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(39611, 12, '2018-12-18 11:07:59', '2018-12-18 11:07:59', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\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=\"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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:07:59', '2018-12-18 11:07:59', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39613, 12, '2018-12-18 11:28:13', '2018-12-18 11:28:13', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\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=\"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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:28:13', '2018-12-18 11:28:13', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39612, 12, '2018-12-18 11:26:50', '2018-12-18 11:26:50', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]<h4>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders<br />\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h4>\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=\"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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:26:50', '2018-12-18 11:26:50', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39614, 12, '2018-12-18 11:29:00', '2018-12-18 11:29:00', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]<p>Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.</p>\r\n[/vc_column_text][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:29:00', '2018-12-18 11:29:00', '', 39607, 'https://cashlesscatalyst.org/media/39607-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
(39615, 12, '2018-12-18 11:31:54', '2018-12-18 11:31:54', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]<p>While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.</p>\r\n<p>Additionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.</p>\r\n<p>We provided the following services to the visitors:</p>\r\n<ul>\r\n<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>[/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:31:54', '2018-12-18 11:31:54', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39616, 12, '2018-12-18 11:35:21', '2018-12-18 11:35:21', '', 'Dec US headerfooter-04 copy copy', '', 'inherit', 'closed', 'closed', '', 'dec-us-headerfooter-04-copy-copy', '', '', '2018-12-18 11:35:21', '2018-12-18 11:35:21', '', 39607, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/Dec-US-headerfooter-04-copy-copy.jpg', 0, 'attachment', 'image/jpeg', 0),
(39617, 12, '2018-12-18 11:38:56', '2018-12-18 11:38:56', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39616\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"1/3\"][vc_column_text letter_spacing=\"\"]<p>FIELD STORY: Promoting digital payment solutions through canopy stores</p>\r\n[/vc_column_text][/vc_column][vc_column width=\"1/2\"][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:38:56', '2018-12-18 11:38:56', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39618, 12, '2018-12-18 11:54:26', '2018-12-18 11:54:26', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39616\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"1/3\"][vc_column_text letter_spacing=\"\"]FIELD STORY: Promoting digital payment solutions through canopy stores\r\n\r\n[/vc_column_text][/vc_column][vc_column width=\"1/2\"][/vc_column][/vc_row][vc_row][vc_column width=\"1/4\"][/vc_column][vc_column width=\"3/4\"][vc_column_text letter_spacing=\"\"]<h3><strong>Engagement of community influencers is the must for a successful mela</strong></h3>\r\n<p>The concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these select individuals by adopting a one-to-one permission<p>\r\n[/vc_column_text][/vc_column][vc_column][vc_column_text letter_spacing=\"\"]<p>marketing strategy. The approach of personal interaction with early adopters was effective in developing relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.</p>\r\n<h5><strong>Low-cost offline engagement of potential customers</strong></h5>\r\n<p>The task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters</p>\r\n[/vc_column_text][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:54:26', '2018-12-18 11:54:26', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
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(39620, 12, '2018-12-18 11:58:14', '2018-12-18 11:58:14', '', 'img3', '', 'inherit', 'closed', 'closed', '', 'img3', '', '', '2018-12-18 11:58:14', '2018-12-18 11:58:14', '', 39607, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/img3.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
(39621, 12, '2018-12-18 11:58:51', '2018-12-18 11:58:51', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39616\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"1/3\"][vc_column_text letter_spacing=\"\"]FIELD STORY: Promoting digital payment solutions through canopy stores\r\n\r\n[/vc_column_text][/vc_column][vc_column width=\"1/2\"][/vc_column][/vc_row][vc_row][vc_column width=\"1/4\"][/vc_column][vc_column width=\"3/4\"][vc_column_text letter_spacing=\"\"]\r\n<h3><strong>Engagement of community influencers is the must for a successful mela</strong></h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these select individuals by adopting a one-to-one permission\r\n[/vc_column_text][/vc_column][vc_column][vc_column_text letter_spacing=\"\"]marketing strategy. The approach of personal interaction with early adopters was effective in developing relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h5><strong>Low-cost offline engagement of potential customers</strong></h5>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=\"1/2\"][vc_single_image image=\"39619\" img_size=\"full\" alignment=\"center\"][/vc_column][vc_column width=\"1/2\"][vc_single_image image=\"39620\" img_size=\"full\" alignment=\"center\"][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 11:58:51', '2018-12-18 11:58:51', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
