-just-number-comes-digital-payments/\"][vc_custom_heading text=\"Age just a number when it comes to digital payments\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fage-just-number-comes-digital-payments%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1520668128753{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209625065{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Digitizing small merchants\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043992655{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1531488051886{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"24540\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/unlocking-finance-small-merchants-digital-data-digital-credit/\"][vc_custom_heading text=\"Unlocking finance for small merchants — from digital data to digital credit\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Funlocking-finance-small-merchants-digital-data-digital-credit%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1531483887950{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"July, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1531483516928{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1531487725294{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13293\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/in-bhim-we-trust\"][vc_custom_heading text=\"In BHIM we trust\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fin-bhim-we-trust%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1523024783753{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"April, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523024799632{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Incubator\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830376563{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668008633{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13755\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/kaleidofinadvancing-financial-inclusion-data-analytics/\"][vc_custom_heading text=\"Kaleidofin… advancing financial inclusion through data analytics \" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fkaleidofinadvancing-financial-inclusion-data-analytics%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1525831377648{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527852602192{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13756\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/paybee-lets-buzz-payments/\"][vc_custom_heading text=\"PayBee… lets buzz payments \" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fpaybee-lets-buzz-payments%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1525831034922{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527857875416{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"14805\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/fingpay-fostering-bare-pocket-transactions/\"][vc_custom_heading text=\"Fingpay… fostering bare-pocket transactions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Ffingpay-fostering-bare-pocket-transactions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1527850904285{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527857884041{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"14811\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/paynearbytowards-hyperlocal-fintech-network/\"][vc_custom_heading text=\"PayNearby…towards a hyperlocal fintech network\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fpaynearbytowards-hyperlocal-fintech-network%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1527852445833{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Dairy\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043969034{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1539069399569{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"31368\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/why-i-tried-digital/\"][vc_custom_heading text=\"Why I tried digital – a dairy distributor’s story\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fwhy-i-tried-digital%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1539068936812{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"October, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1539068902865{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1521531052200{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13297\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/dairy_story/\"][vc_custom_heading text=\"Milking the benefits of digital payments - A journey towards finding simple solutions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fdairy_story%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532536721{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"March, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521531260119{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043753078{margin-left: -15px !important;}\"][vc_custom_heading text=\"Mera Paper\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043981077{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668008633{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13295\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/merapaper_story/\"][vc_custom_heading text=\"Digitising Khatta system - Journey of MeraPaper\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fmerapaper_story%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532184955{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"March, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521531260119{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1526060837057{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative funded by USAID under the mSTAR Program, through funding provided to FHI 360. Housed within IFMR LEAD, the initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'User Stories', '', 'inherit', 'closed', 'closed', '', '12173-revision-v1', '', '', '2018-11-17 16:33:08', '2018-11-17 16:33:08', '', 12173, 'https://cashlesscatalyst.org/media/12173-revision-v1/', 0, 'revision', '', 0),
(41144, 0, '2019-04-08 05:35:08', '2019-04-08 05:35:08', 'A new comment on the post \"The view from 10 months in..\" is waiting for your approval\r\nhttps://cashlesscatalyst.org/view-10-months-in/\r\n\r\nAuthor: krasotannnup (IP: 109.184.219.28, 109-184-219-28.dynamic.mts-nn.ru)\r\nEmail: konstantinzemlyankin7@mail.ru\r\nURL: https://krasotann.ru/\r\nComment: \r\nhttp://krasotann.ru - курсы маникюра стоимость  -  подробнее на нашем сайте http://krasotann.ru - krasotann.ru \r\nКурсы парикмахеров, косметологов, визажистов, мастеров ногтевого сервиса (маникюр, педикюр, наращивание ногтей акрилом и гелем), а также обучение различным видам массажа. \r\nОбучение проводится в специально оборудованных классах на профессиональной косметике известных мировых брендов под руководством высококвалифицированных преподавателей, которые обязательно позаботятся о том, чтобы процесс обучения был успешным.\r\n\r\nApprove it: https://cashlesscatalyst.org/wp-admin/comment.php?action=approve&amp;c=12112#wpbody-content\r\nTrash it: https://cashlesscatalyst.org/wp-admin/comment.php?action=trash&amp;c=12112#wpbody-content\r\nSpam it: https://cashlesscatalyst.org/wp-admin/comment.php?action=spam&amp;c=12112#wpbody-content\r\nCurrently 173 comments are waiting for approval. Please visit the moderation panel:\r\nhttps://cashlesscatalyst.org/wp-admin/edit-comments.php?comment_status=moderated#wpbody-content\r\n', '[Catalyst] Please moderate: \"The view from 10 months in..\"', 'Bad Request(invalid_grant)', 'private', 'closed', 'closed', '', 'catalyst-please-moderate-the-view-from-10-months-in-97', '', '', '2019-04-08 05:35:08', '2019-04-08 05:35:08', '', 0, 'https://cashlesscatalyst.org/postman_sent_mail/catalyst-please-moderate-the-view-from-10-months-in-97/', 0, 'postman_sent_mail', '', 0),
(39409, 20, '2018-11-19 07:17:23', '2018-11-19 07:17:23', '', 'main-bnner', '', 'inherit', 'closed', 'closed', '', 'main-bnner-5', '', '', '2018-11-19 07:17:23', '2018-11-19 07:17:23', '', 39336, 'https://cashlesscatalyst.org/wp-content/uploads/2018/11/main-bnner-2.jpg', 0, 'attachment', 'image/jpeg', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(39410, 20, '2018-11-19 07:18:11', '2018-11-19 07:18:11', '[vc_row full_height=\"yes\" equal_height=\"yes\" content_placement=\"middle\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"39409\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner][vc_custom_heading text=\"DEVELOPING BUSINESS MODELS FOR MASS DIGITAL PAYMENTS IN INDIA\" font_container=\"tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"130px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\" css=\".vc_custom_1504265033147{padding-right: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265063058{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265782417{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/Developing-Business-Models-1.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]Developing business models for mass digital payments in a diverse country like India is a challenging task. It requires multi-stakeholder coordination to understand ‘adoption and acceptance’ challenges, develop and optimize innovative solutions and business models, answer the key question for merchants and consumers (what’s in it for me?), and consider future actions. But, above all, there is a need to design an easy-to-use digital payments interface that can cater to the needs and financial capabilities of the last mile target population.\r\n\r\nCATALYST, as a multi-stakeholder initiative, followed an ecosystem approach to identify and operationalize business models relevant to the Jaipur market. We selected Jaipur as the target geography, given the existing infrastructure to support digital uptake such as availability of power supply, internet connectivity,  penetration of mobile phones, along with the general appetite and interest among locals to learn more about digital payments.\r\n\r\nIn recent times, the success of business models has been based on creating flexible value webs as opposed to static value chains. This means that the roles and responsibilities of players in the business model are not necessarily linear, rigid, and well-defined from the start, but evolve during the course of the engagement.\r\n\r\nWe took inputs and guidance from the Government of Rajasthan, private sector organizations such as banks, fintech solution partners, merchant community and their distributors, and consumer households. While creating a blueprint for business models for mass digital payments, we had to keep in mind the requirements and contributions of these stakeholders.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_single_image image=\"39376\" img_size=\"full\" alignment=\"center\"][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\"][vc_column][vc_row_inner css=\".vc_custom_1542359333513{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"Payment digitization: the business use case\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1542359399750{padding-top: 30px !important;}\"][vc_column_inner][vc_single_image image=\"39371\" img_size=\"large\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]As part of the value web of stakeholders contributing to widescale digital payment ecosystems, the solution provider who creates and runs the application should connect with both consumers and merchants. Secondly, the solution provider needs to achieve a critical mass of consumer uptake for the merchant to adopt the solution and, in turn, consumer uptake will be driven by merchant persuasion.  This dual edged sword makes it complicated for the solution provider to create a successful business model. There is also a need to match the business logic of the solution partner with that of other actors in the ecosystem who are key drivers of the model. Therefore, among the most important issues in creating sustainable business models in digital payment services is how to create value for consumers, and who to include in the value network.\r\n\r\nIn Jaipur, CATALYST helped solution partners to address these two major issues. We followed an ecosystem approach to support mechanisms such as creation of market linkages, governmental support, collection of ongoing field insights and advice on critical operational challenges. Following are the key questions that need to be answered to constitute a successful business model in mass digital payments based on our experience of working with solution partners on the ground in Jaipur since mid-2016:\r\n<ol>\r\n 	<li><strong>Who is the user?</strong> <em>Identification of the target segment and creating a niche or a ‘one-size-fit-all’ solution and customizing to specific segments</em>: One can choose to follow either of these routes for market acquisition.</li>\r\n 	<li><strong>Can the user self-onboard?</strong> <em>Assisted do-it-yourself for the Indian context</em>: Not just the rural but the urban poor too need handholding support to embrace technical evolutions. A fully automated system will not work in the Indian context. The solution provider should engage the merchant as the assisting agent and the focal point to nudge consumer adoption.</li>\r\n 	<li><strong>What are the hooks and ladders?</strong> <em>Levers to support scalability</em>: One thing that stood out from all our field insights is that digital payments alone cannot be a sustainable proposition. Alternate hooks such as credit, savings or incentives for uptake are necessary to encourage participation.</li>\r\n 	<li><strong>Where do we start?</strong> <em>B2B as a precursor to C2B</em>: Other very important drivers for merchants to volunteer to onboard consumers on digital payments are distributor buy-in and backing. A value proposition that has worked in different value chains such as FMCG, pharma and dairy in Jaipur is the digitization of B2B payments which invariably pushes the merchant to also encourage digital payments downwards in the value chain.</li>\r\n 	<li><strong>Why work with the government?</strong>  <em>Its blessing is an advantage if not a necessity</em>: It is clearly advantageous to have government support for the solution propagated. The best way to ensure that the ultimate consumer trusts the payment solution is if the government attests it.</li>\r\n 	<li><strong>What is the value proposition?</strong> <em>Consumer and/or merchant needs to see the value</em>: Ultimately the consumer is king and needs to see value in the solution beyond the freebies provided.  Merchants, on the other hand, need to make business sense of the whole proposition and ensure that going digital is profitable in order to engage the consumers. The solution partner needs to continuously engage with the merchants to make sure they understand this value.</li>\r\n 	<li><strong>Who are the partners?</strong> <em>Alignment of stakeholders in the ‘value web’ is key for value creation and scalability</em>: All stakeholders need to be aligned to the central value proposition of the solution provider and there should be clarity on each stakeholder’s return on investment.</li>\r\n</ol>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"7841\"][vc_column][vc_row_inner css=\".vc_custom_1542359342440{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"From the CATALYST Incubator program \" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1542359410127{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]One of our partners in the Incubator program, PayNearby, has developed a full-fledged Aadhaar-based payment solution which converts any retail business into a micro ATM and payments solutions partner. While the primary earnings of the retailers come from the existing business, consumers are offered the option to make digital payments rather than pay in cash as they did traditionally.\r\n\r\nLet’s take the case of a photocopy shop. The primary income comes from photocopying and, possibly, a few add-on services such as binding, ticket booking, and so on. An additional service such as a digital payment solution, which has facilities like domestic money transfers, Aadhaar-based cash in and out, bills payments, etc., requires no major new infrastructure support (apart from a low cost biometric device which is provided free if a threshold of transactions are achieved) and can start within an hour of onboarding, facilitates extra income and converts merchants into Digital Pradhans.\r\n\r\nAnother case is that of our partner Fingpay which provides Aadhaar Enabled Payment Solutions (AEPS) for the last mile customer. It has successfully onboarded micro finance clients on its platform. In a typical scenario of a Microfinance Institution (MFI) model, borrowers, usually from joint liability groups or self-help groups, pay their monthly dues to the field agent in cash or through the group leader. However, with the Fingpay solution they will be able to transfer funds with just a biometric reading (AEPS). This use case has been the driver of this business case. While there are challenges due to connectivity and transaction failure, the value proposition considerably overrides the technical issues which are resolved due to measures undertaken by all stakeholders involved.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\"][vc_column][vc_row_inner css=\".vc_custom_1542359350051{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"The digital journey forward\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1542359421165{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]As we have observed from our field experiments, there are pertinent use cases whose relevance needs to be mapped, based on the target segments. The advancement and acceptance of digital solutions by different user groups will escalate when larger players include them into their core systems and create an easy access environment for end users. While there is an inherent need to provide financial access to every corner of the country, it requires support from larger financial institutions to take advantage of the innovation that has already been tested and leverage it to reach scale.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10px\" padding_bottom=\"10px\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265268713{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265795099{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/Developing-Business-Models-1.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"5\" padding_bottom=\"5\"][vc_column][vc_row_inner][vc_column_inner width=\"1/2\"][vc_column_text letter_spacing=\"\"][starbox id=21][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text letter_spacing=\"\"][starbox id=22][/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" disable_element=\"yes\" front_status=\"draft\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" column_gap=\"no\" padding_top=\"70px\" padding_bottom=\"50px\" margin_top=\"0px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1484826151396{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative seeded by an alliance between the Government of India &amp; USAID, to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Developing Business Models for Mass Digital Payments in India', 'Developing business models for mass digital payments in a diverse country like India is a challenging task. It requires multi-stakeholder coordination to understand ‘adoption and acceptance’ challenges, develop and optimize innovative solutions and business models, answer the key question for merchants and consumers (what’s in it for me?), and consider future actions. ', 'inherit', 'closed', 'closed', '', '39336-revision-v1', '', '', '2018-11-19 07:18:11', '2018-11-19 07:18:11', '', 39336, 'https://cashlesscatalyst.org/media/39336-revision-v1/', 0, 'revision', '', 0),
(39411, 20, '2018-11-19 07:50:48', '2018-11-19 07:50:48', '', 'main-bnner', '', 'inherit', 'closed', 'closed', '', 'main-bnner-6', '', '', '2018-11-19 07:50:48', '2018-11-19 07:50:48', '', 39336, 'https://cashlesscatalyst.org/wp-content/uploads/2018/11/main-bnner-3.jpg', 0, 'attachment', 'image/jpeg', 0),
(39412, 20, '2018-11-19 07:52:00', '2018-11-19 07:52:00', '[vc_row full_height=\"yes\" equal_height=\"yes\" content_placement=\"middle\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"39411\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner][vc_custom_heading text=\"DEVELOPING BUSINESS MODELS FOR MASS DIGITAL PAYMENTS IN INDIA\" font_container=\"tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"130px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\" css=\".vc_custom_1504265033147{padding-right: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265063058{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265782417{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/Developing-Business-Models-1.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]Developing business models for mass digital payments in a diverse country like India is a challenging task. It requires multi-stakeholder coordination to understand ‘adoption and acceptance’ challenges, develop and optimize innovative solutions and business models, answer the key question for merchants and consumers (what’s in it for me?), and consider future actions. But, above all, there is a need to design an easy-to-use digital payments interface that can cater to the needs and financial capabilities of the last mile target population.\r\n\r\nCATALYST, as a multi-stakeholder initiative, followed an ecosystem approach to identify and operationalize business models relevant to the Jaipur market. We selected Jaipur as the target geography, given the existing infrastructure to support digital uptake such as availability of power supply, internet connectivity,  penetration of mobile phones, along with the general appetite and interest among locals to learn more about digital payments.\r\n\r\nIn recent times, the success of business models has been based on creating flexible value webs as opposed to static value chains. This means that the roles and responsibilities of players in the business model are not necessarily linear, rigid, and well-defined from the start, but evolve during the course of the engagement.\r\n\r\nWe took inputs and guidance from the Government of Rajasthan, private sector organizations such as banks, fintech solution partners, merchant community and their distributors, and consumer households. While creating a blueprint for business models for mass digital payments, we had to keep in mind the requirements and contributions of these stakeholders.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_single_image image=\"39376\" img_size=\"full\" alignment=\"center\"][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\"][vc_column][vc_row_inner css=\".vc_custom_1542359333513{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"Payment digitization: the business use case\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1542359399750{padding-top: 30px !important;}\"][vc_column_inner][vc_single_image image=\"39371\" img_size=\"large\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]As part of the value web of stakeholders contributing to widescale digital payment ecosystems, the solution provider who creates and runs the application should connect with both consumers and merchants. Secondly, the solution provider needs to achieve a critical mass of consumer uptake for the merchant to adopt the solution and, in turn, consumer uptake will be driven by merchant persuasion.  This dual edged sword makes it complicated for the solution provider to create a successful business model. There is also a need to match the business logic of the solution partner with that of other actors in the ecosystem who are key drivers of the model. Therefore, among the most important issues in creating sustainable business models in digital payment services is how to create value for consumers, and who to include in the value network.\r\n\r\nIn Jaipur, CATALYST helped solution partners to address these two major issues. We followed an ecosystem approach to support mechanisms such as creation of market linkages, governmental support, collection of ongoing field insights and advice on critical operational challenges. Following are the key questions that need to be answered to constitute a successful business model in mass digital payments based on our experience of working with solution partners on the ground in Jaipur since mid-2016:\r\n<ol>\r\n 	<li><strong>Who is the user?</strong> <em>Identification of the target segment and creating a niche or a ‘one-size-fit-all’ solution and customizing to specific segments</em>: One can choose to follow either of these routes for market acquisition.</li>\r\n 	<li><strong>Can the user self-onboard?</strong> <em>Assisted do-it-yourself for the Indian context</em>: Not just the rural but the urban poor too need handholding support to embrace technical evolutions. A fully automated system will not work in the Indian context. The solution provider should engage the merchant as the assisting agent and the focal point to nudge consumer adoption.</li>\r\n 	<li><strong>What are the hooks and ladders?</strong> <em>Levers to support scalability</em>: One thing that stood out from all our field insights is that digital payments alone cannot be a sustainable proposition. Alternate hooks such as credit, savings or incentives for uptake are necessary to encourage participation.</li>\r\n 	<li><strong>Where do we start?</strong> <em>B2B as a precursor to C2B</em>: Other very important drivers for merchants to volunteer to onboard consumers on digital payments are distributor buy-in and backing. A value proposition that has worked in different value chains such as FMCG, pharma and dairy in Jaipur is the digitization of B2B payments which invariably pushes the merchant to also encourage digital payments downwards in the value chain.</li>\r\n 	<li><strong>Why work with the government?</strong>  <em>Its blessing is an advantage if not a necessity</em>: It is clearly advantageous to have government support for the solution propagated. The best way to ensure that the ultimate consumer trusts the payment solution is if the government attests it.</li>\r\n 	<li><strong>What is the value proposition?</strong> <em>Consumer and/or merchant needs to see the value</em>: Ultimately the consumer is king and needs to see value in the solution beyond the freebies provided.  Merchants, on the other hand, need to make business sense of the whole proposition and ensure that going digital is profitable in order to engage the consumers. The solution partner needs to continuously engage with the merchants to make sure they understand this value.</li>\r\n 	<li><strong>Who are the partners?</strong> <em>Alignment of stakeholders in the ‘value web’ is key for value creation and scalability</em>: All stakeholders need to be aligned to the central value proposition of the solution provider and there should be clarity on each stakeholder’s return on investment.</li>\r\n</ol>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"7841\"][vc_column][vc_row_inner css=\".vc_custom_1542359342440{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"From the CATALYST Incubator program \" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1542359410127{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]One of our partners in the Incubator program, PayNearby, has developed a full-fledged Aadhaar-based payment solution which converts any retail business into a micro ATM and payments solutions partner. While the primary earnings of the retailers come from the existing business, consumers are offered the option to make digital payments rather than pay in cash as they did traditionally.\r\n\r\nLet’s take the case of a photocopy shop. The primary income comes from photocopying and, possibly, a few add-on services such as binding, ticket booking, and so on. An additional service such as a digital payment solution, which has facilities like domestic money transfers, Aadhaar-based cash in and out, bills payments, etc., requires no major new infrastructure support (apart from a low cost biometric device which is provided free if a threshold of transactions are achieved) and can start within an hour of onboarding, facilitates extra income and converts merchants into Digital Pradhans.\r\n\r\nAnother case is that of our partner Fingpay which provides Aadhaar Enabled Payment Solutions (AEPS) for the last mile customer. It has successfully onboarded micro finance clients on its platform. In a typical scenario of a Microfinance Institution (MFI) model, borrowers, usually from joint liability groups or self-help groups, pay their monthly dues to the field agent in cash or through the group leader. However, with the Fingpay solution they will be able to transfer funds with just a biometric reading (AEPS). This use case has been the driver of this business case. While there are challenges due to connectivity and transaction failure, the value proposition considerably overrides the technical issues which are resolved due to measures undertaken by all stakeholders involved.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\"][vc_column][vc_row_inner css=\".vc_custom_1542359350051{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"The digital journey forward\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1542359421165{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]As we have observed from our field experiments, there are pertinent use cases whose relevance needs to be mapped, based on the target segments. The advancement and acceptance of digital solutions by different user groups will escalate when larger players include them into their core systems and create an easy access environment for end users. While there is an inherent need to provide financial access to every corner of the country, it requires support from larger financial institutions to take advantage of the innovation that has already been tested and leverage it to reach scale.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10px\" padding_bottom=\"10px\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265268713{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265795099{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/Developing-Business-Models-1.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"5\" padding_bottom=\"5\"][vc_column][vc_row_inner][vc_column_inner width=\"1/2\"][vc_column_text letter_spacing=\"\"][starbox id=21][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text letter_spacing=\"\"][starbox id=22][/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" disable_element=\"yes\" front_status=\"draft\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" column_gap=\"no\" padding_top=\"70px\" padding_bottom=\"50px\" margin_top=\"0px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1484826151396{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative seeded by an alliance between the Government of India &amp; USAID, to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Developing Business Models for Mass Digital Payments in India', 'Developing business models for mass digital payments in a diverse country like India is a challenging task. It requires multi-stakeholder coordination to understand ‘adoption and acceptance’ challenges, develop and optimize innovative solutions and business models, answer the key question for merchants and consumers (what’s in it for me?), and consider future actions. ', 'inherit', 'closed', 'closed', '', '39336-revision-v1', '', '', '2018-11-19 07:52:00', '2018-11-19 07:52:00', '', 39336, 'https://cashlesscatalyst.org/media/39336-revision-v1/', 0, 'revision', '', 0),
