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
(41110, 0, '2019-04-05 15:46:53', '2019-04-05 15:46:53', 'A new comment on the post \"Broader Updates\" is waiting for your approval\r\nhttps://cashlesscatalyst.org/broader-updates/\r\n\r\nAuthor: Tresa (IP: 171.22.122.75, 171.22.122.75)\r\nEmail: aileenmayers@gmail.com\r\nURL: http://www.msmobilenews.com/others/top-windows-10-screen-recorders/\r\nComment: \r\nThanks, it is very informative\r\n\r\nApprove it: https://cashlesscatalyst.org/wp-admin/comment.php?action=approve&amp;c=12094#wpbody-content\r\nTrash it: https://cashlesscatalyst.org/wp-admin/comment.php?action=trash&amp;c=12094#wpbody-content\r\nSpam it: https://cashlesscatalyst.org/wp-admin/comment.php?action=spam&amp;c=12094#wpbody-content\r\nCurrently 155 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: \"Broader Updates\"', 'Bad Request(invalid_grant)', 'private', 'closed', 'closed', '', 'catalyst-please-moderate-broader-updates-2', '', '', '2019-04-05 15:46:53', '2019-04-05 15:46:53', '', 0, 'https://cashlesscatalyst.org/postman_sent_mail/catalyst-please-moderate-broader-updates-2/', 0, 'postman_sent_mail', '', 0),
(41117, 0, '2019-04-06 03:20:19', '2019-04-06 03:20:19', 'A new comment on the post \"Broader Updates\" is waiting for your approval\r\nhttps://cashlesscatalyst.org/broader-updates/\r\n\r\nAuthor: http://www.calstarcement.com (IP: 171.22.122.145, 171.22.122.145)\r\nEmail: matt_boehm@gawab.com\r\nURL: http://www.calstarcement.com/8-top-pdf-converter-software/\r\nComment: \r\nThis is truly useful, thanks.\r\n\r\nApprove it: https://cashlesscatalyst.org/wp-admin/comment.php?action=approve&amp;c=12098#wpbody-content\r\nTrash it: https://cashlesscatalyst.org/wp-admin/comment.php?action=trash&amp;c=12098#wpbody-content\r\nSpam it: https://cashlesscatalyst.org/wp-admin/comment.php?action=spam&amp;c=12098#wpbody-content\r\nCurrently 159 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: \"Broader Updates\"', 'Bad Request(invalid_grant)', 'private', 'closed', 'closed', '', 'catalyst-please-moderate-broader-updates-3', '', '', '2019-04-06 03:20:19', '2019-04-06 03:20:19', '', 0, 'https://cashlesscatalyst.org/postman_sent_mail/catalyst-please-moderate-broader-updates-3/', 0, 'postman_sent_mail', '', 0),
(41125, 0, '2019-04-07 08:57:24', '2019-04-07 08:57:24', 'A new comment on the post \"Decoding Jaipur’s Digital Payments Landscape\" is waiting for your approval\r\nhttps://cashlesscatalyst.org/decoding-jaipur-digital-payments-landscape/\r\n\r\nAuthor: Edmund (IP: 171.22.122.145, 171.22.122.145)\r\nEmail: thadobrien@mailas.com\r\nURL: http://www.interbase2000.com/three-skype-recorder-recording-skype-calls-windows-mac-iphone/\r\nComment: \r\nThank you for the excellent post\r\n\r\nApprove it: https://cashlesscatalyst.org/wp-admin/comment.php?action=approve&amp;c=12101#wpbody-content\r\nTrash it: https://cashlesscatalyst.org/wp-admin/comment.php?action=trash&amp;c=12101#wpbody-content\r\nSpam it: https://cashlesscatalyst.org/wp-admin/comment.php?action=spam&amp;c=12101#wpbody-content\r\nCurrently 162 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: \"Decoding Jaipur’s Digital Payments Landscape\"', 'Bad Request(invalid_grant)', 'private', 'closed', 'closed', '', 'catalyst-please-moderate-decoding-jaipurs-digital-payments-landscape-2', '', '', '2019-04-07 08:57:24', '2019-04-07 08:57:24', '', 0, 'https://cashlesscatalyst.org/postman_sent_mail/catalyst-please-moderate-decoding-jaipurs-digital-payments-landscape-2/', 0, 'postman_sent_mail', '', 0),
(40328, 12, '2019-01-29 06:35:45', '2019-01-29 06:35:45', '[vc_row content_placement=\"middle\" inner_container=\"no\" type=\"image\" bg_position_horizontal=\"center\" padding_top=\"96\" padding_bottom=\"96\" bg_image=\"12155\"][vc_column][vc_row_inner][vc_column_inner][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_repeat=\"repeat\" bg_attachment=\"true\" enable_parallax=\"false\" padding_bottom=\"0\" bg_image=\"10448\"][vc_column][vc_wp_custommenu nav_menu=\"63\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" type=\"image\" bg_color=\"#ffffff\" bg_repeat=\"repeat\" bg_attachment=\"true\" enable_parallax=\"false\" padding_top=\"30\" bg_image=\"10448\"][vc_column][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1519195482884{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"40188\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/wp-content/uploads/2019/01/ecosystem-map_revised.pdf\"][vc_custom_heading text=\"Micro-merchant Ecosystem for Low Income Communities\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fwp-content%2Fuploads%2F2019%2F01%2FEcosystem-Map.pdf|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547813692862{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical Writers : \" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547813760212{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2019\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547728753761{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1519195345948{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"40187\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/implementing-innovation-ecosystem-learning-solving-approach/\"][vc_custom_heading text=\"Implementing Innovation Through An Ecosystem “Learning And Solving by Doing” Approach\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fimplementing-innovation-ecosystem-learning-solving-approach%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1548743894265{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical Writers : Gaurav Singhal and Sharon Buteau\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547813554348{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2019\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547728753761{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1519195533112{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"40121\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/wp-content/uploads/2019/01/DFC-Learning-note.pdf\"][vc_custom_heading text=\"Using behavioral insights to improve digital financial capability (DFC) of customers\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fwp-content%2Fuploads%2F2019%2F01%2FDFC-Learning-note.pdf|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547734936845{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical Writers : Varinder Kaur Gambhir, Sunil Gurubhagwatla, Siddharth Dhankar, Nithya Srinivasan\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547744180750{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2019\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547728753761{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1519195448838{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"40108\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/markers-trust-recreating-digital-ecosystems-women-low-income-clusters/\"][vc_custom_heading text=\"Markers of Trust: Recreating Digital Ecosystems for Women in Low-Income Clusters\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fmarkers-trust-recreating-digital-ecosystems-women-low-income-clusters%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547728692611{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Shilpa Pandit\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547728730882{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2019\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547728753761{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"30\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1523434485038{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"40111\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/wp-content/uploads/2019/01/Learnin-by-doing-Learning-Note.pdf\"][vc_custom_heading text=\"Implementing Innovation Through An Ecosystem ``Learning and Solving by Doing`` Approach\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fwp-content%2Fuploads%2F2019%2F01%2FLearnin-by-doing-Learning-Note.pdf|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547729102121{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Gaurav Singhal and Sharon Buteau\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547729123032{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2019\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547729136442{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1519195482884{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"40042\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/using-comic-books-increase-digital-financial-capabilities-low-income-clusters/\"][vc_custom_heading text=\"Using Comic Books to Increase Digital Financial Capabilities in Low-Income Clusters\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fusing-comic-books-increase-digital-financial-capabilities-low-income-clusters%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547616877305{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Nithya Srinivasan\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547469646057{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"December, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1547469653452{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1523434422317{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39803\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/strengthening-potential-digital-finance-women-bhatta-basti/\"][vc_custom_heading text=\"Strengthening the potential of digital finance for women in bhatta basti\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fstrengthening-potential-digital-finance-women-bhatta-basti%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1545566539870{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Deepti KC\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1545895354180{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"December, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1545566609711{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1519195345948{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39450\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-lending-small-merchants-missing-road-last-mile/\"][vc_custom_heading