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(39624, 12, '2018-12-18 12:03:30', '2018-12-18 12:03:30', '[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=\"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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39616\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"1/3\"][vc_column_text letter_spacing=\"\"]FIELD STORY: Promoting digital payment solutions through canopy stores\r\n\r\n[/vc_column_text][/vc_column][vc_column width=\"1/2\"][/vc_column][/vc_row][vc_row][vc_column width=\"1/4\"][/vc_column][vc_column width=\"3/4\"][vc_column_text letter_spacing=\"\"]\r\n<h3><strong>Engagement of community influencers is the must for a successful mela</strong></h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these select individuals by adopting a one-to-one permission\r\n[/vc_column_text][/vc_column][vc_column][vc_column_text letter_spacing=\"\"]marketing strategy. The approach of personal interaction with early adopters was effective in developing relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h5><strong>Low-cost offline engagement of potential customers</strong></h5>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column][vc_column width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 12:03:30', '2018-12-18 12:03:30', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39625, 12, '2018-12-18 13:10:12', '2018-12-18 13:10:12', '', 'img3', '', 'inherit', 'closed', 'closed', '', 'img3-3', '', '', '2018-12-18 13:10:12', '2018-12-18 13:10:12', '', 39607, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/img3-2.jpg', 0, 'attachment', 'image/jpeg', 0),
(39629, 12, '2018-12-18 13:14:12', '2018-12-18 13:14:12', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_bottom=\"84\" bg_image=\"39625\"][vc_column][/vc_column][/vc_row][vc_row][vc_column width=\"1/4\"][/vc_column][vc_column width=\"3/4\"][vc_column_text letter_spacing=\"\"]\r\n<h3><strong>Engagement of community influencers is the must for a successful mela</strong></h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these select individuals by adopting a one-to-one permission\r\n[/vc_column_text][/vc_column][vc_column][vc_column_text letter_spacing=\"\"]marketing strategy. The approach of personal interaction with early adopters was effective in developing relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h5><strong>Low-cost offline engagement of potential customers</strong></h5>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column][vc_column width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 13:14:12', '2018-12-18 13:14:12', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0);
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(39628, 12, '2018-12-18 13:13:04', '2018-12-18 13:13:04', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39625\"][vc_column][/vc_column][/vc_row][vc_row][vc_column width=\"1/4\"][/vc_column][vc_column width=\"3/4\"][vc_column_text letter_spacing=\"\"]\r\n<h3><strong>Engagement of community influencers is the must for a successful mela</strong></h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these select individuals by adopting a one-to-one permission\r\n[/vc_column_text][/vc_column][vc_column][vc_column_text letter_spacing=\"\"]marketing strategy. The approach of personal interaction with early adopters was effective in developing relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h5><strong>Low-cost offline engagement of potential customers</strong></h5>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column][vc_column width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 13:13:04', '2018-12-18 13:13:04', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39626, 12, '2018-12-18 13:11:35', '2018-12-18 13:11:35', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=\"39625\" img_size=\"full\" alignment=\"center\"][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39616\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"1/3\"][vc_column_text letter_spacing=\"\"]FIELD STORY: Promoting digital payment solutions through canopy stores\r\n\r\n[/vc_column_text][/vc_column][vc_column width=\"1/2\"][/vc_column][/vc_row][vc_row][vc_column width=\"1/4\"][/vc_column][vc_column width=\"3/4\"][vc_column_text letter_spacing=\"\"]\r\n<h3><strong>Engagement of community influencers is the must for a successful mela</strong></h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these select individuals by adopting a one-to-one permission\r\n[/vc_column_text][/vc_column][vc_column][vc_column_text letter_spacing=\"\"]marketing strategy. The approach of personal interaction with early adopters was effective in developing relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h5><strong>Low-cost offline engagement of potential customers</strong></h5>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column][vc_column width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 13:11:35', '2018-12-18 13:11:35', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39630, 12, '2018-12-18 13:36:53', '2018-12-18 13:36:53', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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.\r\n\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=\"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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 13:36:53', '2018-12-18 13:36:53', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0);