(39413, 20, '2018-11-19 07:55:35', '2018-11-19 07:55:35', '', 'main-bnner', '', 'inherit', 'closed', 'closed', '', 'main-bnner-7', '', '', '2018-11-19 07:55:35', '2018-11-19 07:55:35', '', 39336, 'https://cashlesscatalyst.org/wp-content/uploads/2018/11/main-bnner-4.jpg', 0, 'attachment', 'image/jpeg', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(39414, 20, '2018-11-19 07:56:18', '2018-11-19 07:56:18', '[vc_row full_height=\"yes\" equal_height=\"yes\" content_placement=\"middle\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"39413\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner][vc_custom_heading text=\"DEVELOPING BUSINESS MODELS FOR MASS DIGITAL PAYMENTS IN INDIA\" font_container=\"tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"130px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\" css=\".vc_custom_1504265033147{padding-right: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265063058{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265782417{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/Developing-Business-Models-1.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]Developing business models for mass digital payments in a diverse country like India is a challenging task. It requires multi-stakeholder coordination to understand ‘adoption and acceptance’ challenges, develop and optimize innovative solutions and business models, answer the key question for merchants and consumers (what’s in it for me?), and consider future actions. But, above all, there is a need to design an easy-to-use digital payments interface that can cater to the needs and financial capabilities of the last mile target population.\r\n\r\nCATALYST, as a multi-stakeholder initiative, followed an ecosystem approach to identify and operationalize business models relevant to the Jaipur market. We selected Jaipur as the target geography, given the existing infrastructure to support digital uptake such as availability of power supply, internet connectivity,  penetration of mobile phones, along with the general appetite and interest among locals to learn more about digital payments.\r\n\r\nIn recent times, the success of business models has been based on creating flexible value webs as opposed to static value chains. This means that the roles and responsibilities of players in the business model are not necessarily linear, rigid, and well-defined from the start, but evolve during the course of the engagement.\r\n\r\nWe took inputs and guidance from the Government of Rajasthan, private sector organizations such as banks, fintech solution partners, merchant community and their distributors, and consumer households. While creating a blueprint for business models for mass digital payments, we had to keep in mind the requirements and contributions of these stakeholders.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_single_image image=\"39376\" img_size=\"full\" alignment=\"center\"][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\"][vc_column][vc_row_inner css=\".vc_custom_1542359333513{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"Payment digitization: the business use case\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1542359399750{padding-top: 30px !important;}\"][vc_column_inner][vc_single_image image=\"39371\" img_size=\"large\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]As part of the value web of stakeholders contributing to widescale digital payment ecosystems, the solution provider who creates and runs the application should connect with both consumers and merchants. Secondly, the solution provider needs to achieve a critical mass of consumer uptake for the merchant to adopt the solution and, in turn, consumer uptake will be driven by merchant persuasion.  This dual edged sword makes it complicated for the solution provider to create a successful business model. There is also a need to match the business logic of the solution partner with that of other actors in the ecosystem who are key drivers of the model. Therefore, among the most important issues in creating sustainable business models in digital payment services is how to create value for consumers, and who to include in the value network.\r\n\r\nIn Jaipur, CATALYST helped solution partners to address these two major issues. We followed an ecosystem approach to support mechanisms such as creation of market linkages, governmental support, collection of ongoing field insights and advice on critical operational challenges. Following are the key questions that need to be answered to constitute a successful business model in mass digital payments based on our experience of working with solution partners on the ground in Jaipur since mid-2016:\r\n<ol>\r\n 	<li><strong>Who is the user?</strong> <em>Identification of the target segment and creating a niche or a ‘one-size-fit-all’ solution and customizing to specific segments</em>: One can choose to follow either of these routes for market acquisition.</li>\r\n 	<li><strong>Can the user self-onboard?</strong> <em>Assisted do-it-yourself for the Indian context</em>: Not just the rural but the urban poor too need handholding support to embrace technical evolutions. A fully automated system will not work in the Indian context. The solution provider should engage the merchant as the assisting agent and the focal point to nudge consumer adoption.</li>\r\n 	<li><strong>What are the hooks and ladders?</strong> <em>Levers to support scalability</em>: One thing that stood out from all our field insights is that digital payments alone cannot be a sustainable proposition. Alternate hooks such as credit, savings or incentives for uptake are necessary to encourage participation.</li>\r\n 	<li><strong>Where do we start?</strong> <em>B2B as a precursor to C2B</em>: Other very important drivers for merchants to volunteer to onboard consumers on digital payments are distributor buy-in and backing. A value proposition that has worked in different value chains such as FMCG, pharma and dairy in Jaipur is the digitization of B2B payments which invariably pushes the merchant to also encourage digital payments downwards in the value chain.</li>\r\n 	<li><strong>Why work with the government?</strong>  <em>Its blessing is an advantage if not a necessity</em>: It is clearly advantageous to have government support for the solution propagated. The best way to ensure that the ultimate consumer trusts the payment solution is if the government attests it.</li>\r\n 	<li><strong>What is the value proposition?</strong> <em>Consumer and/or merchant needs to see the value</em>: Ultimately the consumer is king and needs to see value in the solution beyond the freebies provided.  Merchants, on the other hand, need to make business sense of the whole proposition and ensure that going digital is profitable in order to engage the consumers. The solution partner needs to continuously engage with the merchants to make sure they understand this value.</li>\r\n 	<li><strong>Who are the partners?</strong> <em>Alignment of stakeholders in the ‘value web’ is key for value creation and scalability</em>: All stakeholders need to be aligned to the central value proposition of the solution provider and there should be clarity on each stakeholder’s return on investment.</li>\r\n</ol>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"7841\"][vc_column][vc_row_inner css=\".vc_custom_1542359342440{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"From the CATALYST Incubator program \" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1542359410127{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]One of our partners in the Incubator program, PayNearby, has developed a full-fledged Aadhaar-based payment solution which converts any retail business into a micro ATM and payments solutions partner. While the primary earnings of the retailers come from the existing business, consumers are offered the option to make digital payments rather than pay in cash as they did traditionally.\r\n\r\nLet’s take the case of a photocopy shop. The primary income comes from photocopying and, possibly, a few add-on services such as binding, ticket booking, and so on. An additional service such as a digital payment solution, which has facilities like domestic money transfers, Aadhaar-based cash in and out, bills payments, etc., requires no major new infrastructure support (apart from a low cost biometric device which is provided free if a threshold of transactions are achieved) and can start within an hour of onboarding, facilitates extra income and converts merchants into Digital Pradhans.\r\n\r\nAnother case is that of our partner Fingpay which provides Aadhaar Enabled Payment Solutions (AEPS) for the last mile customer. It has successfully onboarded micro finance clients on its platform. In a typical scenario of a Microfinance Institution (MFI) model, borrowers, usually from joint liability groups or self-help groups, pay their monthly dues to the field agent in cash or through the group leader. However, with the Fingpay solution they will be able to transfer funds with just a biometric reading (AEPS). This use case has been the driver of this business case. While there are challenges due to connectivity and transaction failure, the value proposition considerably overrides the technical issues which are resolved due to measures undertaken by all stakeholders involved.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\"][vc_column][vc_row_inner css=\".vc_custom_1542359350051{border-bottom-width: 25px !important;}\"][vc_column_inner][vc_custom_heading text=\"The digital journey forward\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1542359421165{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"ptext-justify lh22\"]As we have observed from our field experiments, there are pertinent use cases whose relevance needs to be mapped, based on the target segments. The advancement and acceptance of digital solutions by different user groups will escalate when larger players include them into their core systems and create an easy access environment for end users. While there is an inherent need to provide financial access to every corner of the country, it requires support from larger financial institutions to take advantage of the innovation that has already been tested and leverage it to reach scale.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10px\" padding_bottom=\"10px\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265268713{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265795099{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/Developing-Business-Models-1.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"5\" padding_bottom=\"5\"][vc_column][vc_row_inner][vc_column_inner width=\"1/2\"][vc_column_text letter_spacing=\"\"][starbox id=21][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text letter_spacing=\"\"][starbox id=22][/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" disable_element=\"yes\" front_status=\"draft\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" column_gap=\"no\" padding_top=\"70px\" padding_bottom=\"50px\" margin_top=\"0px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1484826151396{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative seeded by an alliance between the Government of India &amp; USAID, to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Developing Business Models for Mass Digital Payments in India', 'Developing business models for mass digital payments in a diverse country like India is a challenging task. It requires multi-stakeholder coordination to understand ‘adoption and acceptance’ challenges, develop and optimize innovative solutions and business models, answer the key question for merchants and consumers (what’s in it for me?), and consider future actions. ', 'inherit', 'closed', 'closed', '', '39336-revision-v1', '', '', '2018-11-19 07:56:18', '2018-11-19 07:56:18', '', 39336, 'https://cashlesscatalyst.org/media/39336-revision-v1/', 0, 'revision', '', 0),
(39421, 20, '2018-11-20 08:02:11', '2018-11-20 08:02:11', '[vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"39430\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_custom_heading text=\"DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE\" font_container=\"tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"140px\"][kleo_gap size=\"50px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1488531456733{padding-right: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1488531444909{padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/CH-Learning-Note-v2.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23383b3b|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_row_inner css=\".vc_custom_1537456868816{margin-bottom: 35px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Ninety-three percent of India’s US$670 billion retail market continues to be unorganized, operating through mom-and-pop, kirana or standalone stores.<sup>1</sup> According to a recent Boston Consulting GroupConfederation of Indian Industry (BCG-CII) report, this sector is projected to double from a US$1.1-1.2 trillion market by 2020, driven by a 70 percent rise in income levels and a 100 million addition in the number of youth entering the labor force.<sup>2</sup> However, despite growth projections, there are several factors that hinder the growth of these informal enterprises which provide livelihood options to nearly 111 million workers,<sup>3</sup> thus forming an important engine for India’s economic growth.\r\n\r\nThe lack of proper infrastructure and technical skills notwithstanding, a pressing factor hindering attainment of scale by informal enterprises is the lack of credit from formal sources at affordable rates of interest. According to an International Finance Corporation (IFC) report, the credit gap for informal enterprises within the Micro, Small and Medium Enterprises (MSME) sector in India was estimated at US$418 billion in 2012-13.<sup>4</sup> Underlying the gap in accessing formal credit is the story of missing applicant credit histories or other parameters of credit worthiness used in traditional appraisal processes by lenders.<sup>5</sup> Under such circumstances, most enterprises resort to informal lenders, despite the high interest rates charged. Reluctance to adopt digital payments further exacerbates this situation, since it is near impossible to convince lenders of credit worthiness in the face of missing information on credit and other transactional histories. Lack of awareness, low capability and unwillingness to try new technologies for fear of failure are some reasons that contribute to this wariness and create a vicious cycle that has been hard to break.\r\n\r\nCATALYST, in its drive to explore the digital readiness of this segment, hypothesized that providing access to a small amount of credit at lower rates could act as a hook for digital payment adoption and usage, which in turn could trigger a positive spiral to access higher amounts of credit. In a preliminary study to understand the financial behavior and borrowing pattern of small businesses, CATALYST conducted a Credit Needs Assessment Survey (CNAS) where 1,140 small fixed store merchants in Jaipur were interviewed in September 2017. The survey showed that 69 percent of the merchants sourced their credit from informal sources such as friends, family and local moneylenders. Merchants expressed dissatisfaction with local moneylenders because they charged an interest rate of over 30 percent per month. But they still tend to prefer informal lenders over formal ones because of ease of access, no requirement of lengthy documentation, and speedy processes.\r\n\r\nArmed with these insights, CATALYST launched the Credit as a Hook pilot in Jaipur in June 2018 for a select set of merchants. The pilot aimed to provide incremental loans through a starter-builder model starting with a small loan that would increase based on usage of digital payments, where the payment footprint would help merchants build their formal credit history. CATALYST hypothesized that, for the  merchants, this would result in larger loans over a period of time at better rates of interest. For lenders, the presence of a digital footprint would provide the means to underwrite loans better and allow them to acquire new customers (i.e., a set of small merchants that was hitherto unserved by formal financial institutions). The initial pre-assessment survey carried out prior to the product launch, CATALYST’s CNAS report, revealed that 92 percent merchants contacted during the survey was aware of digital payment solutions. Of these, 53.5 percent was interested in availing credit through a digital platform with an expectation of quick processing time.\r\n\r\nThe first challenge that CATALYST faced was to convince lenders to provide an initial loan, albeit small, in the absence of a digital payment history. Traditionally, the route to access credit has been via an established digital payment footprint because of the inherent difference in the way payment and credit operates. Payment systems work better when more people use them, and therefore are designed to be more inclusive in nature. Credit, on the other hand, is designed to hedge excessive risks, and therefore is harder to establish as the first step to financial inclusion of the underserved market segment with no credit history.\r\n\r\nA lending model is predicated on profits from taking calculated risks. So, lenders seek to build strong relationships with their customers and get a broad base of information to calculate the exact underlying risk. On the other hand, payment companies are inherently less dependent on understanding customer risk. Payment businesses therefore tend to be more transactional and less relationship-based than lending ones. The quality or depth of individual customer relationships matters less. Instead, the number and breadth of customers and their networks matter more.<sup>6</sup>\r\n\r\nUnderstanding these basic functions of payments and credit is critical to exploring how the two can be linked. Technology and access to customer data play a huge role in leveraging the payment and credit lens to achieve financial inclusion.\r\n\r\nThe CATALYST pilot aimed at precisely this understanding. How can we urge merchants to start using digital solutions, which in turn can help them access credit at better terms?\r\n\r\nWhile the merits of credit are known, research is beginning to show the advantages of digital credit as well. Early evidence from studying M-Shawri<sup>7</sup> in Kenya has shown that uptake of digital loans has helped improve household resilience against shocks and increased the propensity of families to spend on welfare activities such as health and education.<sup>8</sup> While we have little evidence available from similar experiments in India, we expect the positive benefits would be similar.\r\n\r\nWe hope that the following results of CATALYST’s Credit as a Hook pilot reveal the opportunities and challenges of launching a digital payment and loan product bundle for underserved informal sector merchants in India.[/vc_column_text][vc_column_text text_color=\"#757c74\" font_size=\"14px\" letter_spacing=\"\"]<em><sup>1</sup>India’s $670 billion retail market is heading for a dream run, April 16, 2018, Quartz.</em>\r\n\r\n<em><sup>2</sup>Retail Transformation: Changing Your Performance Trajectory, BCG-CII National Retail Summit Report, 2016.</em>\r\n\r\n<em><sup>3</sup>Found: 111 million MSME workers in India as data rules changes, Livemint, November 22, 2017.</em>\r\n\r\n<em><sup>4</sup>MSME Finance Gap, Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets, IFC, 2017.</em>\r\n\r\n<em><sup>5</sup>Research by Entrepreneurial Finance Lab, retrieved from The Hindu Business Line, ‘There is a credit gap of 56% in the MSME sector’, July 2, 2014</em>\r\n\r\n<em><sup>6</sup>Buckley, R. and I.Mas. The coming of age of digital payment as a field of expertise, Journal of Law Technology and Policy, June 2016, Vol.2016.</em>\r\n\r\n<em><sup>7</sup>M-Shwari is a paperless banking service offered through M-Pesa. M-Shwari bank accounts are opened and maintained through mobile phones.</em>\r\n\r\n<em><sup>8</sup>Bharadwaj, P., W. Jack and T. Suri. Can Digital Loans Deliver: Take Up and Impact of Digital Loans in Kenya, 2018 (Working Paper, draft received on special request from T. Suri).</em>[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"150\" padding_bottom=\"150\" bg_image=\"39431\"][vc_column][vc_custom_heading text=\"INSIGHTS FROM THE PILOT\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Testing the hypothesis involved bringing together a payment provider and a lender — a role that was played by CATALYST. For the pilot, CATALYST partnered with Nupay, a Point of Sale (PoS) device or card swipe machine provider and an early stage startup, and Capital First, a Non Banking Financial Company (NBFC), which agreed to provide term loans to fixed store merchants in Jaipur. The combination of a payment device and loan was offered as a bundle, with the intention of testing the extent to which credit can act as a ‘hook’ to adopt and use digital payments. This combination was created for the purpose of the pilot alone since lenders are unclear of the risks involved in offering a small amount of credit, no matter how small, before they can establish credit history based on transactions on the device provided. Since the combination of partners was arranged by CATALYST for the pilot, CATALYST also had to provide a set of Feet on Street (FoS) for on-the-ground support to roll out the services. The FoS team, trained by CATALYST, provided support in marketing and customer acquisition.\r\n\r\n&nbsp;\r\n\r\n<strong>Product bundle: Capital First and Nupay, a term loan with a card swipe machine</strong>\r\n\r\nProduct bundle details: Capital First (the lender) agreed to provide loans of a ticket size of INR 25,000 to INR 5 lakh at an interest rate of 18 percent to 24 percent annually for a tenure of nine months to 36 months, depending on the ticket size and repayment capacity.\r\n\r\nNupay’s card swipe machine had a monthly rental of INR 350 (~ US$5) plus 18 percent Goods and Service Tax (GST), which was also to be paid by merchants. The lender agreed that merchants would be considered for an incremental loan based on their repayment history observed in the first tranche of the loan, and their digital transaction footprint.\r\n\r\n&nbsp;\r\n\r\n<strong>Project roll-out and findings: digital payment adoption vs. non-adoption</strong>\r\n\r\nDuring the pilot, CATALYST reached out to 409 fixed store merchants across six major markets in Jaipur (Shastri Nagar, Sodala, Durgapura, Khatirpura, Jhotwara and Bani Park).<sup>9</sup> These stores have been in business for an average of 10 years and had a median monthly revenue of INR 45,000. Most stores (99 percent) were owned by men; 87 percent was sole proprietorships while a smaller group (13 percent) was managed jointly with other family members. Sixty-five of them were already using a PoS or a card swipe machine and the remaining 344 merchants were given a demo on using a new PoS machine with the help of CATALYST’s FoS team.