text=\"Digital lending for small merchants: the missing road to the last mile\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fdigital-lending-small-merchants-missing-road-last-mile%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542722764189{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: John Arun and Shubhranka Mondal\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542722803475{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"November, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1542723317626{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"30\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1541408971675{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"38891\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/segmenting-low-income-cluster-digital-payment-solutions/\"][vc_custom_heading text=\"Segmenting low-income cluster for digital payment solutions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fsegmenting-low-income-cluster-digital-payment-solutions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1541403176185{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writer : Deepti Kc\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1547744194418{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"October, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1541402650943{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1537956108157{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"26507\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digitizing-dairy-b2b-supply-chain/\"][vc_custom_heading text=\"Digitizing Dairy B2B Supply Chain\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fdigitizing-dairy-b2b-supply-chain%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1537956128919{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Tunisha Kapoor and Preethi Rao\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1537955384156{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"September, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1537523993141{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1537954927172{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"26362\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/leveragin-gst-for-digital-payments/\"][vc_custom_heading text=\"Leveraging GST for digital payments\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fleveragin-gst-for-digital-payments%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1537523945584{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Mandar Kagade, Raghav Katyal, Janak Priyani, and Diksha Singh\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1537523972346{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"September, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1537523993141{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1537524096448{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"23078\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/merchant-perspectives-bhim-experience/\"][vc_custom_heading text=\"Merchant perspectives on the BHIM experience\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fmerchant-perspectives-bhim-experience%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1530709959894{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Mandar Kagade, Janak Priyani, Diksha Singh and Raghav Katyal.\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1530785894602{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"July 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1530709001912{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"30\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1547728319090{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13249\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/a-small-business-go-to-guide-for-going-cashless\"][vc_custom_heading text=\"A Small Business Go-To Guide for Going Cashless\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fa-small-business-go-to-guide-for-going-cashless|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1523434075142{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers : Sapna Bharath and Gaurav Singhal\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1531132318660{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"April, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523434039462{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1537956108157{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12146\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/women-in-ultra-poor-communities/\"][vc_custom_heading text=\"Women in ultra-poor communities &amp; their role in household financial decision making and digital participation\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fwomen-in-ultra-poor-communities%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519211203629{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Maya Durvasula, Mridulya Narasimhan, NIdhi Punmia &amp; Vaisnavi Gnanasekaran\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519212224650{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"February, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1519205277484{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1537954927172{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12152\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/how-digitally-ready-are-the-urban-ultra-poor/\"][vc_custom_heading text=\"How digitally ready are the urban ultra-poor?\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fhow-digitally-ready-are-the-urban-ultra-poor%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519196000899{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writers: Mridulya Narasimhan &amp; Nidhi Punmia\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519212249177{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"February, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1519205377288{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1537524096448{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"10808\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/catalyst-blog/catalysts-digital-payment-journey-jaipur-first-stop-barkat-nagar/\"][vc_custom_heading text=\"Catalyst\'s digital payment journey in jaipur first stop - Barkat Nagar\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fcatalyst-blog%2Fcatalysts-digital-payment-journey-jaipur-first-stop-barkat-nagar%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519195492063{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writer: Sapna Bharath\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519212273062{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"July, 2017\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1519205296777{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"30\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1547813901006{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"10470\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/catalyst-blog/decoding-jaipur-digital-payments-landscape/\"][vc_custom_heading text=\"Decoding Jaipur’s Digital Payments Landscape\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fcatalyst-blog%2Fdecoding-jaipur-digital-payments-landscape%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519195501591{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writer: Vinaina Suri\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519212423207{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2017\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1519205312907{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1547813876671{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12190\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/india-stack/\"][vc_custom_heading text=\"India Stack\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Findia-stack%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519195545508{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writer: Catalyst &amp; Dalberg Social Advisors\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521211013662{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2017\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1519211213311{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1547734543614{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12149\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/alternative-lending/\"][vc_custom_heading text=\"Alternative Lending\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Falternative-lending%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519195884538{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writer: Dalberg Social Advisors\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519212314365{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2017\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1519205362026{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1537956108157{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #dd3333 !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12148\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-kirana/\"][vc_custom_heading text=\"Digital Kirana\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fdigital-kirana%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519195812190{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Technical writer: Dalberg Social Advisors\" font_container=\"tag:h5|font_size:12px|text_align:left|color:%23040707|line_height:18px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" link=\"|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1519212314365{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"January, 2017\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1519205352303{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1526058044979{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">CATALYST is an initiative funded by USAID under the mSTAR Program, through funding provided to FHI 360. Housed within IFMR LEAD, the initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\r\n\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Catalyst Publications', '', 'inherit', 'closed', 'closed', '', '12122-revision-v1', '', '', '2019-01-29 06:35:45', '2019-01-29 06:35:45', '', 12122, 'https://cashlesscatalyst.org/media/12122-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