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(39627, 12, '2018-12-18 13:12:43', '2018-12-18 13:12:43', '[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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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=\"\"]\r\n<h3>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders onboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h3>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\r\n[/vc_column_text][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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39625\"][vc_column][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39616\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"1/3\"][vc_column_text letter_spacing=\"\"]FIELD STORY: Promoting digital payment solutions through canopy stores\r\n\r\n[/vc_column_text][/vc_column][vc_column width=\"1/2\"][/vc_column][/vc_row][vc_row][vc_column width=\"1/4\"][/vc_column][vc_column width=\"3/4\"][vc_column_text letter_spacing=\"\"]\r\n<h3><strong>Engagement of community influencers is the must for a successful mela</strong></h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these select individuals by adopting a one-to-one permission\r\n[/vc_column_text][/vc_column][vc_column][vc_column_text letter_spacing=\"\"]marketing strategy. The approach of personal interaction with early adopters was effective in developing relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h5><strong>Low-cost offline engagement of potential customers</strong></h5>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column][vc_column width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/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=\"DIVERSIFYING INTO FORMAL SAVINGS IS KEY\" 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_1536309367615{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=\"\"]\r\n\r\nOn being asked, “How crucial it is for you to save?”, she confidently answers, “If I need to buy something for 2 rupees and have only 1 rupee, I resort to taking a loan. Inability to deal with situations usually arises out of bad financial planning and pushes me to take loans. It is very important for households to have funds in case of similar events. While debt makes me feel helpless, savings empower me and hence it is very important for me to save!”\r\n\r\nWith limitless zeal to save, she leveraged informal sources such as chit funds, and has recently started to save in formal sources. When asked why, she adds “Diversifying savings is helpful. I used to keep money in the house in some boxes and never knew where the money was, since I had no account of it and always ended up spending it. It is for these reasons that, I started saving with Lakshya account<sup>1</sup> to support my family with basic financial capital.”\r\n\r\n<em><sup>1</sup>Lakshya is a curated financial solution for customers who are interested in saving for a minimum of two years. It is specifically designed for households in the informal sector, whose income &amp; expenses are quite volatile, making regular savings challenging. </em>\r\n\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=\"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=\"\"]\r\n\r\nMost 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.\r\n\r\nTo 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.\r\n\r\nAmzad, 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.”\r\n\r\n[/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.\r\n\r\nTo 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.\r\n\r\nShe 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.”\r\n\r\nShe concludes, “With Lakshya, it would be interesting to witness the power of formal savings empowering low income clusters meet their life goals.\"\r\n\r\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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 13:12:43', '2018-12-18 13:12:43', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39633, 12, '2018-12-18 14:16:19', '2018-12-18 14:16:19', '', 'img6', '', 'inherit', 'closed', 'closed', '', 'img6', '', '', '2018-12-18 14:16:19', '2018-12-18 14:16:19', '', 39607, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/img6.png', 0, 'attachment', 'image/png', 0),
(39634, 12, '2018-12-18 14:16:49', '2018-12-18 14:16:49', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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_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=\"BACKGROUND\" 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_1545140737252{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=\"\"]\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_single_image image=\"39633\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 14:16:49', '2018-12-18 14:16:49', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39635, 12, '2018-12-18 14:18:34', '2018-12-18 14:18:34', '', 'img6', '', 'inherit', 'closed', 'closed', '', 'img6-2', '', '', '2018-12-18 14:18:34', '2018-12-18 14:18:34', '', 39607, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/img6-1.png', 0, 'attachment', 'image/png', 0),
(39636, 12, '2018-12-18 14:19:08', '2018-12-18 14:19:08', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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_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=\"BACKGROUND\" 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_1545140737252{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=\"\"]\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 14:19:08', '2018-12-18 14:19:08', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39637, 12, '2018-12-18 14:19:49', '2018-12-18 14:19:49', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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_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=\"BACKGROUND\" 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_1545140737252{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=\"\"]\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 14:19:49', '2018-12-18 14:19:49', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0);