[/vc_column_text][vc_single_image image=\"39426\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#757c74\" font_size=\"14px\" letter_spacing=\"\"]<em><sup>9</sup>This data set is separate from the earlier CNAS data. With a time lag of eight months, it is often difficult to work with earlier data sets. So, 490 new fixed stores were chosen from six new markets in Jaipur</em>[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1537937440359{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>Key results from the experiment were:</strong>\r\n<ul>\r\n 	<li>There were eight fixed store merchants who had never used a card swipe machine but eventually adopted digital payment solutions after being trained on card swipe usage by the CATALYST FoS team.</li>\r\n 	<li>The primary reason for adoption was that it would allow them to service a broader customer segment that used (debit/credit) cards to make payments. In other words, the ability to serve a specific customer segment that was familiar with digital solutions was a key driver. This would also result in new customer acquisition over a period of time.</li>\r\n 	<li>Among the merchants who refused to use or adopt a PoS machine, the dominant reason for nonadoption was the absence of customer demand (62 percent, Figure 1). These merchants were unwilling to act as enablers to train customers in using a new digital solution. If the customers asked for the service, they were happy to provide it.</li>\r\n 	<li>The remaining 10 percent (Figure 1) reported the inherent cash stickiness of their business as a major deterrent. Another 2 percent (Figure 1) cited the cost of the machine as a major barrier to accepting digital payments.</li>\r\n</ul>\r\n[/vc_column_text][vc_single_image image=\"39433\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<em>Note: From top right: existing loan usage, source of loan, purpose of loans and awareness about CIBIL scores of 18 merchants who agreed to reveal information about a prior loan.</em>[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]While most merchants who were part of the pilot preferred not to share their current loan practices, those who revealed that they had availed a loan (18 out of 409) had done so from a formal source. Fourteen of the 18 were also aware of their credit score (CIBIL) and its related impact on their credit eligibility.\r\n<ul>\r\n 	<li>Only 18 fixed store merchants (4 percent) with an average monthly revenue of INR 90,000 (double the population median of INR 45,000) reported that they had availed of a loan in the past.</li>\r\n 	<li>The average tenure of the loans was two to three years; 17 merchants sourced the loan from banks and one from a Micro Finance Institution (MFI);</li>\r\n 	<li>The purpose for which loans were taken varied from business expansion (10 merchants), household requirements (four merchants) to health emergencies (one merchant). Utility loans such as for two wheelers (three merchants) formed another major category of reasons for taking loans; and</li>\r\n 	<li>The ticket size of the loans taken by the merchants varied from INR 40,000 to INR 9 lakhs.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"39439\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"MERCHANTS’ PERCEPTION ON THE BUNDLED PRODUCT\r\n\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner el_class=\"normal-style \"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Perceived vs. real interest in loan: When offered the bundled product of payment device and credit, 25 merchants showed initial interest solely in accessing the loan during their first interaction with the CATALYST FoS team. However, 24 had changed their minds when the lender’s agent approached them after a week, perhaps because merchants are always interested in understanding options for credit but may not avail of it even if they express an interest initially.\r\n\r\nOne merchant who agreed to try the combination of a PoS device and loan had a fixed cloth store in Shastri Nagar market. He wanted a loan of INR 1-2 lakhs. Unfortunately, the request was denied since his residence was located outside the serviceable area set by the lender. This fact was discovered after the processing was done, and resulted in a poor customer experience for the merchant.\r\n\r\n<strong>Why was there a low uptake? </strong>\r\n\r\nThe experiment shows that while there was individual adoption of the card swipe machines, there was little uptake of the bundled product. Technology did seamlessly bind the products together but the communication to merchants was often unclear and did not explain how payment device usage would help them get a loan of higher amount in the future. The reasons this product could not cater to customer expectations or improve customer experience as expected are:\r\n\r\n<strong>Loan structure:</strong> While the lender assured the merchants of a credit-build-up model, the merchants were keen to understand the exact qualifiers for the build-up process, i.e., number and/or value of transactions required to qualify for the next tranche of loans. Additionally, they wanted to know by what percentage the loan amount could grow through increased usage of digital transactions. None of this information was provided to merchants since the lender had not yet thought it through. The product’s value proposition stated in one line by the lender as ‘enhanced loan size for incremental usage of digital payments’ failed to gain the merchants’ trust.\r\n\r\n<strong>Single interface for credit and digital payments:</strong> During the CATALYST pilot, the lending company and the digital payment solution company used two separate applications to onboard customers. For the merchants who saw the two as a single product, it was important for the digital payment solution provider and the lending partner to integrate their solution into one single application for simplicity and usage. The existing process offered poor customer experience because filling out two applications is a time-consuming process.\r\n\r\n<strong>Large time lags:</strong> Loan disbursal followed a lengthy process, i.e., lead generation by field agents (CATALYST FoS team) from an initial interaction, followed by a calling exercise by the credit assessor and then a site verification. This long time period between initial contact and disbursement was a pain point. Additionally, there were delays in disbursing the card swipe machine. Partnering with an early stage startup for PoS machines led to a resource crunch, which resulted in operational delays. The time lag between initial lead generation and delivery of the machine ranged from 15-20 days which was too long a time to retain interest.\r\n\r\n<strong>High cost of on boarding:</strong> The loan offer had a customer onboarding cost plus GST that hiked up the existing rates of interest by 3 to 4 percent so the lending interest rate worked out to be around 30 percent annually. These nuanced details deterred many of the merchants to finally take up the loan despite having shown an initial interest in the loan product.\r\n\r\n<strong>Short tenure of the pilot:</strong> Lastly, one must note that three or four months is too short a time to launch and iterate on a product bundle that includes a loan repayment timeline of nine to 36 months. To understand access and usage of repeat loans, the pilot experiment should essentially be of a much longer tenure.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#373b3c\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"RECOMMENDATIONS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>Need for a local presence: </strong>An implementation challenge that needs to be addressed in order to iterate on the pilot experiment and help it succeed is decreasing the time lags between the first point of contact to in-person onboarding with the card swipe machine and the loan. To avoid such operational delays, it is advisable to work with a local company with a greater field presence than with a well-known company based out of another metropolis but with little field support, as was the case during this pilot. Otherwise, the card swipe company/loan company should partner with a channel partner that should be assigned locally to cover the high customer acquisition cost which must be incurred (by default) for wider reach and larger impact among the segment of merchants who are new to digital payment usage.\r\n\r\n<strong>Lower cost of product:</strong> If such loans could get priority sector lending status, obtaining funds would be easier for an NBFC, making access to credit easier and cheaper.\r\n\r\n<strong>Alternate digital payment solutions:</strong> Current credit products are more inclined towards PoS machine uptake and usage. However, given the rise in use of other digital payment modes such as Unified Payments Interface (UPI), e-wallets and other Aadhaar-based solutions could lead to faster and cheaper adoption among merchants.\r\n\r\n<strong>Simple product structure:</strong> As the pilot results suggest, clearly informing the merchants of the exact qualifying factors for incremental loans will help develop higher trust and better customer relationships for a credit-builder model.\r\n\r\n<strong>Provide digital training and awareness:</strong> Multiple field visits and available data on awareness of credit history or usage of digital payments suggest that small fixed store merchants need substantial handholding, training and awareness to understand fundamental financial concepts, the importance of formal loans, and use of credit history. The experiment results suggest that the small merchants would be better off with expert handholding support and training from their first point of contact, as they would be without operational delays. Further, digital training and awareness building must extend to consumers who shop at these merchant locations, since customer demand is a huge driver in merchant acceptance of digital solutions.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#c9213b\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"CONCLUSION\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Credit can potentially act as a hook for usage of digital solutions, provided the effective costs are lower compared to credit from informal sources, and access is speedier. Merchants also need to be provided information on the clear pathway on increase in credit as they continue using the digital facilities. Lenders and payment service providers must present a unified front and offer a superior customer experience to the merchants. Lastly, acceptance of new payment solutions requires end customers to be sensitized equally[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">TECHNICAL WRITERS:</span> John Arun and Shubhranka Mondal</p>\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">ACKNOWLEDGEMENTS:</span> The authors would like to thank Jayshree Venkatesan for her expert advice, and CATALYST’s Feet on Street team, for their ground support</p>\r\n[/vc_column_text][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/CH-Learning-Note-v2.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549446257975{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">[footer_copy]</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE', '', 'publish', 'closed', 'closed', '', 'digital-lending-small-merchants-missing-road-last-mile', '', '', '2019-02-06 09:44:23', '2019-02-06 09:44:23', '', 0, 'https://cashlesscatalyst.org/?page_id=39421', 0, 'page', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(39694, 12, '2018-12-20 11:15:00', '2018-12-20 11:15:00', '[vc_row type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][vc_column_inner width=\"5/6\"][vc_custom_heading text=\"MEET THE TEAM\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\r\n<p style=\"text-align: center;\">We are a lean, entrepreneurial and motivated team of thinkers and doers.</p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" bg_image=\"7841\"][vc_column][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\" css=\".vc_custom_1529596508622{margin-bottom: 40px !important;}\"][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1518614010448{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"sharon\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Sharon.png\" alt=\"Sharon\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"sharon\"> SHARON BUTEAU </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"DIRECTOR\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1518614043137{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Sharon has over 15 years of experience in the field of research and international development. As the Executive Director of IFMR LEAD, Sharon leads the strategic direction of the organization and provides oversight to research, policy and capacity building engagements.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link phide\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/sudhir181279?trk=nav_responsive_tab_profile\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1486996932974{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"badal-malick\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/01.png\" alt=\"badal malick\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"badal-malick\"> BADAL MALICK </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"PRINCIPAL INNOVATION OFFICER\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1517295221489{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Trained in physics and economics, Badal loves to tinker with big ideas. He is passionate about disruptive innovation and large-scale change, which is reflected in his professional trajectory.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://in.linkedin.com/in/badalmalick\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529590589472{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"jayshree\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/Jayshree.png\" alt=\"Jayshree Venkatesan\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"jayshree\">JAYSHREE VENKATESAN</a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"LEAD, CUSTOMER CENTRICITY\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529585990865{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Jayshree is an experienced professional with a demonstrated history of working in the international development finance industry.</p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529586207341{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"varinder\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/varinder.png\" alt=\"Varinder Kaur\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"varinder\">VARINDER KAUR</a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"LEAD, SOCIAL &amp; BEHAVIORAL INSIGHTS\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529586254597{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Varinder has over 14 years of experience in brand strategy and social issues across India and UK.</p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1518586346804{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"preethi-rao\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2017/02/Preeti-Rao.png\" alt=\"Preeti-Rao\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"preethi-rao\"> PREETHI RAO </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"LEAD, LAB PROJECTS\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529595576084{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Preethi holds a Master’s in Business Administration (MBA) from IFMR Business School, with a focus on finance and marketing. In her free time, Preethi likes to write poetry, read fiction and watch movies.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/preethi22/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529586736076{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"john-arun\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/john.png\" alt=\"John Arun\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"john-arun\"> JOHN VICTOR ARUN KUMAR </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"LEAD, INCUBATOR PROJECTS\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529586694470{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">John manages the accelerator’s operations at Catalyst and also oversees the organization’s MSME and Entrepreneurship research.</p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1518612943485{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"mandar\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Mandar.png\" alt=\"mandar\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"mandar\"> MANDAR KAGADE </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"LEAD, POLICY\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529587013594{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">A policy wonk and a lawyer (in that order), Mandar Kagade is focussed on development of regulatory policy in connection with the payments ecosystem. He is passionate about exploring intersections of finance and policy.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/mandar-kagade-4a171333/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"pteam-inner-container\" width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1487055436382{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"vaisnavi\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2017/01/Vaisnavi-Gnanasekaran.png\" alt=\"VAISNAVI GNANASEKARAN\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"vaisnavi\"> VAISNAVI G </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"MONITORING &amp; EVALUATION SPECIALIST\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485770270198{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Passionate about designing solutions that address the needs of the underserved sections of society, Vaisnavi’s journey in the development sector started through volunteer opportunities.</p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<div id=\"sharon\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SHARON BUTEAU</h2>\r\n<h3 class=\"pteam-member-position\">DIRECTOR</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sharon\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nSharon has extensive experience in building important partnerships between academia, donor agencies, policymakers and practitioners to promote evidence-based policy making and practice at scale. She has hands-on experience in research and analytics, and is a Principal Investigator on several IFMR LEAD studies as well. Prior to joining IFMR LEAD, Sharon was an Economist with the Analysis Group in Montreal, Canada.\r\n\r\nSharon holds a Master’s Degree in Social Research Methods from the London School of Economics &amp; Political Science, and a Master’s Degree in Economics from the Université du Québec à Montréal.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"jayshree\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">JAYSHREE VENKATESAN</h2>\r\n<h3 class=\"pteam-member-position\">LEAD, CUSTOMER CENTRICITY</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sharon\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPreviously, she has worked with CGAP and Accion on customer centric business models for low-income segments. As the CEO of IFMR Mezzanine Finance, Jayshree managed an investment portfolio of USD 2 million with zero default. A graduate from MDI Gurgaon, Jayshree is a Chevening Fellow from King\'s College, London.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"varinder\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">VARINDER KAUR</h2>\r\n<h3 class=\"pteam-member-position\">LEAD, SOCIAL &amp; BEHAVIORAL INSIGHTS</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sharon\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPreviously, she has worked with BBC Media Action in India to lead their research on an HIV/AIDS project funded by the Bill and Melinda Gates Foundation. Varinder also has significant experience in strategy design and impact evaluations of corporate social responsibility projects, with organizations such as Unilever, Marico and Reliance.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"john-arun\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">JOHN VICTOR ARUN KUMAR</h2>\r\n<h3 class=\"pteam-member-position\">LEAD, INCUBATOR PROJECTS</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sharon\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nHis core areas of work are project design, implementation and monitoring &amp; evaluation. John has 10 years of experience in the Development Sector and has worked at Tata Consultancy Services on an Entrepreneurship Development program. John holds a Master\'s degree from the Madras School of Social Work and a Bachelor\'s in Computer Science from the Madras university.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"badal-malick\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">BADAL MALICK</h2>\r\n<h3 class=\"pteam-member-position\">PRINCIPAL INNOVATION OFFICER</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"badal-malick\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nBadal has a deep industry background in financial services, digital payments and online commerce. Previously, he was a Vice President at Snapdeal where he built an Omnichannel business from ground up; a Group Product Head at Intuit’s Quickbooks business unit where he crafted new fintech products; an Engagement Manager at McKinsey’s financial services and payments practice where he advised Fortune 50 companies on innovation strategies; and an Economist at the World Bank\'s Water and Sanitation Program where he led a ground breaking a new initiative focused on public accountability in urban service delivery.\r\n\r\nHe is a technology enthusiast, an active angel investor, and once played for a NYC based rock band. He has an MBA from the Yale School of Management.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"alok\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ALOK GUPTA</h2>\r\n<h3 class=\"pteam-member-position\">DIRECTOR, INCUBATION</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"alok\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAlok has 22 years of global experience in fintech solutions. He was COO, India, at World Resources Institute where he set up global work in urban innovation and tools. Before that he was member of the startup team at UIDAI driving program strategy and implementation of Aadhaar – the world’s largest biometric-based online identity platform for 1.2 billion Indians -- enabling roll out of the Aadhaar-based payment platform and effective delivery of welfare services. Prior to UIDAI, he took two fintech ventures to the Indian market as a founding team member. Earlier, he worked in the U.S. for 10 years with Trend Micro, managing global IT strategy, and DiamondCluster, developing and executing digital strategies for Fortune 50 companies.\r\n\r\nHe has an Electronic Commerce management degree from Tepper School of Business, Carnegie Mellon University and Bachelors in Electrical Engineering from Delhi College of Engineering.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"sudhir\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SUDHIR KUMAR</h2>\r\n<h3 class=\"pteam-member-position\">ECOSYSTEM OPERATIONS LEADER</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sudhir\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPreviously, while with the Small Industries Development Bank of India (SIDBI), Sudhir headed its Financial Inclusion initiative (Poorest States Inclusive Growth program) in Madhya Pradesh and Uttar Pradesh, focusing on increasing access to financial services among poor households. As an entrepreneur, Sudhir initiated his own Urban Microfinance Company called MITRA in Rajasthan, providing financial services to urban poor. He has also worked closely with industry associations on policy and advocacy issues and with client-beneficiaries in urban and rural Rajasthan to generate linkages with livelihoods.\r\n\r\nHe is a postgraduate from the Indian Institute of Forest Management (IIFM).</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"parvinder\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">PARVINDER SINGH</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE DIRECTOR, LEARNING &amp; COMMUNICATIONS</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"parvinder\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPassionate about evidence-based conversations and storytelling, he has co-created community media initiatives and digital platforms for public engagement for inclusion and social change. Parvinder has worked with some of the leading development organizations like ActionAid, Oxfam, Christian Aid International, Plan International and Landesa among others. He loves contributing to the on-going public discourses through his writings and has been published in academic journals and international news media.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"sapna\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SAPNA BHARATH</h2>\r\n<h3 class=\"pteam-member-position\">MANAGER, PARTNERSHIPS &amp; IMPLEMENTATION</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sapna\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nSapna has been a pilot team member at global investment banks such as Goldman Sachs, Lehman Brothers and Nomura, and their set up and start up story in India. With over 11 years of experience across transition, operations and execution of large-scale business transformation programs, her noteworthy engagements involved the roll out of new bank branch set ups for equity and fixed income businesses in Mauritius, Singapore, Indonesia and China. In her last stint at Nomura, she was instrumental in front-to-back program management, business analysis and user-acceptance testing for projects such as delivery of India FII Proprietary Trading business roll-out. Prior to Nomura, Sapna was a business analyst at Goldman Sachs and established a center of excellence reconciliation platform for Lehman’s global businesses.\r\n\r\nSapna holds a Bachelor in Commerce Degree, an MBA from the Symbiosis University, Pune and is Six Sigma Green Belt certified.</div>\r\n</div>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" bg_image=\"7841\"][vc_column][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1507728744809{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"aditya\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/aditya.png\" alt=\"ADITYA DESHPANDE\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"aditya\"> ADITYA DESHPANDE </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"STRATEGY AND PRODUCT ARCHITECT\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1507728928331{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">An Engineer and a Post-Graduate in management, Aditya is passionate about startups and has spent a large portion of his professional journey in the ecosystem.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/aditya-deshpande-083716a/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529594073143{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"gaurav-s\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Gaurav.png\" alt=\"GAURAV SINGHAL \" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"gaurav-s\">GAURAV SINGHAL </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"BUSINESS ANALYST\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529587612824{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Passionate about fintech and use of blockchain to improve regulation tech, Gaurav loves designing the efficient ways to streamline processes. prior catalyst he was a co-founder at Authentic – An India stack based E-KYC and authentication startup.