(40480, 23, '2019-02-06 12:23:21', '2019-02-06 12:23:21', '[vc_row equal_height=\"yes\" el_id=\"first-section\" inner_container=\"no\" type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" padding_bottom=\"0\" fixed_height=\"899px\" bg_image=\"10072\"][vc_column][vc_row_inner inner_container=\"yes\" min_height=\"899px\" bg_pos_h=\"center\" bg_pos_v=\"top\" css=\".vc_custom_1488466522945{background-position: 0 0 !important;background-repeat: no-repeat !important;}\" el_id=\"white-triangle1\"][vc_column_inner offset=\"vc_col-lg-4 vc_col-md-8 vc_col-xs-12\"][kleo_gap size=\"120px\" visibility=\"visible-xs\"][kleo_gap size=\"160px\" visibility=\"visible-sm\"][kleo_gap size=\"200px\" visibility=\"visible-md,visible-lg\"][vc_custom_heading text=\"MHARO DIGITAL JAIPUR\" font_container=\"tag:h1|font_size:36px|text_align:left|color:%23ffffff|line_height:42px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text text_color=\"#ffffff\" font_size=\"16px\" letter_spacing=\"\" letter-spacing=\"75\"]Under a partnership with the Government of Rajasthan, Catalyst has set up its very first digital payments lab in Jaipur, a tier 2 city with a three million plus population, over 65,000 registered small merchants, and a likely equal number of informal ones. Using a combination of new technologies, business models, and institutional innovations, Catalyst seeks to help Jaipur\'s small merchants and low-income consumers move towards a less cash economy.[/vc_column_text][kleo_button title=\"Watch Video\" href=\"https://www.youtube.com/watch?v=jOkQfM-05fI?rel=0\" style=\"custom\" border_width=\"1px\" position=\"left\" size=\"lg\" special=\"no\" icon=\"0\" font_size=\"14px\" letter_spacing=\"\" custom_background=\"#d01f3c\" custom_bg_hover=\"#ffffff\" custom_text=\"#ffffff\" custom_text_hover=\"#d01f3c\" custom_border=\"#d01f3c\" custom_border_hover=\"#d01f3c\"][/vc_column_inner][vc_column_inner offset=\"vc_col-lg-3\"][/vc_column_inner][vc_column_inner offset=\"vc_col-lg-4 vc_col-md-4 vc_col-xs-12\"][kleo_gap size=\"213px\" visibility=\"visible-xs,visible-sm\"][kleo_gap size=\"634px\" visibility=\"visible-md,visible-lg\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_section parallax=\"content-moving\" parallax_image=\"12246\" parallax_speed_bg=\"2.5\" css=\".vc_custom_1519826857987{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_row el_id=\"services\" type=\"color\" bg_color=\"rgba(255,255,255,0.01)\" padding_top=\"\" padding_bottom=\"\" inline_style=\"background: transparent;\"][vc_column][vc_row_inner equal_height=\"yes\" css=\".vc_custom_1519804882519{margin-bottom: 20px !important;padding-top: 5% !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_column_inner][vc_custom_heading text=\"ENABLING AN ECOSYSTEM APPROACH TO LAST MILE DIGITAL PAYMENTS\" font_container=\"tag:h2|font_size:36px|text_align:center|color:%23ffffff|line_height:42px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" css=\".vc_custom_1519809533400{margin-bottom: 20px !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_column_inner css=\".vc_custom_1519809472091{padding-top: 2% !important;padding-bottom: 2% !important;background-color: rgba(0,0,0,0.5) !important;*background-color: rgb(0,0,0) !important;}\"][vc_single_image image=\"12243\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519809482562{padding-top: 4% !important;}\"][vc_column_text text_color=\"#ffffff\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\" css=\".vc_custom_1519825522899{padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\">Our focus is on solving coordination-based market failures through a local ecosystem approach to drive routine &amp; high-frequency payments and change behavior of small merchants and consumers</p>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" inline_style=\"background: transparent;\"][vc_column width=\"1/5\" css=\".vc_custom_1519816641993{padding-top: 20px !important;padding-right: 4% !important;padding-bottom: 20px !important;padding-left: 4% !important;background-color: #ffffff !important;}\"][vc_row_inner equal_height=\"yes\" content_placement=\"top\" gap=\"35\" el_class=\"mtop130\"][vc_column_inner][vc_single_image image=\"12223\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519810152473{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"CONSUMERS\" font_container=\"tag:h2|font_size:28px|text_align:center|color:%23373a3a|line_height:34px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\" css=\".vc_custom_1519825678878{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\" css=\".vc_custom_1519810064981{padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\">Expanding reach and coverage to drive consumer demand for digital payment acceptance</p>\r\n[/vc_column_text][kleo_gap size=\"50px\"][vc_single_image image=\"12226\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519811022211{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Inclusive digital finance in low-income slums\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519811288264{margin-top: 0px !important;padding-right: 17% !important;padding-left: 17% !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519811906477{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Drive active banking and digital finance in a low income cluster and market cluster in Shastri Nagar, Jaipur</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/market-cluster/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12229\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519813830235{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Wealth management for the poor\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519813851344{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519813926321{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> AI driven wealth management and digital financial services to reduce income volatility among poor communities in Jaipur</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12232\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814171328{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Transit payments\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814181302{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814231121{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize transport networks - metro, buses, parking and tourism through an open-loop, interoperable solution</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/12\" z_index=\"1\" css=\".vc_custom_1519819137171{margin-right: -7px !important;margin-left: -7px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"12293\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/5\" css=\".vc_custom_1519816662046{padding-top: 20px !important;padding-right: 4% !important;padding-bottom: 20px !important;padding-left: 4% !important;background-color: #e6e7e8 !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"35\" el_class=\"mtop65\"][vc_column_inner][vc_single_image image=\"12224\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519810392555{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"MERCHANTS\" font_container=\"tag:h2|font_size:28px|text_align:center|color:%23373a3a|line_height:34px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\" css=\".vc_custom_1519825696113{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\"]\r\n<p style=\"text-align: center;\">Addressing deep, tangible and immediate sources of value to merchants through digital payment solutions</p>\r\n[/vc_column_text][kleo_gap size=\"50px\"][vc_single_image image=\"12227\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519811354411{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Consumer to Government payments (E-Mitra network)\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519812153726{margin-top: 0px !important;padding-right: 10% !important;padding-left: 10% !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519811917927{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Drive penetration of digital payment solutions (Aadhaar Pay) among e-mitra customers by onboarding merchants and rationalizing MDR charges</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/emitra/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][vc_single_image image=\"12230\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519813973849{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Hyperlocal digital financial services\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519813986472{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814029207{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Convert retail stores into financial supermarkets using Aadhaar enabled services, digital payment acceptance, cash in - cash out, and other business correspondent services</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][vc_single_image image=\"12233\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814272126{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Collection for subscription-based vendors\r\n\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814294270{margin-top: 0px !important;padding-right: 4% !important;padding-left: 4% !