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(39638, 12, '2018-12-18 14:25:09', '2018-12-18 14:25:09', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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_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=\"BACKGROUND\" 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_1545140737252{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=\"\"]\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\n<p>Ninety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.</p>\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\n<p>Amongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;</p>\r\n<ul>\r\n<li>Lack of a functional debit cards (59 percent);</li>\r\n<li>Lack of a smartphones (20 percent); and</li>\r\n<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\n<p>Of the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.</p>\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][kleo_button title=\"Download\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-18 14:25:09', '2018-12-18 14:25:09', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(40595, 0, '2019-03-07 16:41:25', '2019-03-07 16:41:25', 'A new comment on the post \"The view from 10 months in..\" is waiting for your approval\r\nhttps://cashlesscatalyst.org/catalyst-blog/view-10-months-in/\r\n\r\nAuthor: Fruresalia (IP: 91.205.239.219, 91.205.239.219)\r\nEmail: n.st.s.ha.r.u.n@gmail.com\r\nURL: \r\nComment: \r\nhttp://shoppingmy.ru/article/monitor-Philips-240B7QPTEB    Монитор Philips-240B7QPTEB\r\n\r\nApprove it: https://cashlesscatalyst.org/wp-admin/comment.php?action=approve&amp;c=12060#wpbody-content\r\nTrash it: https://cashlesscatalyst.org/wp-admin/comment.php?action=trash&amp;c=12060#wpbody-content\r\nSpam it: https://cashlesscatalyst.org/wp-admin/comment.php?action=spam&amp;c=12060#wpbody-content\r\nCurrently 121 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-50', '', '', '2019-03-07 16:41:25', '2019-03-07 16:41:25', '', 0, 'https://cashlesscatalyst.org/postman_sent_mail/catalyst-please-moderate-the-view-from-10-months-in-50/', 0, 'postman_sent_mail', '', 0),
(39644, 12, '2018-12-19 06:11:16', '2018-12-19 06:11:16', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders<br />\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\n<p>Given the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.</p>\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=\"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=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/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=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/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=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:11:16', '2018-12-19 06:11:16', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39643, 12, '2018-12-19 06:05:12', '2018-12-19 06:05:12', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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_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=\"BACKGROUND\" 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_1545140737252{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=\"\"]\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/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=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/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=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:05:12', '2018-12-19 06:05:12', '', 39607, 'https://cashlesscatalyst.org/media/39607-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
(39641, 12, '2018-12-19 06:03:40', '2018-12-19 06:03:40', '[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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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_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=\"BACKGROUND\" 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_1545140737252{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=\"\"]\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\n<p>We marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.</p>\r\n<h5>Canopy helped create awareness among new customers</h5>\r\n<p>Since the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.</p>\r\n<p>The canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.</p>\r\n<h5>Helped us understand the customer approach</h5>\r\n<p>The most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.</p>\r\n[/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=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]<P>1. Cost of each field staff is INR 850 per day. We recruited six field staff.</P>\r\n<ul>\r\n<li>Total cost - manpower per day = INR 5,100</li>\r\n<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n<p>2. Cost for printed materials = INR 5,000 (US$70)</p>\r\n<p>3. Cost for t-shirts = INR 10,000 (US$141)</p>\r\n<p>4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)</p>\r\n<p>5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)</p>[/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=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]<P>Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.</P>\r\n<P>What did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.</P>\r\n<P>How such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.</P>[/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/2018/09/lakshaya_kaledofin-2.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:03:40', '2018-12-19 06:03:40', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39642, 12, '2018-12-19 06:04:51', '2018-12-19 06:04:51', '', 'DEC US_Story', '', 'inherit', 'closed', 'closed', '', 'dec-us_story', '', '', '2018-12-19 06:04:51', '2018-12-19 06:04:51', '', 0, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/DEC-US_Story.pdf', 0, 'attachment', 'application/pdf', 0),