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/gsinghal680/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529587858454{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"sunil\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Sunil-Gurubhagwatla.png\" alt=\"sunil\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"sunil\"> SUNIL GURUBHAGWATLA </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"SENIOR PROGRAM ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529587889025{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Sunil is an engineer turned management student. He has worked in the areas of brand alliance in ecommerce and as a Business Intelligence consultant for several domains.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/sunil-gurubhagwatla-42a9791a\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529588438599{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"tunisha\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Tunisha-Kapoor-n.png\" alt=\"tunisha\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"tunisha\"> TUNISHA KAPOOR </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"OPERATIONS ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529588466193{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Tunisha is passionate about policy and regulatory research and has had professional exposure in a diverse set of sectors including business responsibility, insurance and energy.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://in.linkedin.com/in/tunisha-kapoor-9a117851\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<div id=\"mandar\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">MANDAR KAGADE</h2>\r\n<h3 class=\"pteam-member-position\">POLICY CONSULTANT</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"mandar\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nBefore Catalyst, Mandar worked with the Finance Research Group at IGIDR (Mumbai) on a Paypal-funded assignment authoring and disseminating policy research, op-ed pieces and curating round tables towards policy advocacy. Earlier, he was at the Bharti Institute Of Public Policy (Indian School Of Business) where he published financial regulatory research in banking, payments and fintech. A graduate of Columbia Law School and Govt. Law College (Mumbai) he practiced Transaction Law in an earlier life, before the policy bug bit him. When he is not thinking about pushing payments, you would find him watching Ken Burns\' documentaries or Quentin Tarantino creations.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"aditya\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ADITYA DESHPANDE</h2>\r\n<h3 class=\"pteam-member-position\">STRATEGY AND PRODUCT ARCHITECT</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"aditya\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nFor over 10 years, Aditya has handled a wide range of roles including consulting, academics and entrepreneurship. Previously, he was working with GREX as Associate Vice President and handled the ground-up development of debt products for the company. He was responsible for many key partnerships for GREX and also handled various special initiatives, as part of the PMO team earlier. After a brief stint with Satyam as WRAP consultant, he moved to academics and subsequently became part of the entrepreneurship ecosystem while working with a Pune based VC firm and later his own startup in the incubation space.\r\n\r\nHe is an Electronics Engineer and also has a PG Diploma in Management from IMT, Nagpur. He loves working on product ideas and building strong partnerships for organizational growth. Aditya enjoys reading and conquering difficult terrain with his prized 4×4 in his free time. He also enjoys traveling, photography and horse riding.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"arbind\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ARBIND KUMAR</h2>\r\n<h3 class=\"pteam-member-position\">OPERATIONS ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"arbind\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nArbind has a post graduate degree in E-Governance from IIM Indore, and has an experience of over 6 years in business consulting and ICT Solutions for various Government Ministries and Departments. At his last held designation as a Consultant for Business Process &amp; IT and an Advisory Consultant, he has been a key driver of business strategy, transformation and operational improvement. He has also been associated with National Institute for Smart Government, Bluefrog mobile technologies Pvt. Ltd and IIM Indore. Prior to joining Catalyst, he has been a part of\r\n\r\nPrior to his association with Catalyst, he was a part of the National Institute for Smart Government (NISG) New Delhi, where he was associated with various Ministries and Govt. departments, which included Controller General of Defence (MoD), Department of Finance (Govt. of Bihar), Election Commission of India, Ministry of Labour and Employment, Punjab Governance Reforms and others. During his free time, Arbind enjoys cooking, designing, watching movies and trying new cuisines.\r\n\r\nHis involvement with various Ministries and Govt. Departments are in the area of Rural Development, Health and Treasury Management. As a consultant, Arbind was involved in designing workflow-based business processes for the Government to create transparency, and as a Management Consultant, he was a part of conceptualizing, designing, and monitoring the E- Governance Project.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"aparajita\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">APARAJITA BHARTI</h2>\r\n<h3 class=\"pteam-member-position\">COMMUNICATIONS AND MEDIA CONSULTANT</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"aparajita\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAparajita was one of the four Indians selected for the Faiths Act Fellowship by the Tony Blair Faith Foundation. Prior to that, she was a LAMP Fellow and worked as a Legislative Assistant to Mr. N.K. Singh, Member of Parliament, Rajya Sabha. Most recently, she was Manager, Corporate Affairs and Communications at Snapdeal where she was responsible for media messaging and engagement, in addition to providing inputs on policy and legislative issues concerning the digital commerce sector. She also developed and managed partnerships with many state governments for Snapdeal.\r\n\r\nA street theatre artist in her undergraduate years, Aparajita was instrumental in seeding ‘Manthan’ – an annual congregation of street theatre student groups to spread social awareness across India. Manthan has now expanded to 15+ towns and cities.\r\n\r\nShe is an alumnus of Oxford University and College of Business Studies at Delhi University.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"rohit\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ROHIT KUMAR</h2>\r\n<h3 class=\"pteam-member-position\">POLICY CONSULTANT</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"rohit\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">Rohit served as the Head of Policy and Research at the office of Mr. Baijayant ‘Jay’ Panda, Member of Parliament (MP) in Lok Sabha. Prior to that, he has worked for several years with PRS Legislative Research, the Indian think-tank that supports MPs across party lines with research on legislative and policy issues. At PRS, Rohit also developed ‘MP Track’, a tool that is widely used by civil society to track engagement of MPs in Parliament. Before shifting to policy, he was a strategy consultant with the Boston Consulting Group (BCG).Rohit is an alumnus of the Harvard Kennedy School of Government and Indian Institute of Technology-Bombay.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"vaisnavi\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">VAISNAVI GNANASEKARAN</h2>\r\n<h3 class=\"pteam-member-position\">MONITORING &amp; EVALUATION SPECIALIST</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"vaisnavi\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nVaisnavi has worked with various international organizations on research projects focused on the development sector while undertaking her Masters degree. She worked at the United Nations Population Fund Headquarters in New York where she was involved in designing and coordinating evaluation studies of global projects. During this time, she worked with UNICEF and UN Women on evaluation of a jointly operated project to address female genital mutilation in Sub-Saharan Africa. Prior to this, she worked with faculty at the University of Alberta on projects ranging from safe needle exchange programs for addicts to special after-school programs for at-risk children. As a volunteer, Vaisnavi worked with sex workers’ union and human rights activist groups. She specializes on solutions that have a strong data analytical backbone in the development sector.\r\n\r\nVaisnavi recently completed her Master degree in Public Health from University of Alberta, Canada.</div>\r\n</div>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" bg_image=\"7841\"][vc_column][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529589323846{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"arbind\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2017/08/Arbind_kumar.png\" alt=\"arbind\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"arbind\"> ARBIND KUMAR </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"OPERATIONS ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529589390712{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Passionate about developing and improving e- Governance systems across multiple levels of society, Arbind loves to design user friendly workflow-based business processes for the Government to create transparency.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/arbind-kumar-b0a5bb67/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529588667655{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"darshan\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Darshan-singh.png\" alt=\"Darshan Singh\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"darshan\"> DARSHAN SINGH </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"OPERATIONS ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529588692226{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Prior to Darshan\'s association with Catalyst, he was associated with Indian Institute of Management (Indore), for entrepreneurship and enterprise development programs.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"http://www.linkedin.com/in/darshan-singh-09907777181\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529588787401{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"siddharth\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Siddhanth_Dhankhar.png\" alt=\"siddharth\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"siddharth\"> SIDDHARTH DHANKHAR </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"PROGRAM ASSOCIATE \" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529588814331{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Siddharth enjoys mathematics and all things data. He joins Catalyst from the partnerships &amp; strategic initiatives team at Snapdeal. He loves swimming, squash and anything that gets him outdoors.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/siddharthdhankhar\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529591448130{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"preeti-bawa\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Preeti-Bawa.png\" alt=\"preeti bawa\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"preeti-bawa\"> PREETI BAWA </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ADMIN MANAGER\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529591479636{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">With flawless administrative skills, Preeti is passionate about her work; conducting events is her strength. She feels good to provide support to her teammates.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://in.linkedin.com/in/tunisha-kapoor-9a117851\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<div id=\"arindam\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ARINDAM JANA</h2>\r\n<h3 class=\"pteam-member-position\">DATA SCIENTIST</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"arindam\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nArindam has developed analytical frameworks for problems ranging from performance and strategy evaluation in Twenty20 cricket, to identifying possible locations for the new capital of the bifurcated state of Andhra Pradesh, to assessing credit risk in data-poor lending networks, to proving cartel and monopolistic behaviour in markets. Arindam also has a keen interest in developing data pipelines, with a specific interest in data quality and value add – in his time with Indian Institute for Human Settlements, he was instrumental in developing a spatiotemporal database panning sources from Census of India to remote sensing imagery from NASA and ISRO. In his free time, Arindam loves following long form cricket from across the globe, cooking, and analysing films.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"preeti-bawa\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">PREETI BAWA</h2>\r\n<h3 class=\"pteam-member-position\">ADMINISTRATIVE OFFICER</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"preeti-bawa\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPreeti previously worked with FHI360 where she gained exposure to the development sector. Earlier, at Jayanita Exports, she was exposed to work with global buyers for handicraft export and import. Before that, at Alar Impex Pvt. Ltd., she was working with the Belgian government on importing dredging machines from Belgium. Her first experience was interesting: she started her career with SSC as an invigilator for initial paper checks.\r\n\r\nShe has an Economics degree from Delhi University, and an Office Management and Secretarial Diploma from YMCA as well as an Operational Management diploma from MIT.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"sunil\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SUNIL GURUBHAGWATLA</h2>\r\n<h3 class=\"pteam-member-position\">SENIOR PROGRAM ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sunil\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nSunil has worked with Snapdeal in the capacity of Brand Alliances Manager. He has also worked to pilot the Omni channel form of retail in the e-commerce space. Prior to that, he has worked with Cognizant as a Business Intelligence consultant for clients ranging from the publications to banks to telecom sectors.\r\n\r\nHe is an alumnus of Mudra Institute of Communications (MICA), Ahmedabad and National Institute of Technology, Raipur.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"tunisha\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">TUNISHA KAPOOR</h2>\r\n<h3 class=\"pteam-member-position\">OPERATIONS ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"tunisha\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nTunisha has valuable work experience in both the corporate as well as the development sector. She worked as a Senior Research Associate with Consumer Unity and Trust Society for two years handling policy and regulatory research. Prior to that she worked with IMRB International for three years and was responsible for end-to-end project management. She handled both quantitative as well as qualitative studies in the areas of brand health checks as well as communication evaluations.\r\n\r\nTunisha has a management degree from Mudra Institute of Communications, Ahmedabad (MICA).</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"darshan\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">DARSHAN SINGH</h2>\r\n<h3 class=\"pteam-member-position\">OPERATIONS ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"darshan\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nDuring Darshan\'s tenure at DA, he played a leadership role in the creation of ecosystem development for fly ash brick industry, enterprise development, creation of market linkages and integrated village development with HUL and Bharat Oman Refineries Limited. His business proposal on Rural Home Stays in Madhya Pradesh “Homes of India” was selected by IIM- Calcutta as a semi-finalist entry to TATA Social Enterprise Challenge and he was offered the Entrepreneurship Development Program at IIM-Calcutta on incubation. As an independent consultant, he has helped non-profit organizations with fundraising and marketing strategies. He has also independently conducted marketing activation campaigns for various corporates.\r\n\r\nDarshan’s education background is in economics and international business management.</div>\r\n</div>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" bg_image=\"7841\"][vc_column][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529591562226{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"allan\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/02/Allan.png\" alt=\"allan\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"allan\"> ALLAN ALFRED </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"DESIGN AND BRANDING MANAGER\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529591584834{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">A professional visual artist, Allan has dedicated over a decade to art and design. He is a graduate in Visual Communication and is passionate about creating and exploring the latest trends in visual art.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/allanalfred/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529589858786{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"allan\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/02/Allan.png\" alt=\"allan\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"allan\"> ALLAN ALFRED </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"DESIGN AND BRANDING MANAGER\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529589878692{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">A professional visual artist, Allan has dedicated over a decade to art and design. He is a graduate in Visual Communication and is passionate about creating and exploring the latest trends in visual art.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/allanalfred/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1488876627889{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"siddharth\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Siddhanth_Dhankhar.png\" alt=\"siddharth\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"siddharth\"> SIDDHARTH DHANKHAR </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"PROGRAM ASSOCIATE \" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1518612644484{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Siddharth enjoys mathematics and all things data. He joins Catalyst from the partnerships &amp; strategic initiatives team at Snapdeal. He loves swimming, squash and anything that gets him outdoors.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/siddharthdhankhar\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1529588291472{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"allan\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/02/Allan.png\" alt=\"allan\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"allan\"> ALLAN ALFRED </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"DESIGN AND BRANDING MANAGER\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1529588316347{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">A professional visual artist, Allan has dedicated over a decade to art and design. He is a graduate in Visual Communication and is passionate about creating and exploring the latest trends in visual art.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/allanalfred/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<div id=\"shagun\" class=\"team-profile-container\" style=\"style: z-index: 11;\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SHAGUN NAGPAL</h2>\r\n<h3 class=\"pteam-member-position\">SENIOR COMMUNICATIONS MANAGER</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"shagun\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAn Advertising &amp; Public Relations major from Indian Institute of Mass Communication; Shagun believes that effective communication leads to a positive change. Over the course of last 7 years she has worked in diverse work environments starting from Advertising agencies such as Ogilvy &amp; Mather to Humanitarian organisations such as Medecins Sans Frontieres/Doctors Without Borders. Her extensive experience, during which she has managed Press Relations as well as designed Experiential Marketing campaigns, has provided her with an opportunity to explore communication through varied lenses.\r\n\r\nShe has planned &amp; executed marketing campaigns for various audience profiles in India and South Asia. This background has given Shagun interesting insights into different cultures, along with teaching her skills like people\'s management, customer engagement and crisis management.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"anup\" class=\"team-profile-container\" style=\"style: z-index: 11;\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ANUP KUMAR ROY</h2>\r\n<h3 class=\"pteam-member-position\">OPERATIONS LEADER, IFMR LEAD</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"anup\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAnup joined IFMR Research in October 2005 as Research Associate and has worked in several research studies. Prior to IFMR, he worked with University of Delhi for four years, as well as the World Bank as Short Term Consultant for more than a year. At present, as COO, he is involved in IFMR’s international expansion, partnership and training, HR and administration, grant management, financial functions, effective data collection, data management and ethical compliance.\r\n\r\nAnup holds a Master degree in Social Work from the University of Delhi.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"preethi-rao\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">PREETHI RAO</h2>\r\n<h3 class=\"pteam-member-position\">LEAD, LAB PROJECTS</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"preethi-rao\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nIn addition to her role at Catalyst, Preethi heads the Innovation Vertical at IFMR LEAD. As an Innovation Champion, she drives new initiatives and is responsible for conceptualizing new areas of interest for the organization. A significant part of her role at IFMR LEAD is to identify improvements to existing processes, drive new research opportunities and develop capabilities for the same. She is also involved in developing and leading research studies and short term projects in open data, MSMEs, finance and healthcare. Her past roles include overseeing field data collection and digitization of operations.\r\n\r\nPreethi’s journey at IFMR began in 2006 as a researcher where she worked in the small enterprise finance and development space until 2012. During this time, she managed a pan India study on ROSCAs and their role in MSME financing, funded by the Bill &amp; Melinda Gates Foundation. The study was presented to and acknowledged by the then Hon. Finance Minister, Mr. Pranab Mukherjee.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"vivekdeep\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">VIVEKDEEP GUPTA</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE DIRECTOR, STRATEGIC INNOVATIONS</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"vivekdeep\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nVivekdeep Gupta graduated in 2014 with an MBA in Finance and Economics. Vivek has significant public policy experience, having worked at the Office of the Advisor to Prime Minister of India where he designed parts of the National Skill Development Policy and approved loans for skill development programs. He also worked with Mr. N Chandrababu Naidu, through the AP Economic Development Board, during his current tenure as Chief Minister of Andhra Pradesh. Vivek spent 4 years with the Tata Group as part of the Tata Administrative Services (TAS) in Africa, Israel and India. At TAS, he helped the Group set up multiple businesses including India’s first private sector military aerospace unit and micro-finance fund in South Africa.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"akanksha\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">AKANKSHA MITTAL</h2>\r\n<h3 class=\"pteam-member-position\">OPERATIONS ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"akanksha\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAkanksha has worked with Accenture Strategy as a Business Consultant for close to years, in large scale implementation and strategy projects in areas of process efficiency and process integration with technological systems.\r\n\r\nShe completed her MBA from Indian Institute of Management, Bangalore and BSc (H) Mathematics from Lady Shri Ram College. She is passionate about the causes of Financial Inclusion, education for the blind and economic development and has contributed to these areas in her own small yet significant ways.\r\n\r\nShe likes watching plays more than movies and philosophy more than romance. Her height doesn’t justify her love and skill at basketball and she takes the job of restaurant critiquing quite seriously! Her bucket list includes travelling solo to Latin America and teaching kids there.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"ryan\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">RYAN TERRIBILINI</h2>\r\n<h3 class=\"pteam-member-position\">FELLOW</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"ryan\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nRyan has worked on numerous projects at the intersection of technology, policy, and operations. He spent four years at Google developing the Android hardware and software ecosystems by managing direct-to-consumer device support operations and creating policies for the world\'s biggest mobile app marketplace. At Ripple, Ryan served as Head of Developer Relations and Platform Partnerships. Through this role he engaged with numerous financial institutions and FinTech entrepreneurs building the payment systems of the future.\r\n\r\nRyan is a magna cum laude graduate of the University of California, Berkeley with a degree in Classical Civilizations. He is expected to graduate from the University of Oxford\'s Master of Public Policy program in Fall 2017. When he\'s not studying or playing with tech, you can find Ryan relaxing by watching and playing baseball.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"adiraju\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">BHARADWAJ ADIRAJU</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"adiraju\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">Bharadwaj is pursuing an M.A. in Economics from the University of Hyderabad. Driven by his desire to solve socio-economic injustices, he was part of a team that conducted a study on the reasons for the drop-out of differently-abled students from Delhi University. He intends to combine his interests in teaching and economics to pursue a career in teaching Currently, he is interested in investigating benefits of financial inclusion at the grass-roots and its impact on macroeconomic policies and indicators. In his free time, he enjoys relaxing and plays the Carnatic Classical violin and lawn tennis.