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814342960{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize customer collections for newspaper, tiffin, cable and milk distributors using a digital invoicing applications</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/mera-paper/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/12\" z_index=\"1\" css=\".vc_custom_1519819148582{margin-right: -7px !important;margin-left: -7px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"12293\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/5\" css=\".vc_custom_1519816675392{padding-top: 20px !important;padding-right: 4% !important;padding-bottom: 20px !important;padding-left: 4% !important;background-color: #ffffff !important;}\"][vc_row_inner equal_height=\"yes\" content_placement=\"top\" gap=\"35\" el_class=\"mtop76\"][vc_column_inner][vc_single_image image=\"12225\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519810752729{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"DISTRIBUTORS\" font_container=\"tag:h2|font_size:28px|text_align:center|color:%23373a3a|line_height:34px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\" css=\".vc_custom_1519825712903{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\" css=\".vc_custom_1519810922100{padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\">Alleviating costs of cash incurred by distributors to influence their downstream merchant ecosystems</p>\r\n[/vc_column_text][kleo_gap size=\"50px\"][vc_single_image image=\"12228\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519811627979{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"FMCG supply chain\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519811642865{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519811929503{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize supply chain payments in the FMCG sector by providing sales incentives to retailers</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/supply-chain/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12231\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814079441{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Pharmaceutical supply chain\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814089052{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814125385{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize supply chain payments in the pharmaceutical sector by providing sales incentives to retailers</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12234\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814392378{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Dairy forward supply chain (distributor to retailer)\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814403257{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1533136767530{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong>Goal: Digitize payments from milk booth vendors to distributors using appropriate payment solutions</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/dairy/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" padding_top=\"0\" inline_style=\"background: transparent;\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1519815370703{padding-top: 30px !important;padding-bottom: 30px !important;background-color: #e6e7e8 !important;}\"][vc_column_inner width=\"1/6\"][vc_single_image image=\"12273\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814898644{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Credit as a hook\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814921098{margin-top: 0px !important;padding-right: 4% !important;padding-left: 4% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/12\" css=\".vc_custom_1519815506820{padding-right: 0px !important;padding-left: 0px !important;}\" offset=\"vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_separator color=\"custom\" accent_color=\"#5b5b5b\" el_class=\"r90\"][/vc_column_inner][vc_column_inner width=\"3/4\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519815443507{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: left;\"><strong style=\"font-weight: 500;\">Goal:</strong> Deploy business models which link merchant access to credit to digital payment usage milestones</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/digital-credit/\" style=\"custom\" border_width=\"1px\" position=\"left\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1521211638420{padding-top: 40px !important;padding-bottom: 30px !important;}\"][vc_column_inner][kleo_button title=\"Download\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/Ecosystem-Infograph.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14\" letter_spacing=\"\" el_class=\"pkirbtn\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row padding_bottom=\"0\" inline_style=\"background: transparent;\"][vc_column][/vc_column][/vc_row][/vc_section][vc_row disable_element=\"yes\" front_status=\"draft\"][vc_column][vc_basic_grid post_type=\"post\" max_items=\"-1\" style=\"lazy\" items_per_page=\"8\" show_filter=\"yes\" element_width=\"3\" orderby=\"ID\" filter_align=\"left\" item=\"10473\" grid_id=\"vc_gid:1549455596155-0bd7abee-0e24-1\" taxonomies=\"50, 61\" filter_source=\"category\" exclude_filter=\"48, 10, 44, 50\" el_class=\"dpl-filter-container\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" column_gap=\"no\" padding_top=\"70px\" padding_bottom=\"50px\" margin_top=\"-40px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549455797790{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">[footer_copy]</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Digital Payment Lab', '', 'inherit', 'closed', 'closed', '', '8944-revision-v1', '', '', '2019-02-06 12:23:21', '2019-02-06 12:23:21', '', 8944, 'https://cashlesscatalyst.org/media/8944-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
(40355, 20, '2019-02-06 08:02:33', '2019-02-06 08:02:33', '[vc_row equal_height=\"yes\" el_id=\"first-section\" inner_container=\"no\" type=\"image\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"0\" padding_bottom=\"0\" fixed_height=\"899px\" bg_image=\"10072\"][vc_column][vc_row_inner inner_container=\"yes\" min_height=\"899px\" bg_pos_h=\"center\" bg_pos_v=\"top\" css=\".vc_custom_1488466522945{background-position: 0 0 !important;background-repeat: no-repeat !important;}\" el_id=\"white-triangle1\"][vc_column_inner offset=\"vc_col-lg-4 vc_col-md-8 vc_col-xs-12\"][kleo_gap size=\"120px\" visibility=\"visible-xs\"][kleo_gap size=\"160px\" visibility=\"visible-sm\"][kleo_gap size=\"200px\" visibility=\"visible-md,visible-lg\"][vc_custom_heading text=\"MHARO DIGITAL JAIPUR\" font_container=\"tag:h1|font_size:36px|text_align:left|color:%23ffffff|line_height:42px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text text_color=\"#ffffff\" font_size=\"16px\" letter_spacing=\"\" letter-spacing=\"75\"]Under a partnership with the Government of Rajasthan, Catalyst has set up its very first digital payments lab in Jaipur, a tier 2 city with a three million plus population, over 65,000 registered small merchants, and a likely equal number of informal ones. Using a combination of new technologies, business models, and institutional innovations, Catalyst seeks to help Jaipur\'s small merchants and low-income consumers move towards a less cash economy.[/vc_column_text][kleo_button title=\"Watch Video\" href=\"https://www.youtube.com/watch?v=jOkQfM-05fI?rel=0\" style=\"custom\" border_width=\"1px\" position=\"left\" size=\"lg\" special=\"no\" icon=\"0\" font_size=\"14px\" letter_spacing=\"\" custom_background=\"#d01f3c\" custom_bg_hover=\"#ffffff\" custom_text=\"#ffffff\" custom_text_hover=\"#d01f3c\" custom_border=\"#d01f3c\" custom_border_hover=\"#d01f3c\"][/vc_column_inner][vc_column_inner offset=\"vc_col-lg-3\"][/vc_column_inner][vc_column_inner offset=\"vc_col-lg-4 vc_col-md-4 vc_col-xs-12\"][kleo_gap size=\"213px\" visibility=\"visible-xs,visible-sm\"][kleo_gap size=\"634px\" visibility=\"visible-md,visible-lg\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_section parallax=\"content-moving\" parallax_image=\"12246\" parallax_speed_bg=\"2.5\" css=\".vc_custom_1519826857987{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_row el_id=\"services\" type=\"color\" bg_color=\"rgba(255,255,255,0.01)\" padding_top=\"\" padding_bottom=\"\" inline_style=\"background: transparent;\"][vc_column][vc_row_inner equal_height=\"yes\" css=\".vc_custom_1519804882519{margin-bottom: 20px !important;padding-top: 5% !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_column_inner][vc_custom_heading text=\"ENABLING AN ECOSYSTEM APPROACH TO LAST MILE DIGITAL PAYMENTS\" font_container=\"tag:h2|font_size:36px|text_align:center|color:%23ffffff|line_height:42px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" css=\".vc_custom_1519809533400{margin-bottom: 20px !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_column_inner css=\".vc_custom_1519809472091{padding-top: 2% !important;padding-bottom: 2% !important;background-color: rgba(0,0,0,0.5) !important;*background-color: rgb(0,0,0) !important;}\"][vc_single_image image=\"12243\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519809482562{padding-top: 4% !important;}\"][vc_column_text text_color=\"#ffffff\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\" css=\".vc_custom_1519825522899{padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\">Our focus is on solving coordination-based market failures through a local ecosystem approach to drive routine &amp; high-frequency payments and change behavior of small merchants and consumers</p>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" inline_style=\"background: transparent;\"][vc_column width=\"1/5\" css=\".vc_custom_1519816641993{padding-top: 20px !important;padding-right: 4% !important;padding-bottom: 20px !important;padding-left: 4% !important;background-color: #ffffff !important;}\"][vc_row_inner equal_height=\"yes\" content_placement=\"top\" gap=\"35\" el_class=\"mtop130\"][vc_column_inner][vc_single_image image=\"12223\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519810152473{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"CONSUMERS\" font_container=\"tag:h2|font_size:28px|text_align:center|color:%23373a3a|line_height:34px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\" css=\".vc_custom_1519825678878{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\" css=\".vc_custom_1519810064981{padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\">Expanding reach and coverage to drive consumer demand for digital payment acceptance</p>\r\n[/vc_column_text][kleo_gap size=\"50px\"][vc_single_image image=\"12226\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519811022211{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Inclusive digital finance in low-income slums\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519811288264{margin-top: 0px !important;padding-right: 17% !important;padding-left: 17% !