[vc_row equal_height="yes" content_placement="middle" type="image" enable_parallax="false" parallax_speed="0.4" padding_top="110" padding_bottom="0" bg_image="38297"][vc_column][kleo_gap size="100px"][vc_row_inner][vc_column_inner width="1/6"][/vc_column_inner][vc_column_inner width="2/3"][vc_custom_heading text="DIGITAL LENDING FOR SMALL MERCHANTS: THE MISSING ROAD TO THE LAST MILE" font_container="tag:h2|font_size:48px|text_align:center|color:%23ffffff|line_height:54px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing=""][/vc_column_inner][vc_column_inner width="1/6"][/vc_column_inner][/vc_row_inner][kleo_gap size="140px"][kleo_gap size="50px"][/vc_column][/vc_row][vc_row equal_height="yes" content_placement="middle" padding_bottom="0"][vc_column width="1/2"][/vc_column][vc_column width="1/2"][vc_row_inner equal_height="yes" content_placement="middle"][vc_column_inner width="5/12"][/vc_column_inner][vc_column_inner width="1/3" css=".vc_custom_1488531456733{padding-right: 0px !important;}"][vc_column_text letter_spacing=""][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width="1/4" css=".vc_custom_1488531444909{padding-left: 0px !important;}"][kleo_button title="Print this page" href="https://cashlesscatalyst.org/wp-content/uploads/2018/11/BB-Learning-Note.pdf" target="_blank" style="custom" position="left" size="lg" special="no" border="no" icon="print" font_size="16px" letter_spacing="" el_class="grey-icon" custom_text="#d11e3c"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff"][vc_column][vc_custom_heading text="BACKGROUND" font_container="tag:h2|font_size:26px|text_align:left|color:%23383b3b|line_height:32px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing=""][vc_row_inner css=".vc_custom_1537456868816{margin-bottom: 35px !important;}"][vc_column_inner][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]Ninety-three percent of India’s US$670 billion retail market continues to be unorganized, operating through mom-and-pop, kirana or standalone stores.<sup>1</sup> According to a recent Boston Consulting GroupConfederation of Indian Industry (BCG-CII) report, this sector is projected to double from a US$1.1-1.2 trillion market by 2020, driven by a 70 percent rise in income levels and a 100 million addition in the number of youth entering the labor force.<sup>2</sup> However, despite growth projections, there are several factors that hinder the growth of these informal enterprises which provide livelihood options to nearly 111 million workers,<sup>3</sup> thus forming an important engine for India’s economic growth.

The lack of proper infrastructure and technical skills notwithstanding, a pressing factor hindering attainment of scale by informal enterprises is the lack of credit from formal sources at affordable rates of interest. According to an International Finance Corporation (IFC) report, the credit gap for informal enterprises within the Micro, Small and Medium Enterprises (MSME) sector in India was estimated at US$418 billion in 2012-13.<sup>4</sup> Underlying the gap in accessing formal credit is the story of missing applicant credit histories or other parameters of credit worthiness used in traditional appraisal processes by lenders.<sup>5</sup> Under such circumstances, most enterprises resort to informal lenders, despite the high interest rates charged. Reluctance to adopt digital payments further exacerbates this situation, since it is near impossible to convince lenders of credit worthiness in the face of missing information on credit and other transactional histories. Lack of awareness, low capability and unwillingness to try new technologies for fear of failure are some reasons that contribute to this wariness and create a vicious cycle that has been hard to break.

CATALYST, in its drive to explore the digital readiness of this segment, hypothesized that providing access to a small amount of credit at lower rates could act as a hook for digital payment adoption and usage, which in turn could trigger a positive spiral to access higher amounts of credit. In a preliminary study to understand the financial behavior and borrowing pattern of small businesses, CATALYST conducted a Credit Needs Assessment Survey (CNAS) where 1,140 small fixed store merchants in Jaipur were interviewed in September 2017. The survey showed that 69 percent of the merchants sourced their credit from informal sources such as friends, family and local moneylenders. Merchants expressed dissatisfaction with local moneylenders because they charged an interest rate of over 30 percent per month. But they still tend to prefer informal lenders over formal ones because of ease of access, no requirement of lengthy documentation, and speedy processes[/vc_column_text][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]Armed with these insights, CATALYST launched the Credit as a Hook pilot in Jaipur in June 2018 for a select set of merchants. The pilot aimed to provide incremental loans through a starter-builder model starting with a small loan that would increase based on usage of digital payments, where the payment footprint would help merchants build their formal credit history. CATALYST hypothesized that, for the  merchants, this would result in larger loans over a period of time at better rates of interest. For lenders, the presence of a digital footprint would provide the means to underwrite loans better and allow them to acquire new customers (i.e., a set of small merchants that was hitherto unserved by formal financial institutions). The initial pre-assessment survey carried out prior to the product launch, CATALYST’s CNAS report, revealed that 92 percent merchants contacted during the survey was aware of digital payment solutions. Of these, 53.5 percent was interested in availing credit through a digital platform with an expectation of quick processing time.