(39648, 12, '2018-12-19 06:20:52', '2018-12-19 06:20:52', '[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=\"39647\"][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;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\n\r\n\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/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=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/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=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:20:52', '2018-12-19 06:20:52', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39645, 12, '2018-12-19 06:14:14', '2018-12-19 06:14:14', '', 'LOCATION', '', 'inherit', 'closed', 'closed', '', 'location', '', '', '2018-12-19 06:14:14', '2018-12-19 06:14:14', '', 39607, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/LOCATION.png', 0, 'attachment', 'image/png', 0),
(39646, 12, '2018-12-19 06:14:30', '2018-12-19 06:14:30', '[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=\"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\"]\r\n<h2 style=\"text-align: center;\">ENROUTE LAKSHYA - POWER OF SAVINGS TO MEET UNENDING POSSIBILITIES</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"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=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/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=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/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=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/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=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:14:30', '2018-12-19 06:14:30', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
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(39652, 12, '2018-12-19 06:30:16', '2018-12-19 06:30:16', '', 'image-4', '', 'inherit', 'closed', 'closed', '', 'image-4', '', '', '2018-12-19 06:30:16', '2018-12-19 06:30:16', '', 39607, 'https://cashlesscatalyst.org/wp-content/uploads/2018/12/image-4.jpg', 0, 'attachment', 'image/jpeg', 0),
(39653, 12, '2018-12-19 06:31:00', '2018-12-19 06:31:00', '[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=\"39647\"][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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39649\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39650\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"KEY LEARNINGS\" 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_1545142169987{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=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39651\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39652\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:31:00', '2018-12-19 06:31:00', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39654, 12, '2018-12-19 06:36:07', '2018-12-19 06:36:07', '[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=\"39647\"][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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39649\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39650\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"KEY LEARNINGS\" 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_1545142169987{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" el_class=\"title-sub\"][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39651\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39652\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:36:07', '2018-12-19 06:36:07', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39655, 12, '2018-12-19 06:38:07', '2018-12-19 06:38:07', '[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=\"39647\"][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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39649\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39650\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"KEY LEARNINGS\" 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_1545201598563{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" el_class=\"title-sub\"][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39651\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39652\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:38:07', '2018-12-19 06:38:07', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0);
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(39656, 12, '2018-12-19 06:39:17', '2018-12-19 06:39:17', '[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=\"39647\"][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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39649\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"100\" padding_bottom=\"100\" bg_image=\"39650\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"KEY LEARNINGS\" 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_1545201598563{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" el_class=\"title-sub\"][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39651\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\" COST ANALYSIS\" 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_1545199214619{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=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39652\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:39:17', '2018-12-19 06:39:17', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39657, 12, '2018-12-19 06:40:44', '2018-12-19 06:40:44', '[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=\"39647\"][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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39649\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"100\" padding_bottom=\"100\" bg_image=\"39650\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"KEY LEARNINGS\" 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_1545201598563{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" el_class=\"title-sub\"][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row padding_top=\"100\" padding_bottom=\"100\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\" COST ANALYSIS\" 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_1545201757301{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" el_class=\"title-sub\"][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39651\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39652\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:40:44', '2018-12-19 06:40:44', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0),