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519811906477{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Drive active banking and digital finance in a low income cluster and market cluster in Shastri Nagar, Jaipur</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/market-cluster/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12229\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519813830235{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Wealth management for the poor\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519813851344{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519813926321{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> AI driven wealth management and digital financial services to reduce income volatility among poor communities in Jaipur</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12232\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814171328{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Transit payments\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814181302{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814231121{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize transport networks - metro, buses, parking and tourism through an open-loop, interoperable solution</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/12\" z_index=\"1\" css=\".vc_custom_1519819137171{margin-right: -7px !important;margin-left: -7px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"12293\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/5\" css=\".vc_custom_1519816662046{padding-top: 20px !important;padding-right: 4% !important;padding-bottom: 20px !important;padding-left: 4% !important;background-color: #e6e7e8 !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"35\" el_class=\"mtop65\"][vc_column_inner][vc_single_image image=\"12224\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519810392555{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"MERCHANTS\" font_container=\"tag:h2|font_size:28px|text_align:center|color:%23373a3a|line_height:34px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\" css=\".vc_custom_1519825696113{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\"]\r\n<p style=\"text-align: center;\">Addressing deep, tangible and immediate sources of value to merchants through digital payment solutions</p>\r\n[/vc_column_text][kleo_gap size=\"50px\"][vc_single_image image=\"12227\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519811354411{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Consumer to Government payments (E-Mitra network)\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519812153726{margin-top: 0px !important;padding-right: 10% !important;padding-left: 10% !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519811917927{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Drive penetration of digital payment solutions (Aadhaar Pay) among e-mitra customers by onboarding merchants and rationalizing MDR charges</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/emitra/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][vc_single_image image=\"12230\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519813973849{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Hyperlocal digital financial services\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519813986472{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814029207{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Convert retail stores into financial supermarkets using Aadhaar enabled services, digital payment acceptance, cash in - cash out, and other business correspondent services</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][vc_single_image image=\"12233\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814272126{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Collection for subscription-based vendors\r\n\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814294270{margin-top: 0px !important;padding-right: 4% !important;padding-left: 4% !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814342960{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize customer collections for newspaper, tiffin, cable and milk distributors using a digital invoicing applications</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/mera-paper/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/12\" z_index=\"1\" css=\".vc_custom_1519819148582{margin-right: -7px !important;margin-left: -7px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"12293\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\"][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=\"1/5\" css=\".vc_custom_1519816675392{padding-top: 20px !important;padding-right: 4% !important;padding-bottom: 20px !important;padding-left: 4% !important;background-color: #ffffff !important;}\"][vc_row_inner equal_height=\"yes\" content_placement=\"top\" gap=\"35\" el_class=\"mtop76\"][vc_column_inner][vc_single_image image=\"12225\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519810752729{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"DISTRIBUTORS\" font_container=\"tag:h2|font_size:28px|text_align:center|color:%23373a3a|line_height:34px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" el_class=\"text-uppercase\" css=\".vc_custom_1519825712903{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\" letter-spacing=\"75\" css=\".vc_custom_1519810922100{padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\">Alleviating costs of cash incurred by distributors to influence their downstream merchant ecosystems</p>\r\n[/vc_column_text][kleo_gap size=\"50px\"][vc_single_image image=\"12228\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519811627979{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"FMCG supply chain\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519811642865{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519811929503{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize supply chain payments in the FMCG sector by providing sales incentives to retailers</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/supply-chain/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12231\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814079441{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Pharmaceutical supply chain\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814089052{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519814125385{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong> Digitize supply chain payments in the pharmaceutical sector by providing sales incentives to retailers</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"#\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 phide\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"35\"][vc_column_inner][kleo_gap size=\"50px\"][vc_single_image image=\"12234\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814392378{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Dairy forward supply chain (distributor to retailer)\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814403257{margin-top: 0px !important;}\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1533136767530{margin-bottom: 0px !important;padding-right: 5% !important;padding-left: 5% !important;}\"]\r\n<p style=\"text-align: center;\"><strong style=\"font-weight: 500;\">Goal:</strong>Goal: Digitize payments from milk booth vendors to distributors using appropriate payment solutions</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/dairy/\" style=\"custom\" border_width=\"1px\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" padding_top=\"0\" inline_style=\"background: transparent;\"][vc_column][vc_row_inner equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1519815370703{padding-top: 30px !important;padding-bottom: 30px !important;background-color: #e6e7e8 !important;}\"][vc_column_inner width=\"1/6\"][vc_single_image image=\"12273\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-almost-visible\" css_animation=\"el-fade\" css=\".vc_custom_1519814898644{margin-bottom: 0px !important;}\"][vc_custom_heading text=\"Credit as a hook\" font_container=\"tag:h3|font_size:20px|text_align:center|color:%23373a3a|line_height:26px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" css_animation=\"fadeIn\" letter_spacing=\"\" css=\".vc_custom_1519814921098{margin-top: 0px !important;padding-right: 4% !important;padding-left: 4% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/12\" css=\".vc_custom_1519815506820{padding-right: 0px !important;padding-left: 0px !important;}\" offset=\"vc_hidden-md vc_hidden-sm vc_hidden-xs\"][vc_separator color=\"custom\" accent_color=\"#5b5b5b\" el_class=\"r90\"][/vc_column_inner][vc_column_inner width=\"3/4\"][vc_column_text text_color=\"#373a3a\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" letter-spacing=\"75\" css=\".vc_custom_1519815443507{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: left;\"><strong style=\"font-weight: 500;\">Goal:</strong> Deploy business models which link merchant access to credit to digital payment usage milestones</p>\r\n[/vc_column_text][kleo_button title=\"Learn More\" href=\"https://cashlesscatalyst.org/digital-credit/\" style=\"custom\" border_width=\"1px\" position=\"left\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1521211638420{padding-top: 40px !important;padding-bottom: 30px !important;}\"][vc_column_inner][kleo_button title=\"Download\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/06/Ecosystem-Infograph.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14\" letter_spacing=\"\" el_class=\"pkirbtn\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row padding_bottom=\"0\" inline_style=\"background: transparent;\"][vc_column][/vc_column][/vc_row][/vc_section][vc_row disable_element=\"yes\" front_status=\"draft\"][vc_column][vc_basic_grid post_type=\"post\" max_items=\"-1\" style=\"lazy\" items_per_page=\"8\" show_filter=\"yes\" element_width=\"3\" orderby=\"ID\" filter_align=\"left\" item=\"10473\" grid_id=\"vc_gid:1549440100554-3394ba5e-a438-7\" taxonomies=\"50, 61\" filter_source=\"category\" exclude_filter=\"48, 10, 44, 50\" el_class=\"dpl-filter-container\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" column_gap=\"no\" padding_top=\"70px\" padding_bottom=\"50px\" margin_top=\"-40px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549440149823{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">Catalyst was an initiative funded by United States Agency for International Development (USAID) under the mSTAR Program to increase adoption of digital payments in India, using a targeted ecosystem approach. Our vision is to realize an inclusive digital economy that meets the needs of all Indians. As of February 2019, the program is an independent project housed at IFMR LEAD, at the Institute for Financial Management and Research (IFMR).</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Digital Payment Lab', '', 'inherit', 'closed', 'closed', '', '8944-revision-v1', '', '', '2019-02-06 08:02:33', '2019-02-06 08:02:33', '', 8944, 'https://cashlesscatalyst.org/media/8944-revision-v1/', 0, 'revision', '', 0),