The first challenge that CATALYST faced was to convince lenders to provide an initial loan, albeit small, in the absence of a digital payment history. Traditionally, the route to access credit has been via an established digital payment footprint because of the inherent difference in the way payment and credit operates. Payment systems work better when more people use them, and therefore are designed to be more inclusive in nature. Credit, on the other hand, is designed to hedge excessive risks, and therefore is harder to establish as the first step to financial inclusion of the underserved market segment with no credit history.

A lending model is predicated on profits from taking calculated risks. So, lenders seek to build strong relationships with their customers and get a broad base of information to calculate the exact underlying risk. On the other hand, payment companies are inherently less dependent on understanding customer risk. Payment businesses therefore tend to be more transactional and less relationship-based than lending ones. The quality or depth of individual customer relationships matters less. Instead, the number and breadth of customers and their networks matter more.<sup>6</sup>

Understanding these basic functions of payments and credit is critical to exploring how the two can be linked. Technology and access to customer data play a huge role in leveraging the payment and credit lens to achieve financial inclusion.

The CATALYST pilot aimed at precisely this understanding. How can we urge merchants to start using digital solutions, which in turn can help them access credit at better terms?

While the merits of credit are known, research is beginning to show the advantages of digital credit as well. Early evidence from studying M-Shawri<sup>7</sup> in Kenya has shown that uptake of digital loans has helped improve household resilience against shocks and increased the propensity of families to spend on welfare activities such as health and education.<sup>8</sup> While we have little evidence available from similar experiments in India, we expect the positive benefits would be similar.

We hope that the following results of CATALYST’s Credit as a Hook pilot reveal the opportunities and challenges of launching a digital payment and loan product bundle for underserved informal sector merchants in India.[/vc_column_text][vc_single_image image="38267" img_size="full" alignment="center"][vc_column_text text_color="#757c74" font_size="14px" letter_spacing=""]
<ol>
 	<li><em>India’s $670 billion retail market is heading for a dream run, April 16, 2018, Quartz.</em></li>
 	<li><em>Retail Transformation: Changing Your Performance Trajectory, BCG-CII National Retail Summit Report, 2016.</em></li>
 	<li><em>Found: 111 million MSME workers in India as data rules changes, Livemint, November 22, 2017.</em></li>
 	<li><em>MSME Finance Gap, Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets, IFC, 2017.</em></li>
 	<li><em>Research by Entrepreneurial Finance Lab, retrieved from The Hindu Business Line, ‘There is a credit gap of 56% in the MSME sector’, July 2, 2014</em></li>
 	<li><em>Buckley, R. and I..Mas. The coming of age of digital payment as a field of expertise, Journal of Law Technology and Policy, June 2016, Vol.2016.</em></li>
 	<li><em>M-Shwari is a paperless banking service offered through M-Pesa. M-Shwari bank accounts are opened and maintained through mobile phones.</em></li>
 	<li><em>Bharadwaj, P., W. Jack and T. Suri. Can Digital Loans Deliver: Take Up and Impact of Digital Loans in Kenya, 2018 (Working Paper, draft received on special request from T. Suri).</em></li>
</ol>
[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="image" bg_position_horizontal="center" enable_parallax="false" parallax_speed="0.4" padding_top="150" padding_bottom="150" bg_image="38300"][vc_column][vc_custom_heading text="THE PROCESS OF SEGMENTING ACCOUNT HOLDERS" font_container="tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing=""][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]We called 619 account holders whose bank accounts were opened prior to June 2018 with objectives to understand account holders’ access to debit cards and smartphones. Our hypotheses as of August 2018 were that all 619 account holders should have received their debit cards; they should have generated the ATM PIN; and their bank-registered mobile number should have been active.

The study indicated only 22% of account holders had a PIN generated ATM card; 27% had received the ATM card but not generated a PIN; 25% had not received their ATM card; and 27% had already changed their mobile number and we were not able to reach them despite multiple attempts.