(39658, 12, '2018-12-19 06:41:38', '2018-12-19 06:41:38', '[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=\"39647\"][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\"]\r\n<h2 style=\"text-align: center;text-transform: uppercase;\">Promoting digital payment solutions through canopy stores</h2>\r\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/2018/09/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h2 style=\"font-size: 26px;color: #383b3b;line-height: 32px;text-align: left;font-family:Roboto Condensed;font-weight:700;font-style:normal\" class=\"vc_custom_heading\">BACKGROUND</h2>\r\n<h5>In a community such as Bhatta Basti—an ultrapoor urban locality on the outskirts of Jaipur City, Rajasthan—the task of getting new account holders\r\nonboarded on digital payment solutions requires the highest degree of handholding support throughout the process. Less tech-savvy users struggle at different stages with the onboarding process of any Unified Payments Interface (UPI) application and are tripped up by jargon such as “UPI PIN” and “VPA”. Hence, there is a clear need for greater guidance and in-person handholding through the onboarding process and helping an account holder make the first transaction.</h5>\r\nGiven the importance of in-person interactions with potential adopters of digital payment solutions, we conducted an experiment in Bhatta Basti to find an economical way to engage customers with offline activities. In October 2018, we set-up a canopy store for five days in central Bhatta Basti to measure the foot fall and understand the basic characteristics of customers that visited the canopy store on their own. We called this initiative ‘Digital Mela’.\r\n\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=\"100\" padding_bottom=\"100\" el_class=\"uppercase\" bg_image=\"39649\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"39645\" alignment=\"center\"][vc_custom_heading text=\"LOCATION OF THE CANOPY\" 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_1545142003037{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=\"\"]While we did not attempt a promotional campaign such as announcements about ‘Digital Mela’ on mikes (we were not allowed to do so), we set up a canopy in the central market of Bhatta Basti where we received adequate visibility.\r\n\r\nAdditionally, even though the presence of infrastructure in Jaipur city for digital transactions is good, there are places such as Bhatta Basti where network connectivity is unreliable and almost non-existent. There are only a few places in Bhatta Basti, such as the central market, where mobile data coverage is reliable. Hence, we chose to set up our canopy in the central market.\r\n\r\nWe provided the following services to the visitors:\r\n<ul>\r\n	<li>Information about Automated Teller Machine (ATM) PIN generation; and</li>\r\n	<li>Handholding support for UPI onboarding: »» Help with downloading and registering.</li>\r\n</ul>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"100\" padding_bottom=\"100\" bg_image=\"39650\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"KEY LEARNINGS\" 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_1545201598563{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" el_class=\"title-sub\"][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]\r\n<h3>Engagement of community influencers is the must for a successful mela</h3>\r\nThe concept of the mela became feasible only after working with early adopters of digital payment solutions for three months. In August 2018, we had identified 100 plus account holders who could potentially be converted to users of digital payment solutions. We nurtured our relationship with these\r\nselect individuals by adopting a one-to-one permission marketing strategy. The approach of personal interaction with early adopters was effective in\r\ndeveloping relationships with these individuals, who in turn helped us organize the mela by informing their peers to place their trust in our work. Some of our early adopters attended the mela as ‘Digital Champions,’ wearing the same t-shirts as those worn by our field staff, which built more credibility about our work.\r\n<h3>Low-cost offline engagement of potential customers</h3>\r\nThe task of getting individuals onboarded on the UPI platform required the highest degree of in-person handholding support in Bhatta Basti. The canopy store provided a relatively lowcost way to reach out to as many customers as possible. While many passersby asked about our work, in total, 255 individuals showed interest in our activity. They visited between 11 am and 3 pm over five days (on average, 51 customers per day). We learned that the canopy activity could be very helpful for new startups in providing handholding support to early adopters\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39622\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_single_image image=\"39623\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\" css=\".vc_custom_1545142902345{margin-top: 50px !important;border-bottom-width: 50px !important;}\"][vc_single_image image=\"39635\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Primarily young, male and smartphone holders visited the canopy</h5>\r\nNinety-two percent of the visitors was male with an average age of 29 years. Only 43 percent reported that they were the head of the household.\r\n<h5>Lack of a functional debit cards was the main reason for failure to onboard</h5>\r\nAmongst 255 individuals that visited the canopy, only 167 (65 percent) were successfully onboarded. Eighty-eight individuals who visited the canopy could not be onboarded; and following are the top three reasons;\r\n<ul>\r\n	<li>Lack of a functional debit cards (59 percent);</li>\r\n	<li>Lack of a smartphones (20 percent); and</li>\r\n	<li>Mobile number linked with multiple accounts in the same bank, or mobile phone not linked with their bank account (9 percent).