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"katyal\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">RAGHAV KATYAL</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"katyal\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">Raghav studies Political Science and Economics at Ashoka University. He believes policy enables markets to drive socio-economic development. An aspiring public policy professional, Raghav also enjoys writing opinion pieces on contemporary issues. Apart from his academic pursuits, he also steers the Consulting vertical of the Ashoka Business Club.\r\nBorn and brought up in New Delhi, he takes an avid interest in reading up on the city’s history, monuments, as well as the politics that is woven into its fabric. At Catalyst, he hopes to help create government regulation for payments which can unlock financial inclusion for India’s masses.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"khanna\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SAMRUDHI KHANNA</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"khanna\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">With an undergraduate degree in financial markets and over two years of experience in investment banking research, Samrudhi has now decided to dive into a more impactful role within the space. She aims to contribute her time and skills towards helping Catalyst build a digitized national economy and promote financial inclusion at various levels. A firm believer in the bottom up theory of development, she has also worked on a number of field as well as analytical projects in behavioural finance, child labour, improving the scope of primary education in India etc.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"srinivasan\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">NITHYA SRINIVASAN</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"srinivasan\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">Nithya recently graduated in Economics from Miranda House, University of Delhi and is passionate about international development and economic research. Her academic interests include social entrepreneurship, women empowerment, and behavioural aspects of public policy formulation. In the past, Nithya has worked with research organisations, NGOs and the Delhi Government on women entrepreneurship, public health, education and law. She recently represented India at the South Asian Economics Students Meet, Bangladesh and was awarded ‘best paper’ for her research work on healthcare financing. Besides research, Nithya loves debating, travelling and meeting new people. She is a passionate singer and currently teaches with an organisation called Music Basti in Delhi.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"swallow\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">MYLA SWALLOW</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"swallow\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">Myla is interested in the intersection of normative philosophy and the realities of global economic development. She bridges a fascination for the theoretical with a desire to implement effective on-the-ground change, realising that these pursuits can often lead in divergent directions. She is now working on her undergraduate thesis investigating and evaluating the execution of financial services in low-income communities. Myla is originally from Sydney, Australia, but has spent the last 3 years as a Robertson Scholar at Duke University. She will be graduating from Duke in May 2019 with a double major in economics and philosophy.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"anupama\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ANUPAMA MENON</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"anupama\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAnupama is an undergraduate student of Electronics and Communication Engineering at the National Institute of Technology, Trichy, and was named a Cargill Global Scholar in 2017. She is driven by a desire to integrate technology with the development sector in India. She is interested in digitization and its impact on the Indian economy and is keen on using her technical and behavioral insights to fast-track this process.\r\n\r\nShe has worked extensively in the Public Health sector - having conducted research in Medical Imaging and developed an application for Breast Cancer Thermography. As a volunteer, she has taught English to primary-school goers in rural Trichy. She also takes an active interest in theatre, classical dance and writing.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"allan\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ALLAN ALFRED</h2>\r\n<h3 class=\"pteam-member-position\">DESIGN AND BRANDING MANAGER</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"allan\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nFor over a decade, Allan has been dedicated to design and looking into global design trends. His passion for art, design and communication has helped him build a staggering array of visual art and concepts. During the last 13 years, Allan has been recognized as a change enthusiast and a trend setter.\r\n\r\nAfter graduating with a Degree in Visual Communication, Allan has worked in Malaysia and many parts of India. He is a well appreciated Team Leader and spends most of his leisure time interacting with like-minded creative professionals and exploring new realms of design.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"siddharth\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SIDDHARTH DHANKHAR</h2>\r\n<h3 class=\"pteam-member-position\">PROGRAM ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"siddharth\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nSiddharth has a dual degree from BITS Pilani with bachelor\'s degree in electronics engineering and a master\'s degree in economics. He\'s previously interned at Morgan Stanley, KPMG, among other companies.\r\n\r\nPrior to joining Catalyst, he spent about two years at Snapdeal working on partnerships &amp; strategic initiative projects.\r\n\r\nIn his spare time, he can be found debating, planning detailed vacation itineraries and outdoors. He has spent a summer working in financial crime investigation with Gurgaon Police.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"gaurav-s\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">GAURAV SINGHAL</h2>\r\n<h3 class=\"pteam-member-position\">BUSINESS ANALYST</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sharon\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nGaurav has been an active participant in startup ecosphere. He has worked with CIIE, IIM A where he worked on the bi-yearly Blpan competition Power of Ideas; as an intern at Dexter capital – a startup debt advisory and angel fund where he assisted in early due diligence and outreach; and as a Business development associate at CultureAlley, creator of HelloEnglish App where he worked on monetizing the app through multiple channels and upselling. In his free time, he loves to write short stories, follow cricket and prepare for marathon cycling.</div>\r\n</div>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" visibility=\"hidden-xs,hidden-sm,hidden-md,hidden-lg,hidden-xlg\" bg_image=\"7841\"][vc_column][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner width=\"1/4\"][/vc_column_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][vc_column_inner el_class=\"phide\" width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1488521635859{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"sowmya\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Sowmya-Nanjudaiah.png\" alt=\"sowmya\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"sowmya\"> SOWMYA NANJUNDAIAH </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"MARKETING, INCITE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486129377285{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Sowmya is CEO of INCITE, where she helps companies reimagine how they interact with their customers and manage their businesses in the digital economy.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/sowmya-nanjundaiah-4695b43\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<div id=\"shubham\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SHUBHAM KULSHRESTHA</h2>\r\n<h3 class=\"pteam-member-position\">OPERATIONS ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"shubham\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nShubham recently graduated from Peking University HSBC Business School with a master degree in Management Science and has undertaken projects involving product portfolio establishment, market research, business analysis and project management during his study. He has worked on a joint venture under the guidance of senior leadership in Mahindra Intertrade to study the feasibility of new product establishment in the Indian market. Shubham brings to the table a rich experience of working with global MNCs like Mahindra &amp; Mahindra, Bosch &amp; JCB.\r\n\r\nHe has a Bachelors in Mechanical engineering from Manipal University. During his tenure of study at Manipal, he has lead teams in National level automotive events like BAJA &amp; National Go kart championship and has worked as a volunteer in social organizations like Gramiksha and AIESEC, India.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"smriti\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SMRITI AGRAWAL</h2>\r\n<h3 class=\"pteam-member-position\">MANAGER, POLICY AND PARTNERSHIPS</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"smriti\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nA Harvard Law School and London School of Economics graduate, Smriti is a lawyer turned economist specializing in financial regulation, international and monetary economics. She has previously worked with Reserve Bank of India and Ministry of Finance and was involved in issues relating to fiscal policy and public finance. In this context, Smriti engaged in mobilization of small savings through market borrowings.\r\n\r\nPrior to this, she was assigned on projects with European Commission &amp; ESMA on improving involvement of retail users in the design of financial policies. Smriti is a trained Indian classical dancer who tries to engage and teach kids Kathak.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"pratap\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">PRATAP THUMBOOCHETTY</h2>\r\n<h3 class=\"pteam-member-position\">MARKETING, INCITE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"pratap\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPratap began his career as a research scientist at the Indian Institute of Science, Bengaluru. During his MBA program in the U.S., Pratap interned with the Federal Communications Commission, helping draft policy and legislation for the Satellite Communications division. Then, as a part of Capital One’s Small Business division, Pratap was instrumental in developing new products and creating and growing the Loyalty Program. He later led Capital One’s foray into the Indian consumer lending market. During this time, he was also invited to write an advisory paper to the Ministry of Finance, Government of India, on leveraging data analytics within the Income Tax department. As an independent consultant, Pratap mentored large corporations by offering strategic advice related to India entry.\r\n\r\nPratap has a degree in electrical engineering and an MBA from the Yale School of Management with a dual concentration in strategy and international finance.</div>\r\n</div>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" visibility=\"hidden-xs,hidden-sm,hidden-md,hidden-lg,hidden-xlg\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][vc_column_inner width=\"5/6\"][vc_custom_heading text=\"SUMMER PROGRAM (BATCH OF 2017)\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\r\n<p style=\"text-align: center;\">Every year, we select a few passionately driven individuals with unique skills and interests that complement our current priorities.</p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" visibility=\"hidden-xs,hidden-sm,hidden-md,hidden-lg,hidden-xlg\" bg_image=\"7841\"][vc_column][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1494410553853{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"ryan\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Ryan-terribilini.png\" alt=\"ryan\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"ryan\"> RYAN TERRIBILINI </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"FELLOW\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494240914237{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Being born and raised right next to Silicon Valley, Ryan has always been inspired by the history of technology and its potential for the future.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/ryanterribilini/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1494241018144{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"maya\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Maya-Durvasula.png\" alt=\"maya\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"maya\"> MAYA DURVASULA </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494239528364{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Research and service in a diverse array of settings have augmented Maya’s commitment to poverty alleviation and economic development.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/maya-durvasula-7aaa9179/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1494240671749{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"priyanka\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/priyanka.png\" alt=\"priyanka\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"priyanka\"> PRIYANKA ROYCHOUDHURY </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494240448187{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Priyanka is currently pursuing MSc Economics from London School of Economics and Political Science. Prior to joining LSE.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/priyanka-roychoudhury-15aa843b/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1494334037374{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"abhinav\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Abhinav-Verma.png\" alt=\"abhinav\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"abhinav\"> ABHINAV VERMA </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494334178467{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Abhinav is interested in social entrepreneurship and the potential of markets to promote economic development. He is a second-year undergrad studying Economics and Finance at Ashoka University.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/abhinav-verma-b2b74a10b/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" disable_element=\"yes\" el_class=\"pmember-container phide\" css=\".vc_custom_1517294658131{margin-top: 40px !important;}\"][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1504761827594{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"jennifer\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2017/09/Jennifer-Sung.png\" alt=\"jennifer\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"jennifer\"> JENNIFER SUNG </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1504761858418{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Jennifer is a finance professional with a poetic heart, curious palate and wandering feet. Her diverse experiences have fueled her interests in financial technology, entrepreneurship and early stage investments.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/jennifer-sung-20b80162/?ppe=1\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1494241018144{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"maya\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Maya-Durvasula.png\" alt=\"maya\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"maya\"> MAYA DURVASULA </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494239528364{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Research and service in a diverse array of settings have augmented Maya’s commitment to poverty alleviation and economic development.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/maya-durvasula-7aaa9179/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1494240671749{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"priyanka\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/priyanka.png\" alt=\"priyanka\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"priyanka\"> PRIYANKA ROYCHOUDHURY </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494240448187{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Priyanka is currently pursuing MSc Economics from London School of Economics and Political Science. Prior to joining LSE.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/priyanka-roychoudhury-15aa843b/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1494334037374{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"abhinav\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2016/12/Abhinav-Verma.png\" alt=\"abhinav\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"abhinav\"> ABHINAV VERMA </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494334178467{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\">Abhinav is interested in social entrepreneurship and the potential of markets to promote economic development. He is a second-year undergrad studying Economics and Finance at Ashoka University.</p>\r\n\r\n[/vc_column_text][vc_column_text text_color=\"#0353d8\" letter_spacing=\"\" el_class=\"lh24 pteam-social-link-container\"]\r\n<p class=\"pteam-social-link\" style=\"text-align: center;\"><a href=\"https://www.linkedin.com/in/abhinav-verma-b2b74a10b/\" target=\"_blank\" rel=\"noopener noreferrer\">Linkedin</a></p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<div id=\"jennifer\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">JENNIFER SUNG</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"jennifer\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nJennifer started her career as a Healthcare Investment Banker with Deutsche Bank. After working across a spectrum of transactions in M&amp;A and Equity markets across EMEA, she took up a Client Strategy role with the Global Capital Markets and Treasury Solutions team.\r\n\r\nAfter 3 years with Deutsche bank, Jennifer joined an early stage Fintech start-up Lendingkart as a Senior Manager in their Strategic Initiatives team. She was briefly the Chief of staff and was further promoted to AVP – Capital Markets responsible for raising debt capital and management of investor/external stakeholder relationships for the firm.\r\n\r\nJennifer graduated with an honours degree from Shri Ram College of Commerce and is an MBA candidate at INSEAD. In her free time, she likes to travel, recreate gourmet meals in her kitchen, and curl up with a good book.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"siddharth\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SIDDHARTH DHANKHAR</h2>\r\n<h3 class=\"pteam-member-position\">PROGRAM ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"siddharth\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nSiddharth has a dual degree from BITS Pilani with bachelor\'s degree in electronics engineering and a master\'s degree in economics. He\'s previously interned at Morgan Stanley, KPMG, among other companies.\r\n\r\nPrior to joining Catalyst, he spent about two years at Snapdeal working on partnerships &amp; strategic initiative projects.\r\n\r\nIn his spare time, he can be found debating, planning detailed vacation itineraries and outdoors. He has spent a summer working in financial crime investigation with Gurgaon Police.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"anand\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ANAND RAMAN</h2>\r\n<h3 class=\"pteam-member-position\">TECHNICAL ADVISOR</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"anand\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAnand enjoys learning and has moved between sectors and domain in his professional life -- from IT to telecom to television and lastly financial services. He has written code, managed projects, delivered products, sold and marketed them with stints at companies including Tech Mahindra, Idea Cellular, Star TV, Eko and IDmission Solutions. He wants to remain curious and in hopefully bring some change. He has interests in diverse and often utterly unrelated subjects.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"sowmya\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SOWMYA NANJUNDAIAH</h2>\r\n<h3 class=\"pteam-member-position\">MARKETING, INCITE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sowmya\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nSince 2010, Sowmya has driven INCITE’s growth from a small startup into a full-service interactive agency operating out of the U.S., Europe and India. Earlier, she was responsible for corporate fund raising for the United Way in Massachusetts, helping America’s largest non-profit organization raise funds for outreach programs. On her return to India, Sowmya was part of the founding team of Nirvana, a Bengaluru-based BPO that services global clients. Here she defined the strategic vision and built key parts of the organization including product development and sales. As Head of the New York office, she was responsible for Nirvana’s expansion into the North American market. Sowmya then returned to India to co-found a successful wine company, Naka Wines. As CEO of Naka Wines, she was responsible for launching the brand across Karnataka and the USA.\r\n\r\nSowmya has an MBA from the prestigious University of Massachusetts.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"abhinav\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ABHINAV VERMA</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"abhinav\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAbhinav is a second-year undergrad pursuing a B.Sc. (Hons.) in Economics and Finance from Ashoka University. He is interested in social entrepreneurship and the potential of markets to promote economic development. His academic interests lie in financial inclusion and impact investing. Last winter, he organised a panel discussion at the Harvard-US India Conference to discuss the role of financial inclusion in Indian rural development.\r\n\r\nAbhinav is a budding entrepreneur. He started a e-commerce company to represent local manufacturers on e-commerce portals. On campus, he also started a food-delivery business. To relax, he enjoys swimming, photography, writing for his university’s newspaper, and trying new kinds of cuisine.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"priyanka\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">PRIYANKA ROYCHOUDHURY</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"priyanka\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPriyanka worked with Centre for Policy Research in New Delhi in their project –Accountability Initiative- where she worked in the areas of public finance and public administration. As a Research Associate, she handled both quantitative and qualitative analytical work as well as worked on ground to implement PETS for the project.\r\n\r\nPriyanka holds a B.A. (Hons) Economics degree from Lady Shri Ram college for women and a PGD in Liberal Arts from Ashoka University. Apart from nurturing a career goal to step into policy work using her academic qualifications professionally, she continues to juggle her passion for community work through her community initiative- The WordsWorth Project- which engages youth volunteers to assist underprivileged kids with their English language development. She often uses the rest of her time to give life to her thoughts through blogging and doodling.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"maya\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">MAYA DURVASULA</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"maya\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nMaya combines academic interests in economic development and poverty alleviation with a wide array of experiences in research and multi-sectoral policy development &amp; implementation. Most recently, she co-led two nationwide behavioral economics experiments on HIV test uptake with a public health and social entrepreneurship laboratory in Guangzhou, China. She is interested in the ways in which microeconomic theory and behavioral insights can be used to design informal and formal social programs and institutions.\r\n\r\nMaya studies economics and mathematics as a Robertson Scholar at Duke University and will graduate in May 2018. She was named a 2017 United States Truman Scholar. In her free time, she can usually be found wandering through mountains and canyons in the American Southwest.</div>\r\n</div>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][vc_column_inner width=\"5/6\"][vc_custom_heading text=\"SUMMER PROGRAM (BATCH OF 2018)\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\r\n<p style=\"text-align: center;\">Every year, we select a few passionately driven individuals with unique skills and interests that complement our current priorities.</p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1528191247772{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"adiraju\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/bharadwaj_adiraju.png\" alt=\"adiraju\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"adiraju\"> BHARADWAJ ADIRAJU</a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1528186523821{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Bharadwaj is pursuing an M.A. in Economics from the University of Hyderabad. Driven by his desire to solve socio-economic injustices, he was part of a team that conducted a study on the reasons for the drop-out of differently-abled students from Delhi University. </span></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1528187251568{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"katyal\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/raghav_katyal.png\" alt=\"katyal\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"katyal\"> RAGHAV KATYAL </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494239528364{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Raghav studies Political Science and Economics at Ashoka University. He believes policy enables markets to drive socio-economic development.</span></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1528191661212{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"khanna\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/samrudhi_khanna.png\" alt=\"khanna\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"khanna\">SAMRUDHI KHANNA </a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494240448187{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">With an undergraduate degree in financial markets and over two years of experience in investment banking research, Samrudhi has now decided to dive into a more impactful role within the space.