The above-mentioned results helped us divide our base into four tiers – each tier had account holders that were similar in specific ways as explained below.[/vc_column_text][vc_single_image image="38269" img_size="full" alignment="center"][/vc_column_inner][/vc_row_inner][vc_row_inner css=".vc_custom_1537937440359{padding-top: 30px !important;}"][vc_column_inner width="1/2"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]

<strong>Learning 1:</strong> Frequently changing mobile numbers have a significant impact on financial inclusion

We observed few trends in Bhatta Basti regarding usage of mobile numbers; mobile phone numbers are frequently changed due to network problems, insufficient funds in their mobile account and new plans offered by different service providers. For example, residents suggested some SIM cards did not have the ability to pick up mobile data signals in Bhatta Basti, hence, they upgraded to a better SIM card, which resulted in their receiving a new phone number

<strong>Implications:</strong> If a mobile number registered with the bank account is already changed prior to the arrival of the debit card, the account holder cannot generate a PIN unless he/she visits the bank branch to change/update his/her mobile number. Likewise, Unified Payment Interface (UPI) on-boarding is not possible for smartphone owners if his/her SIM card is not registered with the bank account as he/she cannot receive interoperable OTP (Onetime Password) to activate the UPI account.

<strong>Learning 2:</strong> Many zero balance account holders do not receive their debit card

At the time of the interview, 155 account holders (25%) reported not receiving their debit card.

[/vc_column_text][/vc_column_inner][vc_column_inner width="1/2"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify "]

They were either waiting for the card or they had not collected it from the Customer Service Point (CSP). Only 58 of them (37% of 155 account holders) reported enquiring with the CSP or nearby bank branch.

<strong>Implications:</strong> POS, online banking or UPI on-boarding is not possible without a debit card

<strong>Learning 3:</strong> Many are not aware of how to generate an atm pin despite having a debit card

Amongst these 619 account holders, 167 account holders (27%) reported not generating an ATM PIN despite collecting the card. When probed, 34% of these 167 account holders reported failure of the ATM machine when they tried to generate a PIN; 31% did not see value in generating a PIN due to lack of savings and fear of safety; and 29% were not aware of the procedure.

This result indicates that perceived risk, complexity, lack of knowledge and fear of safety and confidentiality are the major factors that discourage the use of ATMs.

<strong>Implications:</strong> Internet banking, ATM withdrawals, or any other digital transactions using a debit card are not possible without an ATM PIN.

[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#c9213b" padding_top="75" padding_bottom="75" inline_style="font-style: normal;"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text="ACCOUNT HOLDERS’ ATTITUDES TOWARDS DEBIT CARDS" font_container="tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing="" el_class="normal-style "][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff" inline_style="font-style: normal;"][vc_column][vc_row_inner][vc_column_inner el_class="normal-style "][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]We conducted qualitative interviews with eight to ten account holders from each tier. The interaction focused on their attitudes towards banking services, in particular, debit cards. Below are the highlights of the interviews, which helped us identify their outlook and plan distinct interventions for each tier.[/vc_column_text][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]
<p style="text-align: center;">Attitudes towards ATMs</p>
[/vc_column_text][vc_single_image image="38274" img_size="full" alignment="center"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#373b3c" padding_top="75" padding_bottom="75" inline_style="font-style: normal;"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text="DISCOVERING EARLY ADOPTERS" font_container="tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing="" el_class="normal-style "][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff"][vc_column][vc_row_inner equal_height="yes"][vc_column_inner el_class="normal-style"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]After differentiating account holders by their behaviours and the drivers behind them, we took the action needed in response to a tier-based intervention instead of ‘one-size-fits-all’ approach.