</li>\r\n</ul>\r\n<h5>Curiosity and queries drove people to the canopy</h5>\r\nOf the total, the 134 individuals (53 percent) who visited the canopy did so out of curiosity when they saw the crowd gathered around it. Amongst these 134 individuals, 74 (55 percent) were successfully onboarded. The remaining 121 individuals (47 percent) who visited the canopy did so after understanding or hearing about our activities from their peers. They visited our canopy with a specific purpose such as to download and register on UPI applications; learn about cash back offers; get a functional debit card, amongst other reasons. Amongst these 121 individuals, 94 (78 percent) were successfully onboarded.\r\n\r\n[/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=\"39640\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<h5>Time-bound ‘Digital Mela’ created urgency in the community</h5>\r\nWe marketed our mela as a time-bound activity (mela for a week) for individuals to engage with us. The idea that we were not going to be available for long drove individuals to make the effort to visit us and learn about UPI applications.\r\n<h5>Canopy helped create awareness among new customers</h5>\r\nSince the majority of individuals visited our canopy because they witnessed the crowd, it helped us understand that a canopy shop could reach out to those account holders that had not thought about using digital payment solutions due to lack of information; we could then demonstrate the benefits of\r\nonboarding on the UPI platform immediately. For example, we were able to demonstrate cash backs offered by some service providers to the individuals.\r\n\r\nThe canopy also helped us understand how digital payment solutions were perceived in the market through real-time feedback. For example, we tried to set up a canopy in July 2018, but could not generate enough interest among the account holders. Hence, we decided to target a certain segment of account holders and adopted in-person meetings as a strategy to onboard account holders on the UPI platform. By October 2018, we had already worked in the community for three months and created “digital ambassadors”, who helped us mobilize the community. Additionally, a private sector company, PhonePe, had just entered the market and provided the PhonePe Quick Response (QR) code to merchants. Hence, the timing was right, which resulted in generation of adequate interest among the community.\r\n<h5>Helped us understand the customer approach</h5>\r\nThe most important lesson to execute a canopy activity was to identify the customer profile (young, male, smartphone holders) that showed interest in digital payment solutions and the locations they were most likely to frequent (central market where network connectivity is good). Unfortunately, the location of the canopy excluded women as not many women showed interest in visiting the market. We recommend that, to attract women customers, one must set up a canopy in locations that are closer to residential areas. Unfortunately, we could not do so due to lack of network connectivity in certain areas of Bhatta Basti.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"100\" padding_bottom=\"100\" bg_image=\"39651\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\" COST ANALYSIS\" 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_1545201757301{margin-bottom: 0px !important;padding-bottom: 0px !important;}\" el_class=\"title-sub\"][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39651\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]1. Cost of each field staff is INR 850 per day. We recruited six field staff.\r\n<ul>\r\n	<li>Total cost - manpower per day = INR 5,100</li>\r\n	<li>Total cost - manpower for five days = INR 25,500 (US$360)</li>\r\n</ul>\r\n2. Cost for printed materials = INR 5,000 (US$70)\r\n\r\n3. Cost for t-shirts = INR 10,000 (US$141)\r\n\r\n4. Total cost of Digital Mela (total of 1 to 4)= INR 40,500 (US$571)\r\n\r\n5. Onboarded 167 out of 255 customersa. Cost per successful onboarding = INR 242 (US$3.42)\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"39652\"][vc_column][vc_single_image image=\"25799\" alignment=\"center\"][vc_custom_heading text=\"CONCLUDING REMARKS\" 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_1545199436689{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=\"\"]Our prior relationship with the digital ambassadors worked well in our favor. Our previous experiment had also indicated that a certain segment (young, male, smartphone holder) would be more likely to respond to digital payment solutions. Hence, we chose the location of the canopy targeting the area where we would find this group.\r\n\r\nWhat did not work for us is that because of the location of the canopy we could not target women. Additionally, we could not promote our campaign the way we had initially planned as we were not allowed to use mikes for announcements or any other mode of promotion to let the community members learn about our initiative.\r\n\r\nHow such a mela impacted the usage of digital payment solutions is unknown as a customer’s willingness to continue using any service depends upon his/her early experience with payment transactions. Nonetheless, we learned that, after working in a community for a few months and building relationships and trust with the key influencers, such a mela can influence successful lead generation and conversion.\r\n\r\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/2018/12/DEC-US_Story.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]', 'Promoting digital payment solutions through canopy stores', '', 'inherit', 'closed', 'closed', '', '39607-revision-v1', '', '', '2018-12-19 06:41:38', '2018-12-19 06:41:38', '', 39607, 'https://cashlesscatalyst.org/media/39607-revision-v1/', 0, 'revision', '', 0);