</span></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1528191710557{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"srinivasan\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/nithya.png\" alt=\"srinivasan\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"srinivasan\"> NITHYA SRINIVASAN</a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494334178467{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Nithya recently graduated in Economics from Miranda House, University of Delhi and is passionate about international development and economic research.</span></p>\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" el_class=\"pmember-container\"][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1528192317705{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"swallow\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/myla_swallow.png\" alt=\"swallow\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"swallow\"> MYLA SWALLOW\r\n</a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1528186523821{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Myla is interested in the intersection of normative philosophy and the realities of global economic development.</span></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1528208150929{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"anupama\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/photos06.png\" alt=\"anupama\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"anupama\"> ANUPAMA MENON</a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494239528364{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]\r\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Anupama is an undergraduate student of Electronics and Communication Engineering at the National Institute of Technology, Trichy, and was named a Cargill Global Scholar in 2017.</span></p>\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" offset=\"vc_hidden-lg vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_column_text letter_spacing=\"\" css=\".vc_custom_1545303910648{margin-bottom: 0px !important;}\"]\r\n<div class=\"team-member-container\">\r\n<div class=\"team-member\">\r\n\r\n<a class=\"toggle\" data-target=\"anupama\"><img src=\"https://cashlesscatalyst.org/wp-content/uploads/2018/12/Kanika-1.png\" alt=\"Kanika\" /></a></div>\r\n<div>\r\n<h2 class=\"pmember-title\"><a class=\"toggle\" data-target=\"anupama\">KANIKA</a></h2>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"ASSOCIATE\" font_container=\"tag:h2|font_size:17px|text_align:center|color:%23383b3b|line_height:24px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1494239528364{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;}\" el_class=\"pmember-position\"][vc_column_text text_color=\"#383b3b\" letter_spacing=\"\" el_class=\"lh24 pteam-content-container\"]<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Kanika is a seasoned communications expert and a story teller with 16 years of experience. She believes that a strong communications campaign can act as a catalyst in bringing about desired change. It can either make or break.</span></p>\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" visibility=\"visible-xs,visible-sm,visible-md,visible-lg,visible-xlg\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<div id=\"adiraju\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">BHARADWAJ ADIRAJU</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"adiraju\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">Bharadwaj is pursuing an M.A. in Economics from the University of Hyderabad. Driven by his desire to solve socio-economic injustices, he was part of a team that conducted a study on the reasons for the drop-out of differently-abled students from Delhi University. He intends to combine his interests in teaching and economics to pursue a career in teaching Currently, he is interested in investigating benefits of financial inclusion at the grass-roots and its impact on macroeconomic policies and indicators. In his free time, he enjoys relaxing and plays the Carnatic Classical violin and lawn tennis.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"anand\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ANAND RAMAN</h2>\r\n<h3 class=\"pteam-member-position\">TECHNICAL ADVISOR</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"anand\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAnand enjoys learning and has moved between sectors and domain in his professional life -- from IT to telecom to television and lastly financial services. He has written code, managed projects, delivered products, sold and marketed them with stints at companies including Tech Mahindra, Idea Cellular, Star TV, Eko and IDmission Solutions. He wants to remain curious and in hopefully bring some change. He has interests in diverse and often utterly unrelated subjects.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"sowmya\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">SOWMYA NANJUNDAIAH</h2>\r\n<h3 class=\"pteam-member-position\">MARKETING, INCITE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"sowmya\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nSince 2010, Sowmya has driven INCITE’s growth from a small startup into a full-service interactive agency operating out of the U.S., Europe and India. Earlier, she was responsible for corporate fund raising for the United Way in Massachusetts, helping America’s largest non-profit organization raise funds for outreach programs. On her return to India, Sowmya was part of the founding team of Nirvana, a Bengaluru-based BPO that services global clients. Here she defined the strategic vision and built key parts of the organization including product development and sales. As Head of the New York office, she was responsible for Nirvana’s expansion into the North American market. Sowmya then returned to India to co-found a successful wine company, Naka Wines. As CEO of Naka Wines, she was responsible for launching the brand across Karnataka and the USA.\r\n\r\nSowmya has an MBA from the prestigious University of Massachusetts.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"abhinav\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">ABHINAV VERMA</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"abhinav\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nAbhinav is a second-year undergrad pursuing a B.Sc. (Hons.) in Economics and Finance from Ashoka University. He is interested in social entrepreneurship and the potential of markets to promote economic development. His academic interests lie in financial inclusion and impact investing. Last winter, he organised a panel discussion at the Harvard-US India Conference to discuss the role of financial inclusion in Indian rural development.\r\n\r\nAbhinav is a budding entrepreneur. He started a e-commerce company to represent local manufacturers on e-commerce portals. On campus, he also started a food-delivery business. To relax, he enjoys swimming, photography, writing for his university’s newspaper, and trying new kinds of cuisine.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"priyanka\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">PRIYANKA ROYCHOUDHURY</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"priyanka\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nPriyanka worked with Centre for Policy Research in New Delhi in their project –Accountability Initiative- where she worked in the areas of public finance and public administration. As a Research Associate, she handled both quantitative and qualitative analytical work as well as worked on ground to implement PETS for the project.\r\n\r\nPriyanka holds a B.A. (Hons) Economics degree from Lady Shri Ram college for women and a PGD in Liberal Arts from Ashoka University. Apart from nurturing a career goal to step into policy work using her academic qualifications professionally, she continues to juggle her passion for community work through her community initiative- The WordsWorth Project- which engages youth volunteers to assist underprivileged kids with their English language development. She often uses the rest of her time to give life to her thoughts through blogging and doodling.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div id=\"maya\" class=\"team-profile-container\">\r\n<div class=\"team-profile-inner\" style=\"margin: 0 auto;\">\r\n<h2 class=\"pteam-member-name\">MAYA DURVASULA</h2>\r\n<h3 class=\"pteam-member-position\">ASSOCIATE</h3>\r\n<div class=\"pclose-btn\"><a class=\"close \" data-target=\"maya\">X</a></div>\r\n</div>\r\n<div class=\"pteam-member-details\">\r\n\r\nMaya combines academic interests in economic development and poverty alleviation with a wide array of experiences in research and multi-sectoral policy development &amp; implementation. Most recently, she co-led two nationwide behavioral economics experiments on HIV test uptake with a public health and social entrepreneurship laboratory in Guangzhou, China. She is interested in the ways in which microeconomic theory and behavioral insights can be used to design informal and formal social programs and institutions.\r\n\r\nMaya studies economics and mathematics as a Robertson Scholar at Duke University and will graduate in May 2018. She was named a 2017 United States Truman Scholar. In her free time, she can usually be found wandering through mountains and canyons in the American Southwest.</div>\r\n</div>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" bg_image=\"7841\"][vc_column][vc_row_inner css=\".vc_custom_1483453346740{margin-bottom: 30px !important;}\"][vc_column_inner][vc_custom_heading text=\"ADVISORS\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24 ptitle-border-red\"]Catalyst\'s advisors being deep sector expertise and thought leadership to guide our strategy and implementation.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1483514478888{margin-bottom: 30px !important;}\"][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"ALLEN WEINBERG\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486445347167{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fallen-weinberg-0155%3Ftrk%3Dprof-samename-name||target:%20_blank|\"][vc_custom_heading text=\"Partner/Co-Founder\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851713182{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Glenbrook Partners\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486444189952{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"LEORA KLAPPER\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1498630768489{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fleora-klapper-24105478||target:%20_blank|\"][vc_custom_heading text=\"Lead Economist\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1498630865051{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"World Bank\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1498630903695{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"NITIN MANTRI\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488797685329{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fmessaging%2Fthread%2F6242557045191606272%2F||target:%20_blank|\"][vc_custom_heading text=\"CEO\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488797709804{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Avian Media\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488797719470{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"PAWAN BAKHSHI\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1498735370480{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fpawan-bakhshi-ph-d-7461411%2F||target:%20_blank|\"][vc_custom_heading text=\"India Lead - Financial Services for the Poor\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488797833022{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Bill &amp; Melinda Gates Foundation\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488797847586{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1486444525955{margin-bottom: 30px !important;}\"][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"PRAVEEN KHANDELWAL\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486445418505{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fin.linkedin.com%2Fin%2Fpraveen-khandelwal-95b68614||target:%20_blank|\"][vc_custom_heading text=\"Secretary-General\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851739567{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Confederation of All India Traders\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486444491047{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"RAJESH BANSAL\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486445506996{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Frajesh-bansal-b81b8655||target:%20_blank|\"][vc_custom_heading text=\"Senior Partner\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851763311{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\" Bankable Frontier Associates\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487852170655{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"RENANA JHABVALA\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851646864{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"National Coordinator\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851685527{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"SEWA Bank\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851730358{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"SMITA AGGARWAL\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488797535842{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fsmitaaggarwal0%2F||target:%20_blank|\"][vc_custom_heading text=\"Director - Investments\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488805228673{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Omidyar Networks\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488805290165{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1486444525955{margin-bottom: 30px !important;}\"][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"VARAD PANDE\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524261697{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fin.linkedin.com%2Fin%2Fvarad-pande||target:%20_blank|\"][vc_custom_heading text=\"Financial Inclusion Partner\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851790538{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Dalberg Social Advisors\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:26px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486448801652{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"VIVEK WADHWA\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1497429263011{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fvwadhwa%2F||target:%20_blank|\"][vc_custom_heading text=\"Distinguished Fellow\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1497432554753{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Carnegie Mellon University\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:26px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1497432533660{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#ffffff\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" bg_image=\"7841\"][vc_column][vc_row_inner disable_element=\"yes\" css=\".vc_custom_1507546027858{margin-bottom: 30px !important;}\" el_class=\"phide\"][vc_column_inner][vc_custom_heading text=\"STEERING COMMITTEE\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23d11e3c|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488897245055{margin-bottom: 0px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24 ptitle-border-red\"]Catalyst\'s Steering Committee represents current donors and IFMR to provide governance and oversight.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner disable_element=\"yes\" css=\".vc_custom_1507546058003{margin-bottom: 30px !important;}\" el_class=\"phide\"][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"CATHERINE HIGHET\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524574339{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fcatherine-highet-a924094||target:%20_blank|\"][vc_custom_heading text=\"Technical Advisor\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524589333{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"mSTAR at FHI 360\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851957847{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"MATTHEW HOMER\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524352186{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fmatthomer||target:%20_blank|\"][vc_custom_heading text=\"Senior Policy Advisor, Digital Finance\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524369704{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"USAID (Washington, D.C.)\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851977845{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"MUKESH SADANA\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486124189989{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fin.linkedin.com%2Fin%2Fmukeshsadana||target:%20_blank|\"][vc_custom_heading text=\"Project Management Specialist\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524452125{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"USAID (New Delhi)\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851994689{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"SHARON BUTEAU\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524505107{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fin.linkedin.com%2Fin%2Fsharon-buteau-25b0452||target:%20_blank|\"][vc_custom_heading text=\"Executive Director\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524522184{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"IFMR Lead\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487852009309{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner disable_element=\"yes\" css=\".vc_custom_1507546070393{margin-bottom: 30px !important;}\" el_class=\"phide\"][vc_column_inner width=\"1/4\"][vc_custom_heading text=\"BADAL MALICK\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488897412786{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fbadalmalick||target:%20_blank|\"][vc_custom_heading text=\"CEO\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488897426669{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"Catalyst\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488897458812{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner el_class=\"phide\" width=\"1/4\"][vc_custom_heading text=\"MATTHEW HOMER\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524352186{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fmatthomer||target:%20_blank|\"][vc_custom_heading text=\"Senior Policy Advisor, Digital Finance\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524369704{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"USAID (Washington, D.C.)\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851977845{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner el_class=\"phide\" width=\"1/4\"][vc_custom_heading text=\"MUKESH SADANA\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1486124189989{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" link=\"url:https%3A%2F%2Fin.linkedin.com%2Fin%2Fmukeshsadana||target:%20_blank|\"][vc_custom_heading text=\"Project Management Specialist\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1485524452125{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][vc_custom_heading text=\"USAID (New Delhi)\" font_container=\"tag:h2|font_size:22px|text_align:left|color:%23383b3b|line_height:28px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:300%20light%20regular%3A300%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1487851994689{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1526060498257{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative funded by USAID under the mSTAR Program, through funding provided to FHI 360. Housed within IFMR LEAD, the initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'People', '', 'inherit', 'closed', 'closed', '', '8130-revision-v1', '', '', '2018-12-20 11:15:00', '2018-12-20 11:15:00', '', 8130, 'https://cashlesscatalyst.org/media/8130-revision-v1/', 0, 'revision', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(39423, 20, '2018-11-20 08:02:11', '2018-11-20 08:02:11', '[vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"38297\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_custom_heading text=\"SEGMENTING LOW-INCOME CLUSTER FOR DIGITAL PAYMENT SOLUTIONS\" font_container=\"tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"140px\"][kleo_gap size=\"50px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1488531456733{padding-right: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1488531444909{padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/BB-Learning-Note.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23383b3b|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_row_inner css=\".vc_custom_1537456868816{margin-bottom: 35px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Recognizing the critical role digital payments can play in deepening financial inclusion, Catalyst, a user-centric ‘digital finance innovation platform’ for the underserved last mile has rolled out multiple initiatives to help small business ecosystems (i.e. merchants, consumers, suppliers) to responsibly transition from an inefficient cash economy to digital payment platforms, using a targeted ecosystem approach. In collaboration with a mix of public and private partners, this multi-stage initiative includes, among other things, a set of research projects and operational initiatives centred on a low-income cluster, Bhatta Basti, in Jaipur City, where infrastructure and financial capabilities are lower while the role of informal community institutions is stronger. Our holistic approach towards going digital focuses on bringing low-income individuals from poor households onto the formal banking system, promoting active bank usage and providing handholding support to early adopters of digital payment solutions.[/vc_column_text][vc_single_image image=\"38267\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Our initial months were geared towards bringing low-income individuals from ultra-poor households onto the formal banking system and promoting active banking among them. By June 2018, along with our account opening implementing partner FIA Technology Partners, we had facilitated several account opening camps and opened accounts of 619 individuals. Since August 2018, we began the process of converting these account holders to users of digital payments and solutions.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"150\" padding_bottom=\"150\" bg_image=\"38300\"][vc_column][vc_custom_heading text=\"THE PROCESS OF SEGMENTING ACCOUNT HOLDERS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]We called 619 account holders whose bank accounts were opened prior to June 2018 with objectives to understand account holders’ access to debit cards and smartphones. Our hypotheses as of August 2018 were that all 619 account holders should have received their debit cards; they should have generated the ATM PIN; and their bank-registered mobile number should have been active.\r\n\r\nThe study indicated only 22% of account holders had a PIN generated ATM card; 27% had received the ATM card but not generated a PIN; 25% had not received their ATM card; and 27% had already changed their mobile number and we were not able to reach them despite multiple attempts.\r\n\r\nThe above-mentioned results helped us divide our base into four tiers – each tier had account holders that were similar in specific ways as explained below.[/vc_column_text][vc_single_image image=\"38269\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1537937440359{padding-top: 30px !important;}\"][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n\r\n<strong>Learning 1:</strong> Frequently changing mobile numbers have a significant impact on financial inclusion\r\n\r\nWe observed few trends in Bhatta Basti regarding usage of mobile numbers; mobile phone numbers are frequently changed due to network problems, insufficient funds in their mobile account and new plans offered by different service providers. For example, residents suggested some SIM cards did not have the ability to pick up mobile data signals in Bhatta Basti, hence, they upgraded to a better SIM card, which resulted in their receiving a new phone number\r\n\r\n<strong>Implications:</strong> If a mobile number registered with the bank account is already changed prior to the arrival of the debit card, the account holder cannot generate a PIN unless he/she visits the bank branch to change/update his/her mobile number. Likewise, Unified Payment Interface (UPI) on-boarding is not possible for smartphone owners if his/her SIM card is not registered with the bank account as he/she cannot receive interoperable OTP (Onetime Password) to activate the UPI account.\r\n\r\n<strong>Learning 2:</strong> Many zero balance account holders do not receive their debit card\r\n\r\nAt the time of the interview, 155 account holders (25%) reported not receiving their debit card.\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify \"]\r\n\r\nThey were either waiting for the card or they had not collected it from the Customer Service Point (CSP). Only 58 of them (37% of 155 account holders) reported enquiring with the CSP or nearby bank branch.\r\n\r\n<strong>Implications:</strong> POS, online banking or UPI on-boarding is not possible without a debit card\r\n\r\n<strong>Learning 3:</strong> Many are not aware of how to generate an atm pin despite having a debit card\r\n\r\nAmongst these 619 account holders, 167 account holders (27%) reported not generating an ATM PIN despite collecting the card. When probed, 34% of these 167 account holders reported failure of the ATM machine when they tried to generate a PIN; 31% did not see value in generating a PIN due to lack of savings and fear of safety; and 29% were not aware of the procedure.\r\n\r\nThis result indicates that perceived risk, complexity, lack of knowledge and fear of safety and confidentiality are the major factors that discourage the use of ATMs.\r\n\r\n<strong>Implications:</strong> Internet banking, ATM withdrawals, or any other digital transactions using a debit card are not possible without an ATM PIN.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#c9213b\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ACCOUNT HOLDERS’ ATTITUDES TOWARDS DEBIT CARDS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner el_class=\"normal-style \"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]We conducted qualitative interviews with eight to ten account holders from each tier. The interaction focused on their attitudes towards banking services, in particular, debit cards. Below are the highlights of the interviews, which helped us identify their outlook and plan distinct interventions for each tier.[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<p style=\"text-align: center;\">Attitudes towards ATMs</p>\r\n[/vc_column_text][vc_single_image image=\"38274\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#373b3c\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"DISCOVERING EARLY ADOPTERS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]After differentiating account holders by their behaviours and the drivers behind them, we took the action needed in response to a tier-based intervention instead of ‘one-size-fits-all’ approach.