[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="25804"][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"]
<h2 style="text-align: center;">TRUST IN MPOS MACHINES IS THE BIGGEST CONCERN AMONG MERCHANTS IN JAIPUR</h2>
[/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/2018/09/lakshaya_kaledofin-2.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="25802" img_size="full" alignment="center" css=".vc_custom_1536311248217{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="25798"][vc_column][vc_row_inner content_placement="middle"][vc_column_inner][vc_single_image image="25800" 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:
<ol>
 	<li>Printed receipts for each transaction; and</li>
 	<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>
</ol>
Much 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="25797"][vc_column][vc_row_inner content_placement="middle"][vc_column_inner][vc_single_image image="25801" alignment="center"][vc_custom_heading text="KALEIDOFIN MAKING ODDS MEET THROUGH LAKSHYA" 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_1536309417199{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=""]Most families struggle with financial instability throughout Bandha Basti. Kaleidofin, in partnership with SEWA Bank, aims to build on virtues of trust and convenience to provide easy to use, flexible, personalised, smart, and efficient solutions that can make financial progress and financial freedom possible for the last mile.

To ensure a positive trajectory for first time users of formal savings, the diversity of needs of rural Jaipur needs to be recognized. As part of its Catalyst Incubator Initiative of reaching the last mile, Kaleidofin is enrolling low income communities to start saving in the Lakshya account. Their objective is to empower this community to become more financially stable by focusing on goals-based wealth management.

Amzad, a 52-year-old seasonal wage worker, aims to save with Lakshya account as this money can help repair his house eventually. Until now, his sources of savings were to create jewellery for family members and using them when required. He believes it is important to save for the future since sickness comes uninvited. “At my age I don’t need any advice. When I heard of Kaliedofin giving a higher interest rate on savings than usual banks and the fact that they would insure my goal, I knew I would adopt for it instantly!” He adds, “Lakshya combines the power of savings to provide a much needed cushion during crisis; further adding a goal protection insurance to safeguard against larger shocks.”

The second concern pertains to the size of the machine. While portable mPoS machines are extremely popular among Swiggy, Ola, Zomato, Amazon, Flipkart delivery agents, a section of fixed store merchants prefers the larger PoS machines over the small mPoS machines.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="image"][vc_column][vc_single_image image="25799" alignment="center"][vc_custom_heading text="UNDERSTANDING THE NEED TO SAVE IS CRUCIAL " font_container="tag:h2|font_size:36px|text_align:center|color:%23000000|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_1536309539200{margin-bottom: 0px !important;padding-bottom: 0px !important;}" el_class="title-sub"][vc_row_inner equal_height="yes" content_placement="middle"][vc_column_inner][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing=""]It can be undoubtedly said that communities in slums face greater barriers to access financial products than urban communities because of their limited access to infrastructure. This is partially due to the difficulty banks face in the traditionally expensive infrastructure they deploy and the proximity of client to the established branch. It is thus common in these areas that the community places trust with informal sources of savings, such as chit funds due to convenience.

To build trust, Mehrunissa, a Sewa Sathi, has conducted several financial literacy camps and has established relationships of trust with the community. She believes that identification of community members who nudge and demonstrate the need of other sources of savings is crucial.

She adds, “All individuals get impacted by trainings differently. While, Amna adopted the product for her daughter’s education, Amzad adopted it for his house renovation. Some get attracted as they can save for their child’s marriage and other prepare for unexpected events like illness. I ensure that I go door to door and identify their needs.”

She concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals."

[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="image"][vc_column][vc_single_image image="25799" alignment="center"][vc_custom_heading text="UNDERSTANDING THE NEED TO SAVE IS CRUCIAL " font_container="tag:h2|font_size:36px|text_align:center|color:%23000000|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_1536309539200{margin-bottom: 0px !important;padding-bottom: 0px !important;}" el_class="title-sub"][vc_row_inner equal_height="yes" content_placement="middle"][vc_column_inner][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing=""]It can be undoubtedly said that communities in slums face greater barriers to access financial products than urban communities because of their limited access to infrastructure. This is partially due to the difficulty banks face in the traditionally expensive infrastructure they deploy and the proximity of client to the established branch. It is thus common in these areas that the community places trust with informal sources of savings, such as chit funds due to convenience.

To build trust, Mehrunissa, a Sewa Sathi, has conducted several financial literacy camps and has established relationships of trust with the community. She believes that identification of community members who nudge and demonstrate the need of other sources of savings is crucial.

She adds, “All individuals get impacted by trainings differently. While, Amna adopted the product for her daughter’s education, Amzad adopted it for his house renovation. Some get attracted as they can save for their child’s marriage and other prepare for unexpected events like illness. I ensure that I go door to door and identify their needs.”

She concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals."

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