(40394, 23, '2019-02-06 10:07:13', '2019-02-06 10:07:13', '[vc_row padding_top=\"0\" padding_bottom=\"0\"][vc_column][vc_row_inner][vc_column_inner][rev_slider_vc alias=\"home-new\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#8e172b\" padding_top=\"0\" padding_bottom=\"0\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"2/3\"][vc_single_image image=\"25921\" img_size=\"full\"][/vc_column][vc_column width=\"1/6\"][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"60px\" padding_bottom=\"30px\" bg_image=\"25922\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_column_text text_color=\"#ffffff\" letter_spacing=\"\"]CATALYST has a broader mission to help small business ecosystems access the benefits of digital finance. The Catalyst Incubator — Fintech for the Last Mile promotes innovative and scalable fintech solutions that address the needs of traditionally underserved market segments. It offers innovative entrepreneurs technical and financial assistance in the form of performance-based financing, ground operational resources, research methodologies, broader ecosystem linkages, and domain expertise\r\n\r\nThe first round of selection of the incubatees took place in February 2018 where five applicants were selected.\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"25928\"][vc_column width=\"1/2\" el_class=\"inc-img\"][vc_single_image image=\"26357\" img_size=\"full\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner css=\".vc_custom_1536761334507{margin-bottom: 30px !important;}\"][vc_column_inner][vc_column_text font_size=\"21px\" letter_spacing=\"\"]\r\n<p style=\"text-align: center;\"><strong>The five shortlisted Start-Ups </strong></p>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763013113{margin-bottom: 20px !important;}\"][vc_single_image image=\"25997\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763036990{margin-bottom: 20px !important;}\"][vc_single_image image=\"25998\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763050875{margin-bottom: 20px !important;}\"][vc_single_image image=\"26000\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner el_class=\"smallcol\" width=\"1/3\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763080410{margin-bottom: 20px !important;}\"][vc_single_image image=\"25999\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763087673{margin-bottom: 20px !important;}\"][vc_single_image image=\"25996\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1536775202148{margin-top: 30px !important;}\"][vc_column_inner][kleo_button title=\"Know More\" href=\"https://cashlesscatalyst.org/incubator/\" style=\"custom\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"7841\"][vc_column][vc_empty_space height=\"20px\"][vc_custom_heading text=\"RECENT ACTIVITIES\" font_container=\"tag:h2|font_size:36px|text_align:center|color:%23000000|line_height:36px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_empty_space height=\"35px\"][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n\r\n[gallery tiles=\"yes\" columns=\"6\" size=\"full\" grids=\"RECENT ACTIVITIES\" small_screen_grid=\"Gallery-mobile\" image_size=\"full\" ids=\"32246,26376,32279,32247,32253,32252,32230,26511,32236,26374\"]\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space height=\"40px\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549447626486{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">[footer_copy]</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484047958306{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Home', '', 'inherit', 'closed', 'closed', '', '25005-revision-v1', '', '', '2019-02-06 10:07:13', '2019-02-06 10:07:13', '', 25005, 'https://cashlesscatalyst.org/media/25005-revision-v1/', 0, 'revision', '', 0),
(40357, 20, '2019-02-06 09:06:44', '2019-02-06 09:06:44', '[vc_row padding_top=\"0\" padding_bottom=\"0\"][vc_column][vc_row_inner][vc_column_inner][rev_slider_vc alias=\"home-new\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#8e172b\" padding_top=\"0\" padding_bottom=\"0\"][vc_column width=\"1/6\"][/vc_column][vc_column width=\"2/3\"][vc_single_image image=\"25921\" img_size=\"full\"][/vc_column][vc_column width=\"1/6\"][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"60px\" padding_bottom=\"30px\" bg_image=\"25922\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_column_text text_color=\"#ffffff\" letter_spacing=\"\"]CATALYST has a broader mission to help small business ecosystems access the benefits of digital finance. The Catalyst Incubator — Fintech for the Last Mile promotes innovative and scalable fintech solutions that address the needs of traditionally underserved market segments. It offers innovative entrepreneurs technical and financial assistance in the form of performance-based financing, ground operational resources, research methodologies, broader ecosystem linkages, and domain expertise\r\n\r\nThe first round of selection of the incubatees took place in February 2018 where five applicants were selected.\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" padding_top=\"50\" padding_bottom=\"50\" bg_image=\"25928\"][vc_column width=\"1/2\" el_class=\"inc-img\"][vc_single_image image=\"26357\" img_size=\"full\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner css=\".vc_custom_1536761334507{margin-bottom: 30px !important;}\"][vc_column_inner][vc_column_text font_size=\"21px\" letter_spacing=\"\"]\r\n<p style=\"text-align: center;\"><strong>The five shortlisted Start-Ups </strong></p>\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763013113{margin-bottom: 20px !important;}\"][vc_single_image image=\"25997\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763036990{margin-bottom: 20px !important;}\"][vc_single_image image=\"25998\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763050875{margin-bottom: 20px !important;}\"][vc_single_image image=\"26000\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner el_class=\"smallcol\" width=\"1/3\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763080410{margin-bottom: 20px !important;}\"][vc_single_image image=\"25999\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1536763087673{margin-bottom: 20px !important;}\"][vc_single_image image=\"25996\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1536775202148{margin-top: 30px !important;}\"][vc_column_inner][kleo_button title=\"Know More\" href=\"https://cashlesscatalyst.org/incubator/\" style=\"custom\" position=\"center\" special=\"no\" icon=\"0\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22\" custom_background=\"#d11e3c\" custom_bg_hover=\"rgba(255,255,255,0.01)\" custom_text=\"#ffffff\" custom_text_hover=\"#d11e3c\" custom_border=\"#d11e3c\" custom_border_hover=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"7841\"][vc_column][vc_empty_space height=\"20px\"][vc_custom_heading text=\"RECENT ACTIVITIES\" font_container=\"tag:h2|font_size:36px|text_align:center|color:%23000000|line_height:36px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_empty_space height=\"35px\"][vc_row_inner][vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n\r\n[gallery tiles=\"yes\" columns=\"6\" size=\"full\" grids=\"RECENT ACTIVITIES\" small_screen_grid=\"Gallery-mobile\" image_size=\"full\" ids=\"32246,26376,32279,32247,32253,32252,32230,26511,32236,26374\"]\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space height=\"40px\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549444000689{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">Catalyst was an initiative funded by United States Agency for International Development (USAID) under the mSTAR Program to increase adoption of digital payments in India, using a targeted ecosystem approach. Our vision is to realize an inclusive digital economy that meets the needs of all Indians. As of February 2019, the program is an independent project housed at IFMR LEAD, at the Institute for Financial Management and Research (IFMR).</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484047958306{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Home', '', 'inherit', 'closed', 'closed', '', '25005-revision-v1', '', '', '2019-02-06 09:06:44', '2019-02-06 09:06:44', '', 25005, 'https://cashlesscatalyst.org/media/25005-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