\r\n\r\nWe designed the following intervention model ensuring each tier was covered, nonetheless, our focus was to provide handholding support to Tier 1 account holders as they were proactive about adopting debit cards without any external support and had positive attitudes towards technology used in banking. Our goal was to discover ‘early adopters’ amongst them, who are excited by the possibilities of new ideas and new ways of doing digital transactions.[/vc_column_text][vc_single_image image=\"38275\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]We adopted a one-to-one permission marketing strategy emphasizing on personalized interactions with 135 account holders. The prospect explicitly agreed in advance for the visit (they were provided with an option to opt-out at any point). Initial reaction was inspiring as three out of four account holders agreed to learn about UPI digital payment solutions from us.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#c9213b\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ADVANTAGES OF IN PERSON HANDHOLDING SUPPORT\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<ul>\r\n 	<li>High conversion rate because of high customer attention as message was customized and persuasive.</li>\r\n 	<li>Helpful in identifying different use cases. For example, we learned that ability to instantly recharge mobile phone was the most attractive feature of UPI applications for many account holders.</li>\r\n 	<li>Since we were interacting directly with account holders, apart from receiving a direct line of feedback from the account holders, we were able to track issues straightaway, which helped us address issues quickly. For example, other members of the household using the mobile number of the head of the household at the time of the account opening was found in many cases.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In such a case, if the head of the household wants to register for UPI linked with a particular bank, he is not allowed given that the bank record shows the same mobile number registered for multiple account holders. We recommended account holders visit the nearby bank branch and update their account with their new mobile number; and informed the banking agent to encourage residents of Bhatta Basti to provide unique mobile number for new bank accounts, if possible.\r\n<ul>\r\n 	<li>The approach was also effective in developing the relationship with identified innovators.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#373b3c\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"CHALLENGES FACED DURING HANDHOLDING PROCESS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<ul>\r\n 	<li>The process was labour intensive and had a high cost (five field staff for approximately 30 business days to visit 101 account holders).</li>\r\n 	<li>The process was time consuming. On average, a field staff spent two hours introducing the features, convincing the account holders to use the applications, downloading and registering the UPI app. Since we focused on our list of 135 account holders only (and did not go off of the list), field staff had to take several visits to complete one on-boarding.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<ul>\r\n 	<li>Direct approach was also perceived as inconvenient or obtrusive for some account holders due to cultural sensitivity. Our field team appeared at times that were inconvenient for female account holders. For example, when any account belonged to a woman or a young child, we had to wait for the head of the household to return home as their presence was mandatory because of the nature of the transaction-related conversation.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#cf1e3b\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"CONCLUDING REMARKS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]The task of getting new account holders on board for digital payment requires the highest degree of handholding support through the onboarding process. For example, less tech-savvy users struggle at different stages with the onboarding process of any UPI application and are tripped up by the jargon such as “UPI PIN”, “VPA”. Hence, there is a clear need for greater guidance and handholding through the on-boarding process and in helping an account holder make the first transaction. Nevertheless, providing handholding support to everyone is not possible.\r\n\r\nTherefore, it is important to break down the market into specific, targetable segments. In our case, we used the account holders’ access to debit card and attitude towards banking technology as a basis for segmentation. The majority of (more than 75%) account holders did not have a PIN generated debit card; there were only 135 individuals who had collected their debit card and visited the nearby bank branch that is approximately 2 KM away to generate PIN on their own. Instead of targeting all 619 individuals, which would have been an expensive and ineffective exercise, we created a list of 135 tier 1 individuals and reached out to them, who reciprocated positively.\r\n\r\nOur biggest learning from this exercise was such a mechanism allowed us to precisely identify early adopters of UPI applications and, we were able to contact them with specific needs. This was also the best way for us to use our resources more effectively and make better strategic marketing decisions to convert early adopters to influencers in the community. For example, our experience on UPI on-boarding (detailed information will be covered in subsequent learning notes) indicated that the early adopters have huge potential to act as ambassadors for other segments to drive adoption of digital payment solutions if provided with enough support and followed up regularly. With the early adopters, this segment has potential to act as ambassadors for other segments and this should be therefore considered as one of the most important factors to determine the usability and sustainability of making transactions digitally in a low-income community. We observed some early adopters were proactive about informing their friends about UPI applications in order to onboard them so that early adopters could take advantage of cashback offers offered by some of the financial service providers for referrals.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">TECHNICAL WRITERS:</span> Deepti Kc</p>\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">ACKNOWLEDGEMENTS:</span> The author would like to thank Arbind Vishwakarma for his insights and operational support.</p>\r\n[/vc_column_text][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/BB-Learning-Note.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1484826151396{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative seeded by an alliance between the Government of India &amp; USAID, to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE', '', 'inherit', 'closed', 'closed', '', '39421-revision-v1', '', '', '2018-11-20 08:02:11', '2018-11-20 08:02:11', '', 39421, 'https://cashlesscatalyst.org/media/39421-revision-v1/', 0, 'revision', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(39458, 20, '2018-11-21 09:44:31', '2018-11-21 09:44:31', '[vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"39430\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_custom_heading text=\"DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE\" font_container=\"tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"140px\"][kleo_gap size=\"50px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1488531456733{padding-right: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1488531444909{padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/CH-Learning-Note-v2.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23383b3b|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_row_inner css=\".vc_custom_1537456868816{margin-bottom: 35px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Ninety-three percent of India’s US$670 billion retail market continues to be unorganized, operating through mom-and-pop, kirana or standalone stores.<sup>1</sup> According to a recent Boston Consulting GroupConfederation of Indian Industry (BCG-CII) report, this sector is projected to double from a US$1.1-1.2 trillion market by 2020, driven by a 70 percent rise in income levels and a 100 million addition in the number of youth entering the labor force.<sup>2</sup> However, despite growth projections, there are several factors that hinder the growth of these informal enterprises which provide livelihood options to nearly 111 million workers,<sup>3</sup> thus forming an important engine for India’s economic growth.\r\n\r\nThe lack of proper infrastructure and technical skills notwithstanding, a pressing factor hindering attainment of scale by informal enterprises is the lack of credit from formal sources at affordable rates of interest. According to an International Finance Corporation (IFC) report, the credit gap for informal enterprises within the Micro, Small and Medium Enterprises (MSME) sector in India was estimated at US$418 billion in 2012-13.<sup>4</sup> Underlying the gap in accessing formal credit is the story of missing applicant credit histories or other parameters of credit worthiness used in traditional appraisal processes by lenders.<sup>5</sup> Under such circumstances, most enterprises resort to informal lenders, despite the high interest rates charged. Reluctance to adopt digital payments further exacerbates this situation, since it is near impossible to convince lenders of credit worthiness in the face of missing information on credit and other transactional histories. Lack of awareness, low capability and unwillingness to try new technologies for fear of failure are some reasons that contribute to this wariness and create a vicious cycle that has been hard to break.\r\n\r\nCATALYST, in its drive to explore the digital readiness of this segment, hypothesized that providing access to a small amount of credit at lower rates could act as a hook for digital payment adoption and usage, which in turn could trigger a positive spiral to access higher amounts of credit. In a preliminary study to understand the financial behavior and borrowing pattern of small businesses, CATALYST conducted a Credit Needs Assessment Survey (CNAS) where 1,140 small fixed store merchants in Jaipur were interviewed in September 2017. The survey showed that 69 percent of the merchants sourced their credit from informal sources such as friends, family and local moneylenders. Merchants expressed dissatisfaction with local moneylenders because they charged an interest rate of over 30 percent per month. But they still tend to prefer informal lenders over formal ones because of ease of access, no requirement of lengthy documentation, and speedy processes.\r\n\r\nArmed with these insights, CATALYST launched the Credit as a Hook pilot in Jaipur in June 2018 for a select set of merchants. The pilot aimed to provide incremental loans through a starter-builder model starting with a small loan that would increase based on usage of digital payments, where the payment footprint would help merchants build their formal credit history. CATALYST hypothesized that, for the  merchants, this would result in larger loans over a period of time at better rates of interest. For lenders, the presence of a digital footprint would provide the means to underwrite loans better and allow them to acquire new customers (i.e., a set of small merchants that was hitherto unserved by formal financial institutions). The initial pre-assessment survey carried out prior to the product launch, CATALYST’s CNAS report, revealed that 92 percent merchants contacted during the survey was aware of digital payment solutions. Of these, 53.5 percent was interested in availing credit through a digital platform with an expectation of quick processing time.\r\n\r\nThe first challenge that CATALYST faced was to convince lenders to provide an initial loan, albeit small, in the absence of a digital payment history. Traditionally, the route to access credit has been via an established digital payment footprint because of the inherent difference in the way payment and credit operates. Payment systems work better when more people use them, and therefore are designed to be more inclusive in nature. Credit, on the other hand, is designed to hedge excessive risks, and therefore is harder to establish as the first step to financial inclusion of the underserved market segment with no credit history.\r\n\r\nA lending model is predicated on profits from taking calculated risks. So, lenders seek to build strong relationships with their customers and get a broad base of information to calculate the exact underlying risk. On the other hand, payment companies are inherently less dependent on understanding customer risk. Payment businesses therefore tend to be more transactional and less relationship-based than lending ones. The quality or depth of individual customer relationships matters less. Instead, the number and breadth of customers and their networks matter more.<sup>6</sup>\r\n\r\nUnderstanding these basic functions of payments and credit is critical to exploring how the two can be linked. Technology and access to customer data play a huge role in leveraging the payment and credit lens to achieve financial inclusion.\r\n\r\nThe CATALYST pilot aimed at precisely this understanding. How can we urge merchants to start using digital solutions, which in turn can help them access credit at better terms?\r\n\r\nWhile the merits of credit are known, research is beginning to show the advantages of digital credit as well. Early evidence from studying M-Shawri<sup>7</sup> in Kenya has shown that uptake of digital loans has helped improve household resilience against shocks and increased the propensity of families to spend on welfare activities such as health and education.<sup>8</sup> While we have little evidence available from similar experiments in India, we expect the positive benefits would be similar.\r\n\r\nWe hope that the following results of CATALYST’s Credit as a Hook pilot reveal the opportunities and challenges of launching a digital payment and loan product bundle for underserved informal sector merchants in India.[/vc_column_text][vc_column_text text_color=\"#757c74\" font_size=\"14px\" letter_spacing=\"\"]<em><sup>1</sup>India’s $670 billion retail market is heading for a dream run, April 16, 2018, Quartz.</em>\r\n\r\n<em><sup>2</sup>Retail Transformation: Changing Your Performance Trajectory, BCG-CII National Retail Summit Report, 2016.</em>\r\n\r\n<em><sup>3</sup>Found: 111 million MSME workers in India as data rules changes, Livemint, November 22, 2017.</em>\r\n\r\n<em><sup>4</sup>MSME Finance Gap, Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets, IFC, 2017.</em>\r\n\r\n<em><sup>5</sup>Research by Entrepreneurial Finance Lab, retrieved from The Hindu Business Line, ‘There is a credit gap of 56% in the MSME sector’, July 2, 2014</em>\r\n\r\n<em><sup>6</sup>Buckley, R. and I.Mas. The coming of age of digital payment as a field of expertise, Journal of Law Technology and Policy, June 2016, Vol.2016.</em>\r\n\r\n<em><sup>7</sup>M-Shwari is a paperless banking service offered through M-Pesa. M-Shwari bank accounts are opened and maintained through mobile phones.</em>\r\n\r\n<em><sup>8</sup>Bharadwaj, P., W. Jack and T. Suri. Can Digital Loans Deliver: Take Up and Impact of Digital Loans in Kenya, 2018 (Working Paper, draft received on special request from T. Suri).</em>[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"150\" padding_bottom=\"150\" bg_image=\"39431\"][vc_column][vc_custom_heading text=\"INSIGHTS FROM THE PILOT\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Testing the hypothesis involved bringing together a payment provider and a lender — a role that was played by CATALYST. For the pilot, CATALYST partnered with Nupay, a Point of Sale (PoS) device or card swipe machine provider and an early stage startup, and Capital First, a Non Banking Financial Company (NBFC), which agreed to provide term loans to fixed store merchants in Jaipur. The combination of a payment device and loan was offered as a bundle, with the intention of testing the extent to which credit can act as a ‘hook’ to adopt and use digital payments. This combination was created for the purpose of the pilot alone since lenders are unclear of the risks involved in offering a small amount of credit, no matter how small, before they can establish credit history based on transactions on the device provided. Since the combination of partners was arranged by CATALYST for the pilot, CATALYST also had to provide a set of Feet on Street (FoS) for on-the-ground support to roll out the services. The FoS team, trained by CATALYST, provided support in marketing and customer acquisition.\r\n\r\n&nbsp;\r\n\r\n<strong>Product bundle: Capital First and Nupay, a term loan with a card swipe machine</strong>\r\n\r\nProduct bundle details: Capital First (the lender) agreed to provide loans of a ticket size of INR 25,000 to INR 5 lakh at an interest rate of 18 percent to 24 percent annually for a tenure of nine months to 36 months, depending on the ticket size and repayment capacity.\r\n\r\nNupay’s card swipe machine had a monthly rental of INR 350 (~ US$5) plus 18 percent Goods and Service Tax (GST), which was also to be paid by merchants. The lender agreed that merchants would be considered for an incremental loan based on their repayment history observed in the first tranche of the loan, and their digital transaction footprint.\r\n\r\n&nbsp;\r\n\r\n<strong>Project roll-out and findings: digital payment adoption vs. non-adoption</strong>\r\n\r\nDuring the pilot, CATALYST reached out to 409 fixed store merchants across six major markets in Jaipur (Shastri Nagar, Sodala, Durgapura, Khatirpura, Jhotwara and Bani Park).<sup>9</sup> These stores have been in business for an average of 10 years and had a median monthly revenue of INR 45,000. Most stores (99 percent) were owned by men; 87 percent was sole proprietorships while a smaller group (13 percent) was managed jointly with other family members. Sixty-five of them were already using a PoS or a card swipe machine and the remaining 344 merchants were given a demo on using a new PoS machine with the help of CATALYST’s FoS team.[/vc_column_text][vc_single_image image=\"39426\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#757c74\" font_size=\"14px\" letter_spacing=\"\"]<em><sup>9</sup>This data set is separate from the earlier CNAS data. With a time lag of eight months, it is often difficult to work with earlier data sets. So, 490 new fixed stores were chosen from six new markets in Jaipur</em>[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1537937440359{padding-top: 30px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>Key results from the experiment were:</strong>\r\n<ul>\r\n 	<li>There were eight fixed store merchants who had never used a card swipe machine but eventually adopted digital payment solutions after being trained on card swipe usage by the CATALYST FoS team.</li>\r\n 	<li>The primary reason for adoption was that it would allow them to service a broader customer segment that used (debit/credit) cards to make payments. In other words, the ability to serve a specific customer segment that was familiar with digital solutions was a key driver. This would also result in new customer acquisition over a period of time.</li>\r\n 	<li>Among the merchants who refused to use or adopt a PoS machine, the dominant reason for nonadoption was the absence of customer demand (62 percent, Figure 1). These merchants were unwilling to act as enablers to train customers in using a new digital solution. If the customers asked for the service, they were happy to provide it.</li>\r\n 	<li>The remaining 10 percent (Figure 1) reported the inherent cash stickiness of their business as a major deterrent. Another 2 percent (Figure 1) cited the cost of the machine as a major barrier to accepting digital payments.</li>\r\n</ul>\r\n[/vc_column_text][vc_single_image image=\"39433\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<em>Note: From top right: existing loan usage, source of loan, purpose of loans and awareness about CIBIL scores of 18 merchants who agreed to reveal information about a prior loan.</em>[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]While most merchants who were part of the pilot preferred not to share their current loan practices, those who revealed that they had availed a loan (18 out of 409) had done so from a formal source. Fourteen of the 18 were also aware of their credit score (CIBIL) and its related impact on their credit eligibility.\r\n<ul>\r\n 	<li>Only 18 fixed store merchants (4 percent) with an average monthly revenue of INR 90,000 (double the population median of INR 45,000) reported that they had availed of a loan in the past.</li>\r\n 	<li>The average tenure of the loans was two to three years; 17 merchants sourced the loan from banks and one from a Micro Finance Institution (MFI);</li>\r\n 	<li>The purpose for which loans were taken varied from business expansion (10 merchants), household requirements (four merchants) to health emergencies (one merchant). Utility loans such as for two wheelers (three merchants) formed another major category of reasons for taking loans; and</li>\r\n 	<li>The ticket size of the loans taken by the merchants varied from INR 40,000 to INR 9 lakhs.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"39439\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"MERCHANTS’ PERCEPTION ON THE BUNDLED PRODUCT\r\n\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner el_class=\"normal-style \"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Perceived vs. real interest in loan: When offered the bundled product of payment device and credit, 25 merchants showed initial interest solely in accessing the loan during their first interaction with the CATALYST FoS team. However, 24 had changed their minds when the lender’s agent approached them after a week, perhaps because merchants are always interested in understanding options for credit but may not avail of it even if they express an interest initially.\r\n\r\nOne merchant who agreed to try the combination of a PoS device and loan had a fixed cloth store in Shastri Nagar market. He wanted a loan of INR 1-2 lakhs. Unfortunately, the request was denied since his residence was located outside the serviceable area set by the lender. This fact was discovered after the processing was done, and resulted in a poor customer experience for the merchant.\r\n\r\n<strong>Why was there a low uptake? </strong>\r\n\r\nThe experiment shows that while there was individual adoption of the card swipe machines, there was little uptake of the bundled product. Technology did seamlessly bind the products together but the communication to merchants was often unclear and did not explain how payment device usage would help them get a loan of higher amount in the future. The reasons this product could not cater to customer expectations or improve customer experience as expected are:\r\n\r\n<strong>Loan structure:</strong> While the lender assured the merchants of a credit-build-up model, the merchants were keen to understand the exact qualifiers for the build-up process, i.e., number and/or value of transactions required to qualify for the next tranche of loans. Additionally, they wanted to know by what percentage the loan amount could grow through increased usage of digital transactions. None of this information was provided to merchants since the lender had not yet thought it through. The product’s value proposition stated in one line by the lender as ‘enhanced loan size for incremental usage of digital payments’ failed to gain the merchants’ trust.\r\n\r\n<strong>Single interface for credit and digital payments:</strong> During the CATALYST pilot, the lending company and the digital payment solution company used two separate applications to onboard customers. For the merchants who saw the two as a single product, it was important for the digital payment solution provider and the lending partner to integrate their solution into one single application for simplicity and usage. The existing process offered poor customer experience because filling out two applications is a time-consuming process.\r\n\r\n<strong>Large time lags:</strong> Loan disbursal followed a lengthy process, i.e., lead generation by field agents (CATALYST FoS team) from an initial interaction, followed by a calling exercise by the credit assessor and then a site verification. This long time period between initial contact and disbursement was a pain point. Additionally, there were delays in disbursing the card swipe machine. Partnering with an early stage startup for PoS machines led to a resource crunch, which resulted in operational delays. The time lag between initial lead generation and delivery of the machine ranged from 15-20 days which was too long a time to retain interest.\r\n\r\n<strong>High cost of on boarding:</strong> The loan offer had a customer onboarding cost plus GST that hiked up the existing rates of interest by 3 to 4 percent so the lending interest rate worked out to be around 30 percent annually. These nuanced details deterred many of the merchants to finally take up the loan despite having shown an initial interest in the loan product.\r\n\r\n<strong>Short tenure of the pilot:</strong> Lastly, one must note that three or four months is too short a time to launch and iterate on a product bundle that includes a loan repayment timeline of nine to 36 months. To understand access and usage of repeat loans, the pilot experiment should essentially be of a much longer tenure.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#373b3c\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"RECOMMENDATIONS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>Need for a local presence: </strong>An implementation challenge that needs to be addressed in order to iterate on the pilot experiment and help it succeed is decreasing the time lags between the first point of contact to in-person onboarding with the card swipe machine and the loan. To avoid such operational delays, it is advisable to work with a local company with a greater field presence than with a well-known company based out of another metropolis but with little field support, as was the case during this pilot. Otherwise, the card swipe company/loan company should partner with a channel partner that should be assigned locally to cover the high customer acquisition cost which must be incurred (by default) for wider reach and larger impact among the segment of merchants who are new to digital payment usage.\r\n\r\n<strong>Lower cost of product:</strong> If such loans could get priority sector lending status, obtaining funds would be easier for an NBFC, making access to credit easier and cheaper.\r\n\r\n<strong>Alternate digital payment solutions:</strong> Current credit products are more inclined towards PoS machine uptake and usage. However, given the rise in use of other digital payment modes such as Unified Payments Interface (UPI), e-wallets and other Aadhaar-based solutions could lead to faster and cheaper adoption among merchants.\r\n\r\n<strong>Simple product structure:</strong> As the pilot results suggest, clearly informing the merchants of the exact qualifying factors for incremental loans will help develop higher trust and better customer relationships for a credit-builder model.\r\n\r\n<strong>Provide digital training and awareness:</strong> Multiple field visits and available data on awareness of credit history or usage of digital payments suggest that small fixed store merchants need substantial handholding, training and awareness to understand fundamental financial concepts, the importance of formal loans, and use of credit history. The experiment results suggest that the small merchants would be better off with expert handholding support and training from their first point of contact, as they would be without operational delays. Further, digital training and awareness building must extend to consumers who shop at these merchant locations, since customer demand is a huge driver in merchant acceptance of digital solutions.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#c9213b\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"CONCLUSION\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Credit can potentially act as a hook for usage of digital solutions, provided the effective costs are lower compared to credit from informal sources, and access is speedier. Merchants also need to be provided information on the clear pathway on increase in credit as they continue using the digital facilities. Lenders and payment service providers must present a unified front and offer a superior customer experience to the merchants. Lastly, acceptance of new payment solutions requires end customers to be sensitized equally[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">TECHNICAL WRITERS:</span> John Arun and Shubhranka Mondal</p>\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">ACKNOWLEDGEMENTS:</span> The authors would like to thank Jayshree Venkatesan for her expert advice, and CATALYST’s Feet on Street team, for their ground support</p>\r\n[/vc_column_text][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/CH-Learning-Note-v2.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1484826151396{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative seeded by an alliance between the Government of India &amp; USAID, to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE', '', 'inherit', 'closed', 'closed', '', '39421-revision-v1', '', '', '2018-11-21 09:44:31', '2018-11-21 09:44:31', '', 39421, 'https://cashlesscatalyst.org/media/39421-revision-v1/', 0, 'revision', '', 0),