We designed the following intervention model ensuring each tier was covered, nonetheless, our focus was to provide handholding support to Tier 1 account holders as they were proactive about adopting debit cards without any external support and had positive attitudes towards technology used in banking. Our goal was to discover ‘early adopters’ amongst them, who are excited by the possibilities of new ideas and new ways of doing digital transactions.[/vc_column_text][vc_single_image image="38275" img_size="full" alignment="center"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]We adopted a one-to-one permission marketing strategy emphasizing on personalized interactions with 135 account holders. The prospect explicitly agreed in advance for the visit (they were provided with an option to opt-out at any point). Initial reaction was inspiring as three out of four account holders agreed to learn about UPI digital payment solutions from us.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#c9213b" padding_top="75" padding_bottom="75" inline_style="font-style: normal;"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text="ADVANTAGES OF IN PERSON HANDHOLDING SUPPORT" font_container="tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing="" el_class="normal-style "][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff"][vc_column][vc_row_inner equal_height="yes"][vc_column_inner el_class="normal-style" width="1/2"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]
<ul>
 	<li>High conversion rate because of high customer attention as message was customized and persuasive.</li>
 	<li>Helpful in identifying different use cases. For example, we learned that ability to instantly recharge mobile phone was the most attractive feature of UPI applications for many account holders.</li>
 	<li>Since we were interacting directly with account holders, apart from receiving a direct line of feedback from the account holders, we were able to track issues straightaway, which helped us address issues quickly. For example, other members of the household using the mobile number of the head of the household at the time of the account opening was found in many cases.</li>
</ul>
[/vc_column_text][/vc_column_inner][vc_column_inner width="1/2"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]In such a case, if the head of the household wants to register for UPI linked with a particular bank, he is not allowed given that the bank record shows the same mobile number registered for multiple account holders. We recommended account holders visit the nearby bank branch and update their account with their new mobile number; and informed the banking agent to encourage residents of Bhatta Basti to provide unique mobile number for new bank accounts, if possible.
<ul>
 	<li>The approach was also effective in developing the relationship with identified innovators.</li>
</ul>
[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="image" bg_color="#373b3c" bg_position_horizontal="center" enable_parallax="false" parallax_speed="0.4" padding_top="75" padding_bottom="75" inline_style="font-style: normal;"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text="CHALLENGES FACED DURING HANDHOLDING PROCESS" font_container="tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing="" el_class="normal-style "][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff"][vc_column][vc_row_inner equal_height="yes"][vc_column_inner el_class="normal-style" width="1/2"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]
<ul>
 	<li>The process was labour intensive and had a high cost (five field staff for approximately 30 business days to visit 101 account holders).</li>
 	<li>The process was time consuming. On average, a field staff spent two hours introducing the features, convincing the account holders to use the applications, downloading and registering the UPI app. Since we focused on our list of 135 account holders only (and did not go off of the list), field staff had to take several visits to complete one on-boarding.</li>
</ul>
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<ul>
 	<li>Direct approach was also perceived as inconvenient or obtrusive for some account holders due to cultural sensitivity. Our field team appeared at times that were inconvenient for female account holders. For example, when any account belonged to a woman or a young child, we had to wait for the head of the household to return home as their presence was mandatory because of the nature of the transaction-related conversation.</li>
</ul>
[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="image" bg_color="#cf1e3b" bg_position_horizontal="center" enable_parallax="false" parallax_speed="0.4" padding_top="75" padding_bottom="75" inline_style="font-style: normal;"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text="CONCLUDING REMARKS" font_container="tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing="" el_class="normal-style "][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff"][vc_column][vc_row_inner equal_height="yes"][vc_column_inner el_class="normal-style"][vc_column_text text_color="#383b3b" font_size="16px" letter_spacing="" el_class="lh22 ptext-justify"]The task of getting new account holders on board for digital payment requires the highest degree of handholding support through the onboarding process. For example, less tech-savvy users struggle at different stages with the onboarding process of any UPI application and are tripped up by the jargon such as “UPI PIN”, “VPA”. Hence, there is a clear need for greater guidance and handholding through the on-boarding process and in helping an account holder make the first transaction. Nevertheless, providing handholding support to everyone is not possible.

Therefore, it is important to break down the market into specific, targetable segments. In our case, we used the account holders’ access to debit card and attitude towards banking technology as a basis for segmentation. The majority of (more than 75%) account holders did not have a PIN generated debit card; there were only 135 individuals who had collected their debit card and visited the nearby bank branch that is approximately 2 KM away to generate PIN on their own. Instead of targeting all 619 individuals, which would have been an expensive and ineffective exercise, we created a list of 135 tier 1 individuals and reached out to them, who reciprocated positively.

Our biggest learning from this exercise was such a mechanism allowed us to precisely identify early adopters of UPI applications and, we were able to contact them with specific needs. This was also the best way for us to use our resources more effectively and make better strategic marketing decisions to convert early adopters to influencers in the community. For example, our experience on UPI on-boarding (detailed information will be covered in subsequent learning notes) indicated that the early adopters have huge potential to act as ambassadors for other segments to drive adoption of digital payment solutions if provided with enough support and followed up regularly. With the early adopters, this segment has potential to act as ambassadors for other segments and this should be therefore considered as one of the most important factors to determine the usability and sustainability of making transactions digitally in a low-income community. We observed some early adopters were proactive about informing their friends about UPI applications in order to onboard them so that early adopters could take advantage of cashback offers offered by some of the financial service providers for referrals.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type="color" bg_color="#ffffff"][vc_column][vc_column_text letter_spacing=""]
<p style="text-align: left;"><span style="color: #da092b;">TECHNICAL WRITERS:</span> Deepti Kc</p>
<p style="text-align: left;"><span style="color: #da092b;">ACKNOWLEDGEMENTS:</span> The author would like to thank Arbind Vishwakarma for his insights and operational support.</p>
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<p style="text-align: center;">CATALYST is an initiative seeded by an alliance between the Government of India &amp; USAID, to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>
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