(40362, 20, '2019-02-06 09:21:40', '2019-02-06 09:21:40', '[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=\"40276\"][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=\"USING BEHAVIORAL INSIGHTS TO IMPROVE DIGITAL FINANCIAL CAPABILITY (DFC) OF CUSTOMERS: KEY LEARNINGS FROM OUR EXPERIMENTS ACROSS DIFFERENT ECOSYSTEMS\" 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/2019/01/MoT-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=\"About CATALYST\" 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\"]CATALYST is a user-centric ‘digital financial inclusion innovation platform’ for the underserved last mile. The initiative is funded by the United States Agency for International Development (USAID) under the mSTAR Program, through funding provided to FHI 360. Housed within the Institute for Financial Management and Research, Leveraging Evidence for Access and Development (IFMR LEAD), the initiative aims to expand digital payments and financial inclusion in India.CATALYST identifies, develops and validates solution frameworks and business models in collaboration with facilitating government agencies and participating industry solution providers to responsibly transition small business ecosystems (i.e., merchants, consumers, suppliers) from an inefficient cash economy to digital payment platforms, and further onto broader digital finance solutions. CATALYST has also launched a new business incubator, ‘Fintech for the Last Mile,’ to promote entrepreneurs focused on developing innovative digital finance solutions for traditionally underserved segments.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_custom_heading text=\"Acknowledgements\" 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\"]The authors thank and acknowledge the support of Arbind Vishwakarma, Deepti KC, Tunisha Kapoor and John Arun for the insights from their respective projects. Thanks also to Harsh Pandey (FHI 360), Jayshree Venkatesan, Ankur Gautam and Preethi Rao for editorial reviews and feedback, and to Badal Malick and Sharon Buteau for their consistent support and encouragement.\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40098\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"EXECUTIVE SUMMARY\" 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\"]Evidence suggests that the use of digital financial services can offer benefits such as increased financial transparency, accountability and inclusion. ¹For customers to adopt these solutions, however, it is very important that they see value in these solutions and have the ability and willingness to change their existing habit. This paper elaborates our learnings from experiments deployed by us to improve the uptake of digital payments and promote digital financial inclusion of the population. Some key insights from our field work and interactions with stakeholders include:\r\n<ol>\r\n 	<li>Both the end-consumers and the merchants aren’t proactively looking for digital financial solutions, so the hook to adopt these will have to be very strong. It must be a solution that meets a specific personal need for it to be relevant.</li>\r\n 	<li>Digital financial services are seen as a ‘double-edged sword’ - While majority agree that digital payments and services are convenient and helpful, there is a perceived risk to one’s money due to mistrust in using technology for finances and lack of confidence in their data being kept private. It is very important for the solutions, communication channels and influencers to be trust-worthy to drive adoption.</li>\r\n 	<li>Another aspect that is critical to build customers’ trust is seamless alignment of solutions with emerging technologies. Currently, there are many teething problems with some of the nascent technologies that use UPI or AEPS. If solution providers cannot fix these issues, these liabilities should be clearly defined and communicated to the customers – so that there is no lack of trust later.</li>\r\n 	<li>Adoption of digital financial services is directly proportional to a customer’s familiarity with technology and his/her state of financial inclusion. Taking a low-income individuals on the route to digital financial inclusion, who may or may not have bank accounts to begin with, is a long-drawn process requiring sustained interventions. It is therefore important to first identify the early adopters - example someone who is actively banking and has a smartphone -as they will be more open to change. Once onboarded, they can be the change-agents in networks where they are trusted.</li>\r\n 	<li>Merchants are ready and willing to offer any digital payment solution that the consumers ask for, but the push must be driven by consumers’ demand for it so that it improves their business. Therefore, the initial capability focus for the solution providers should be end-consumers as it is their interest and intent that will decide the merchants’ interest.</li>\r\n 	<li>Taking financial decisions is, in general, perceived to be a complex task – especially by women where they pass on the task to men of the household. There could be various societal norms at play here, but it is very important to take out the complexity from matters related to money. Simple digital solutions can help boost confidence of women and others who might be finding financial decisions complex, in general, and address this need for simplicity in finance.</li>\r\n 	<li>Once people convert to digital payments, they sustain this behavior easily. It requires substantial time and effort to communicate benefits and handhold a consumer to onboard a new digital payments platform. However, once they are onboarded and have personally experienced the convenience of digital payment solutions, people continue to use them.</li>\r\n 	<li>Integrated digital financial inclusion programs should focus on the entire cycle from awareness to sustained change with a specific solution at every step.</li>\r\n 	<li>Finally, to communicate various value propositions and build digital financial capabilities of customers, CATALYST used different channels to reach out to them. We found that a mix of social media and interpersonal channels is important to reach different profiles of people (youth, working men, self-employed women, housewives) who would be at different stages of the adoption curve. For merchants, since they have little active interest in digital payments currently, the format needs to be trusted, easy, engaging and, most importantly, backed by support.</li>\r\n</ol>\r\n<em><a style=\"font-style: italic;\" href=\"http://documents.worldbank.org/curated/en/332881525873182837/The-Global-Findex-Database-2017-Measuring-Financial-Inclusion-and-the-Fintech-Revolution\">http://documents.worldbank.org/curated/en/332881525873182837/The-Global-Findex-Database-2017-Measuring-Financial-Inclusion-and-the-Fintech-Revolution</a></em>[/vc_column_text][kleo_gap][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][kleo_gap][vc_column_text letter_spacing=\"\"]\r\n<div style=\"text-align: center;\">Figure 1: The adoption continuum and learnings</div>\r\n[/vc_column_text][vc_single_image image=\"40265\" img_size=\"full\" alignment=\"center\"][kleo_gap][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#373b3c\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40277\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"1. OVERVIEW\" 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][vc_column][vc_column_text letter_spacing=\"\"]There are numerous examples from different countries that show how digital finance helped unpack different benefits and had a positive impact on important indicators like increased financial resilience or gender equality. In Kenya, for instance, access to Kenyan mobile money system M-Pesa extended financial services to the unbanked population at a very low cost. It provided them with a more affordable payments system, improved their financial behavior and increased the financial resilience of the households. It lifted 194,000 households out of poverty and especially worked for women, who moved out of agriculture and into other businesses.² Similarly, in Mexico, digital financial inclusion and the increased transparency that came with it allowed KuboFinanciero to offer peer-to-peer lending platforms. The middle class and wealthier borrowers could connect with small businesses and households and offer them credit post assessing their profiles and risks. Therefore, the benefits of digital finance, in the long term go beyond just increasing convenience of transactions or driving down costs.\r\n\r\nHowever, adoption of digital financial services requires a change in existing behavior – of consumers and of merchants. It requires people to change their existing habit of using cash and hence it is important for any solution provider to first understand the barriers to change and next work out the nudges that result in behavior change. To come up with targeted solutions for customers, it is important to first understand how they think, make decisions and behave. Better understanding of human behavior and reasons behind their actions can lead to better design solutions. “The ability to understand what products and how they can be used to inculcate habit-forming behaviors in your target customer base can lead to the design of a sustaining product,” says Nir Eyal, author of How to Build Habitforming Products.\r\n\r\nAt CATALYST, we realized that to bring about a behavioral shift from cash to digital payments and to ensure integrated financial inclusion, we would first need to understand our target audience (merchants and end-consumers), their triggers and barriers towards digital financial services and then influence their behavior by improving their digital financial capability (DFC).\r\n\r\n² Suri, T. and William Jack <a style=\"font-style: italic;\" href=\"https://www.ncbi.nlm.nih.gov/pubmed/27940873\">https://www.ncbi.nlm.nih.gov/pubmed/27940873</a> December 9, 2016[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#373b3c\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40278\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"2. WHAT IS DIGITAL FINANCIAL CAPABILITY AND WHY IS IT IMPORTANT?\" 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\"]Financial capability is defined as ‘the combination of knowledge, skills, attitudes, and behaviors a person needs to make sound financial decisions. ³We defined digital financial capability as the ability and willingness of the customers to use digital financial services. The key levers that we tried to impact through our work were awareness and knowledge of various options available, how to use the service, attitude towards the service (i.e. willingness), using the service and finally repeated use (sustained behavior and advocacy).