(40370, 23, '2019-02-06 09:41:30', '2019-02-06 09:41:30', '[vc_row full_height=\"yes\" equal_height=\"yes\" content_placement=\"middle\" text_align=\"center\" type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"39305\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner el_class=\"uppercase\" width=\"2/3\"][vc_column_text text_color=\"#ffffff\" font_size=\"48px\" letter_spacing=\"\" el_class=\"title_blog title-sub\"]\n<h2 style=\"text-align: center;\">TRUST IN mPOS MACHINES IS THE BIGGEST CONCERN AMONG MERCHANTS IN JAIPUR</h2>\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"130px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" padding_top=\"10\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\" css=\".vc_custom_1504265033147{padding-right: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265063058{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265782417{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/MERCHANTS.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner width=\"1/4\"][vc_single_image image=\"39297\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1542295513244{padding-top: 17px !important;}\"][/vc_column_inner][vc_column_inner width=\"3/4\"][vc_empty_space height=\"58px\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]The narrow streets on our way to Amna’s house are full of life in the disorganized neighbourhood of Bandha Basti, a hilly slum cluster in peri-urban Jaipur. Amna, a resident Anganvadi worker, has been working since 4 years with a monthly income of Rs. 2000 providing for the six family members with support of her husband.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39315\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39302\" alignment=\"center\"][vc_custom_heading text=\"PREFERENCE FOR PAPER RECEIPTS OVER SMS CONFIRMATION AND BIGGER MPOS MACHINES\" font_container=\"tag:h2|font_size:36px|text_align:center|color:%23ffffff|line_height:46px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1542294540569{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]Vaibhav Singh is one such kirana store owner in Sanganeer in Jaipur. He has been using a PoS machine for the last three years; he’s keen to know about and use the new mPoS machine as a new mode for payment. However, his concerns on adopting an mPoS machine are whether he can get:\n<ol>\n 	<li>Printed receipts for each transaction; and</li>\n 	<li>A bigger PoS machine at the same cost as the old one because a larger machine provides better visibility and does not easily ‘get lost.’</li>\n</ol>\nMuch like Vaibhav, several other merchants have repeatedly approached the CATALYST’s FoS team to check whether they can get printed receipts after each transaction. Even while we assure merchants that they will receive an SMS after each transaction, some merchants, especially in the older age group of 40+, are wary of digital transactions. They do not trust an SMS confirmation. They would rather keep printed receipts as a backup for each transaction, as ‘proof of payment.’[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39316\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39304\" alignment=\"center\"][vc_custom_heading text=\"THE WAY FORWARD\" font_container=\"tag:h2|font_size:36px|text_align:center|color:%23ffffff|line_height:46px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1542295033881{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]However, what remains to be seen is whether the mPoS companies’ recent decision to do away with monthly rentals (lifetime rental free payment) with only one time installation charges (of approximately Rs1700) has a large enough impact for merchants to overcome their current concerns on paper receipts as well as machine size. If it does, even gradually, it will be a big step towards building digital trust among merchants across several age groups and levels of digital exposure.\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][kleo_button title=\"Download\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/MERCHANTS.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row]', 'Trust in mPoS machines is the biggest concern among merchants in Jaipur', '', 'inherit', 'closed', 'closed', '', '39290-autosave-v1', '', '', '2019-02-06 09:41:30', '2019-02-06 09:41:30', '', 39290, 'https://cashlesscatalyst.org/media/39290-autosave-v1/', 0, 'revision', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(39425, 20, '2018-11-20 08:22:34', '2018-11-20 08:22:34', '[vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"110\" padding_bottom=\"0\" bg_image=\"38297\"][vc_column][kleo_gap size=\"100px\"][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_custom_heading text=\"DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE\" font_container=\"tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"140px\"][kleo_gap size=\"50px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1488531456733{padding-right: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1488531444909{padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/BB-Learning-Note.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23383b3b|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_row_inner css=\".vc_custom_1537456868816{margin-bottom: 35px !important;}\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Ninety-three percent of India’s US$670 billion retail market continues to be unorganized, operating through mom-and-pop, kirana or standalone stores.<sup>1</sup> According to a recent Boston Consulting GroupConfederation of Indian Industry (BCG-CII) report, this sector is projected to double from a US$1.1-1.2 trillion market by 2020, driven by a 70 percent rise in income levels and a 100 million addition in the number of youth entering the labor force.<sup>2</sup> However, despite growth projections, there are several factors that hinder the growth of these informal enterprises which provide livelihood options to nearly 111 million workers,<sup>3</sup> thus forming an important engine for India’s economic growth.\r\n\r\nThe lack of proper infrastructure and technical skills notwithstanding, a pressing factor hindering attainment of scale by informal enterprises is the lack of credit from formal sources at affordable rates of interest. According to an International Finance Corporation (IFC) report, the credit gap for informal enterprises within the Micro, Small and Medium Enterprises (MSME) sector in India was estimated at US$418 billion in 2012-13.<sup>4</sup> Underlying the gap in accessing formal credit is the story of missing applicant credit histories or other parameters of credit worthiness used in traditional appraisal processes by lenders.<sup>5</sup> Under such circumstances, most enterprises resort to informal lenders, despite the high interest rates charged. Reluctance to adopt digital payments further exacerbates this situation, since it is near impossible to convince lenders of credit worthiness in the face of missing information on credit and other transactional histories. Lack of awareness, low capability and unwillingness to try new technologies for fear of failure are some reasons that contribute to this wariness and create a vicious cycle that has been hard to break.\r\n\r\nCATALYST, in its drive to explore the digital readiness of this segment, hypothesized that providing access to a small amount of credit at lower rates could act as a hook for digital payment adoption and usage, which in turn could trigger a positive spiral to access higher amounts of credit. In a preliminary study to understand the financial behavior and borrowing pattern of small businesses, CATALYST conducted a Credit Needs Assessment Survey (CNAS) where 1,140 small fixed store merchants in Jaipur were interviewed in September 2017. The survey showed that 69 percent of the merchants sourced their credit from informal sources such as friends, family and local moneylenders. Merchants expressed dissatisfaction with local moneylenders because they charged an interest rate of over 30 percent per month. But they still tend to prefer informal lenders over formal ones because of ease of access, no requirement of lengthy documentation, and speedy processes[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Armed with these insights, CATALYST launched the Credit as a Hook pilot in Jaipur in June 2018 for a select set of merchants. The pilot aimed to provide incremental loans through a starter-builder model starting with a small loan that would increase based on usage of digital payments, where the payment footprint would help merchants build their formal credit history. CATALYST hypothesized that, for the  merchants, this would result in larger loans over a period of time at better rates of interest. For lenders, the presence of a digital footprint would provide the means to underwrite loans better and allow them to acquire new customers (i.e., a set of small merchants that was hitherto unserved by formal financial institutions). The initial pre-assessment survey carried out prior to the product launch, CATALYST’s CNAS report, revealed that 92 percent merchants contacted during the survey was aware of digital payment solutions. Of these, 53.5 percent was interested in availing credit through a digital platform with an expectation of quick processing time.\r\n\r\nThe first challenge that CATALYST faced was to convince lenders to provide an initial loan, albeit small, in the absence of a digital payment history. Traditionally, the route to access credit has been via an established digital payment footprint because of the inherent difference in the way payment and credit operates. Payment systems work better when more people use them, and therefore are designed to be more inclusive in nature. Credit, on the other hand, is designed to hedge excessive risks, and therefore is harder to establish as the first step to financial inclusion of the underserved market segment with no credit history.\r\n\r\nA lending model is predicated on profits from taking calculated risks. So, lenders seek to build strong relationships with their customers and get a broad base of information to calculate the exact underlying risk. On the other hand, payment companies are inherently less dependent on understanding customer risk. Payment businesses therefore tend to be more transactional and less relationship-based than lending ones. The quality or depth of individual customer relationships matters less. Instead, the number and breadth of customers and their networks matter more.<sup>6</sup>\r\n\r\nUnderstanding these basic functions of payments and credit is critical to exploring how the two can be linked. Technology and access to customer data play a huge role in leveraging the payment and credit lens to achieve financial inclusion.\r\n\r\nThe CATALYST pilot aimed at precisely this understanding. How can we urge merchants to start using digital solutions, which in turn can help them access credit at better terms?\r\n\r\nWhile the merits of credit are known, research is beginning to show the advantages of digital credit as well. Early evidence from studying M-Shawri<sup>7</sup> in Kenya has shown that uptake of digital loans has helped improve household resilience against shocks and increased the propensity of families to spend on welfare activities such as health and education.<sup>8</sup> While we have little evidence available from similar experiments in India, we expect the positive benefits would be similar.\r\n\r\nWe hope that the following results of CATALYST’s Credit as a Hook pilot reveal the opportunities and challenges of launching a digital payment and loan product bundle for underserved informal sector merchants in India.[/vc_column_text][vc_single_image image=\"38267\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#757c74\" font_size=\"14px\" letter_spacing=\"\"]\r\n<ol>\r\n 	<li><em>India’s $670 billion retail market is heading for a dream run, April 16, 2018, Quartz.</em></li>\r\n 	<li><em>Retail Transformation: Changing Your Performance Trajectory, BCG-CII National Retail Summit Report, 2016.</em></li>\r\n 	<li><em>Found: 111 million MSME workers in India as data rules changes, Livemint, November 22, 2017.</em></li>\r\n 	<li><em>MSME Finance Gap, Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets, IFC, 2017.</em></li>\r\n 	<li><em>Research by Entrepreneurial Finance Lab, retrieved from The Hindu Business Line, ‘There is a credit gap of 56% in the MSME sector’, July 2, 2014</em></li>\r\n 	<li><em>Buckley, R. and I..Mas. The coming of age of digital payment as a field of expertise, Journal of Law Technology and Policy, June 2016, Vol.2016.</em></li>\r\n 	<li><em>M-Shwari is a paperless banking service offered through M-Pesa. M-Shwari bank accounts are opened and maintained through mobile phones.</em></li>\r\n 	<li><em>Bharadwaj, P., W. Jack and T. Suri. Can Digital Loans Deliver: Take Up and Impact of Digital Loans in Kenya, 2018 (Working Paper, draft received on special request from T. Suri).</em></li>\r\n</ol>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"150\" padding_bottom=\"150\" bg_image=\"38300\"][vc_column][vc_custom_heading text=\"THE PROCESS OF SEGMENTING ACCOUNT HOLDERS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]We called 619 account holders whose bank accounts were opened prior to June 2018 with objectives to understand account holders’ access to debit cards and smartphones. Our hypotheses as of August 2018 were that all 619 account holders should have received their debit cards; they should have generated the ATM PIN; and their bank-registered mobile number should have been active.\r\n\r\nThe study indicated only 22% of account holders had a PIN generated ATM card; 27% had received the ATM card but not generated a PIN; 25% had not received their ATM card; and 27% had already changed their mobile number and we were not able to reach them despite multiple attempts.\r\n\r\nThe above-mentioned results helped us divide our base into four tiers – each tier had account holders that were similar in specific ways as explained below.[/vc_column_text][vc_single_image image=\"38269\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1537937440359{padding-top: 30px !important;}\"][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n\r\n<strong>Learning 1:</strong> Frequently changing mobile numbers have a significant impact on financial inclusion\r\n\r\nWe observed few trends in Bhatta Basti regarding usage of mobile numbers; mobile phone numbers are frequently changed due to network problems, insufficient funds in their mobile account and new plans offered by different service providers. For example, residents suggested some SIM cards did not have the ability to pick up mobile data signals in Bhatta Basti, hence, they upgraded to a better SIM card, which resulted in their receiving a new phone number\r\n\r\n<strong>Implications:</strong> If a mobile number registered with the bank account is already changed prior to the arrival of the debit card, the account holder cannot generate a PIN unless he/she visits the bank branch to change/update his/her mobile number. Likewise, Unified Payment Interface (UPI) on-boarding is not possible for smartphone owners if his/her SIM card is not registered with the bank account as he/she cannot receive interoperable OTP (Onetime Password) to activate the UPI account.\r\n\r\n<strong>Learning 2:</strong> Many zero balance account holders do not receive their debit card\r\n\r\nAt the time of the interview, 155 account holders (25%) reported not receiving their debit card.\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify \"]\r\n\r\nThey were either waiting for the card or they had not collected it from the Customer Service Point (CSP). Only 58 of them (37% of 155 account holders) reported enquiring with the CSP or nearby bank branch.\r\n\r\n<strong>Implications:</strong> POS, online banking or UPI on-boarding is not possible without a debit card\r\n\r\n<strong>Learning 3:</strong> Many are not aware of how to generate an atm pin despite having a debit card\r\n\r\nAmongst these 619 account holders, 167 account holders (27%) reported not generating an ATM PIN despite collecting the card. When probed, 34% of these 167 account holders reported failure of the ATM machine when they tried to generate a PIN; 31% did not see value in generating a PIN due to lack of savings and fear of safety; and 29% were not aware of the procedure.\r\n\r\nThis result indicates that perceived risk, complexity, lack of knowledge and fear of safety and confidentiality are the major factors that discourage the use of ATMs.\r\n\r\n<strong>Implications:</strong> Internet banking, ATM withdrawals, or any other digital transactions using a debit card are not possible without an ATM PIN.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#c9213b\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ACCOUNT HOLDERS’ ATTITUDES TOWARDS DEBIT CARDS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner el_class=\"normal-style \"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]We conducted qualitative interviews with eight to ten account holders from each tier. The interaction focused on their attitudes towards banking services, in particular, debit cards. Below are the highlights of the interviews, which helped us identify their outlook and plan distinct interventions for each tier.[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<p style=\"text-align: center;\">Attitudes towards ATMs</p>\r\n[/vc_column_text][vc_single_image image=\"38274\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#373b3c\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"DISCOVERING EARLY ADOPTERS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]After differentiating account holders by their behaviours and the drivers behind them, we took the action needed in response to a tier-based intervention instead of ‘one-size-fits-all’ approach.\r\n\r\nWe designed the following intervention model ensuring each tier was covered, nonetheless, our focus was to provide handholding support to Tier 1 account holders as they were proactive about adopting debit cards without any external support and had positive attitudes towards technology used in banking. Our goal was to discover ‘early adopters’ amongst them, who are excited by the possibilities of new ideas and new ways of doing digital transactions.[/vc_column_text][vc_single_image image=\"38275\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]We adopted a one-to-one permission marketing strategy emphasizing on personalized interactions with 135 account holders. The prospect explicitly agreed in advance for the visit (they were provided with an option to opt-out at any point). Initial reaction was inspiring as three out of four account holders agreed to learn about UPI digital payment solutions from us.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#c9213b\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ADVANTAGES OF IN PERSON HANDHOLDING SUPPORT\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<ul>\r\n 	<li>High conversion rate because of high customer attention as message was customized and persuasive.</li>\r\n 	<li>Helpful in identifying different use cases. For example, we learned that ability to instantly recharge mobile phone was the most attractive feature of UPI applications for many account holders.</li>\r\n 	<li>Since we were interacting directly with account holders, apart from receiving a direct line of feedback from the account holders, we were able to track issues straightaway, which helped us address issues quickly. For example, other members of the household using the mobile number of the head of the household at the time of the account opening was found in many cases.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In such a case, if the head of the household wants to register for UPI linked with a particular bank, he is not allowed given that the bank record shows the same mobile number registered for multiple account holders. We recommended account holders visit the nearby bank branch and update their account with their new mobile number; and informed the banking agent to encourage residents of Bhatta Basti to provide unique mobile number for new bank accounts, if possible.\r\n<ul>\r\n 	<li>The approach was also effective in developing the relationship with identified innovators.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#373b3c\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"CHALLENGES FACED DURING HANDHOLDING PROCESS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<ul>\r\n 	<li>The process was labour intensive and had a high cost (five field staff for approximately 30 business days to visit 101 account holders).</li>\r\n 	<li>The process was time consuming. On average, a field staff spent two hours introducing the features, convincing the account holders to use the applications, downloading and registering the UPI app. Since we focused on our list of 135 account holders only (and did not go off of the list), field staff had to take several visits to complete one on-boarding.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n<ul>\r\n 	<li>Direct approach was also perceived as inconvenient or obtrusive for some account holders due to cultural sensitivity. Our field team appeared at times that were inconvenient for female account holders. For example, when any account belonged to a woman or a young child, we had to wait for the head of the household to return home as their presence was mandatory because of the nature of the transaction-related conversation.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#cf1e3b\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"75\" padding_bottom=\"75\" inline_style=\"font-style: normal;\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"CONCLUDING REMARKS\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"normal-style \"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]The task of getting new account holders on board for digital payment requires the highest degree of handholding support through the onboarding process. For example, less tech-savvy users struggle at different stages with the onboarding process of any UPI application and are tripped up by the jargon such as “UPI PIN”, “VPA”. Hence, there is a clear need for greater guidance and handholding through the on-boarding process and in helping an account holder make the first transaction. Nevertheless, providing handholding support to everyone is not possible.\r\n\r\nTherefore, it is important to break down the market into specific, targetable segments. In our case, we used the account holders’ access to debit card and attitude towards banking technology as a basis for segmentation. The majority of (more than 75%) account holders did not have a PIN generated debit card; there were only 135 individuals who had collected their debit card and visited the nearby bank branch that is approximately 2 KM away to generate PIN on their own. Instead of targeting all 619 individuals, which would have been an expensive and ineffective exercise, we created a list of 135 tier 1 individuals and reached out to them, who reciprocated positively.\r\n\r\nOur biggest learning from this exercise was such a mechanism allowed us to precisely identify early adopters of UPI applications and, we were able to contact them with specific needs. This was also the best way for us to use our resources more effectively and make better strategic marketing decisions to convert early adopters to influencers in the community. For example, our experience on UPI on-boarding (detailed information will be covered in subsequent learning notes) indicated that the early adopters have huge potential to act as ambassadors for other segments to drive adoption of digital payment solutions if provided with enough support and followed up regularly. With the early adopters, this segment has potential to act as ambassadors for other segments and this should be therefore considered as one of the most important factors to determine the usability and sustainability of making transactions digitally in a low-income community. We observed some early adopters were proactive about informing their friends about UPI applications in order to onboard them so that early adopters could take advantage of cashback offers offered by some of the financial service providers for referrals.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">TECHNICAL WRITERS:</span> Deepti Kc</p>\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">ACKNOWLEDGEMENTS:</span> The author would like to thank Arbind Vishwakarma for his insights and operational support.</p>\r\n[/vc_column_text][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/11/BB-Learning-Note.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1484826151396{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative seeded by an alliance between the Government of India &amp; USAID, to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE', '', 'inherit', 'closed', 'closed', '', '39421-revision-v1', '', '', '2018-11-20 08:22:34', '2018-11-20 08:22:34', '', 39421, 'https://cashlesscatalyst.org/media/39421-revision-v1/', 0, 'revision', '', 0),
(39426, 20, '2018-11-20 08:33:11', '2018-11-20 08:33:11', '', 'figure-1', '', 'inherit', 'closed', 'closed', '', 'figure-1', '', '', '2018-11-20 08:33:11', '2018-11-20 08:33:11', '', 39421, 'https://cashlesscatalyst.org/wp-content/uploads/2018/11/figure-1.jpg', 0, 'attachment', 'image/jpeg', 0);