\r\n\r\n[/vc_column_text][kleo_gap][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<div style=\"text-align: center;\">Figure 2: Levers of DFC</div>\r\n[/vc_column_text][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_single_image image=\"40266\" 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=\"\"]In isolation, while digital financial literacy shifts the responsibility onto consumers to decide for themselves and to act on the available options, DFC handholds consumers to the last mile by building their capacity to act as well as providing clear opportunities to do so. With the DFC approach, our intent was to convert people’s knowledge into action.  It is not just about making them aware; it is about filling the huge gap between awareness and action by providing specific end-to-end solutions throughout the adoption journey.\r\n\r\nTo change the sticky behavior of using cash, people do not just need to be educated about alternative solutions but also need clear answers to ‘why they should change’ and ‘how they should change,’ i.e., they need to have a value proposition or a nudge that will propel them to drop a habit. While ‘why’ will drive their willingness, the ‘how’ will increase their ability to transact.\r\n\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]<a style=\"font-style: italic;\" href=\"http://³ http://content.centerforfinancialinclusion.org/wp content/uploads/sites/2/2018/05/CFI_Brief_005_Banking_Sector_Approaches_05-29-2018.pdf\">³ http://content.centerforfinancialinclusion.org/wp content/uploads/sites/2/2018/05/CFI_Brief_005_Banking_Sector_Approaches_05-29-2018.pdf</a>[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40279\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"3. ECOSYSTEMS WHERE WE DEPLOYED DIGITAL FINANCIAL CAPABILITY EXPERIMENTS\" 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][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner el_class=\"normal-style\"][/vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]We first identified the ecosystems wherein digitization could solve the existing problems by bringing about behavior change.\r\n\r\n<strong>Dairy: </strong> A small-value daily purchase such as milk – which involves a number of stakeholders in the supply chain to finally bring milk to the end-consumer – presented a great opportunity for large-scale behavior change. There were four key players we could influence for behavior change across the dairy supply chain: Jaipur Dairy (supplying dairy products under the brand name Saras); dairy distributors; retailers at the booths; and end-consumers. Jaipur Dairy was already accepting payments digitally from distributors, allowing settlement only through bank transfers or checks. This meant that the distributor had to digitize the cash that s/he collected from the retailer; her/his cash collection agent would collect cash from all the retailers and then the distributor would visit banks multiple times to deposit it. There was also the problem of loose change during point-of-sales transactions and the risk of theft from cash collection agents. Digitization of payments along this supply chain from Jaipur Dairy to the end-consumer could resolve all these problems. Details of our work in the dairy ecosystem are presented in Annex 1b.\r\n\r\n<strong>EMitra: </strong> eMitra is an e-governance platform offered by the Government of Rajasthan that provides 387 government to customer (G2C) and customer to business (C2B) services such as electricity or water bill payments to its citizens. Rajasthan has over 52,000 physical eMitra centers across the state of which approximately 5,000 operate in Jaipur. Any eMitra entrepreneur must deposit an upfront amount of INR 1 lakh with the government to start providing these services to customers. Given that 98 percent of these transactions are made in cash by end-consumers means that the eMitra entrepreneurs face the burden of high initial working capital and loss of business when they are busy with bank visits to digitize their cash. Once we identified these challenges, we wanted to create an enabling environment for end-consumers to pay digitally for eMitra services. Details of our work in the eMitra ecosystem are presented in Annex 1c.\r\n\r\n<strong>Bhatta Basti: </strong> In this migrant slum cluster, to understand the target population and assess their financial needs, CATALYST conducted a survey with randomly selected 442 low-income households in August 2017.⁴ The study indicated useful statistics such as the majority of the bank account holders in Bhatta Basti were male heads of the family; only about 39 percent of the primary earners had any kind of savings; people largely relied on cash-based payments; and a mere 6 percent of the households had any information on digital payments. This highlighted the need for a step-wise approach to first educate consumers about the basic tenets of account opening, help open accounts for use, and then introduce them to the concept of digital financial payments and solutions. Details of our work in the Bhatta Basti ecosystem are presented in Annex 1a.[/vc_column_text][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][vc_column_inner width=\"2/3\"][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: center;\">Figure 3: Key demographics from Bhatta Basti</p>\r\n[/vc_column_text][vc_single_image image=\"40267\" 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<div>For each of these ecosystems, we first mapped the journeys of our customers from awareness to adoption and identified triggers and barriers to then design value propositions and channels to influence their behavior.</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n\r\n<sup>4</sup>For more on the survey, check  <a style=\"font-style: italic;\" href=\"https://cashlesscatalyst.org/how-digitally-ready-are-the-urban-ultra-poor/\">https://cashlesscatalyst.org/how-digitally-ready-are-the-urban-ultra-poor/</a>\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40280\"][vc_column][vc_custom_heading text=\"4. UNDERSTANDING OUR CUSTOMERS’ NEEDS, TRIGGERS AND BARRIERS TO ADOPTION OF DIGITAL FINANCIAL SERVICES\" 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][/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\"]Catalyst conducted a survey⁵ in Jaipur that revealed that over two-fifths of the merchants surveyed had tried some form of digital payments. However, only a third reported sustained use, a fraction of the overall volumes. The most popular payment service was closed loop wallets, chosen by nearly three-fourths of those surveyed. A little less than a third used cards, and about 25 percent used internet banking. Only 8 percent of overall customer transactions by value were executed digitally. Merchants stated a low customer demand as the biggest reason for not using digital payment solutions, followed by a lack of awareness and the fear of being cheated in that order.⁶[/vc_column_text][vc_column_text letter_spacing=\"\"]Catalyst conducted a survey⁵ in Jaipur that revealed that over two-fifths of the merchants surveyed had tried some form of digital payments. However, only a third reported sustained use, a fraction of the overall volumes. The most popular payment service was closed loop wallets, chosen by nearly three-fourths of those surveyed. A little less than a third used cards, and about 25 percent used internet banking. Only 8 percent of overall customer transactions by value were executed digitally. Merchants stated a low customer demand as the biggest reason for not using digital payment solutions, followed by a lack of awareness and the fear of being cheated in that order.⁶\r\n\r\nThese survey findings were in line with common knowledge in this domain that barriers to adoption of digital financial services are in abundance, more so among the poor in India. Use of cash for payments is a particularly sticky habit, one that has witnessed resurgence after seeing a slight dip in the demonetization aftermath. Several situational and behavioral factors play a role here. Through extensive desk research and our work across various use-cases, we identified the following key barriers to adoption of digital financial services -\r\n\r\n1. habit of using cash and inertia towards non-cash methods\r\n\r\n2. lack of compelling value propositions to change\r\n\r\n3. limited access to mobile phones and the internet coupled with infrastructural barriers such as poor network connectivity and irregular electricity\r\n\r\n4. low levels of digital literacy and perceived complexity of using digital platforms\r\n\r\n5. lack of trust in digital services, with fears of fraud and hidden charges;\r\n\r\n6. limited acceptance of digital infrastructure by local merchants is both an access and usage barrier. This is often common with new consumers, especially when the interface is cumbersome, or the transaction experience is not smooth owing to poor connectivity or confusing instructions. During the initial trial phase, trust placed in the platform is quickly revoked and the customer reverts to cash.\r\n\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>\r\n<div>Active field work and continuous monitoring of data enabled identification of key focus areas, and factors that were working and non working in improving DFC in each of the ecosystems. For illustrative purposes, we have listed in Table 1 the key triggers and barriers at every step of the journey that led to the DFC nudges in Bhatta Basti. More details of our work in Bhatta Basti can be found in Annex 1a.</div>\r\n</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]<sup>5</sup>See: Mapping the Merchant’s Mind: An analysis of digital payments behaviors by fixed store merchants in Jaipur, Malick, Badal and Rajesh Shukla, PRICE-Catalyst report 2018 &lt;<a style=\"font-style: italic;\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/07/Price-Report-Short-20-June-edited-min.pdf\">https://cashlesscatalyst.org/wp-content/uploads/2018/07/Price-Report-Short-20-June-edited-min.pdf</a>&gt;\r\n<sup>6</sup> Price-CATALYST report 2018, Malick, B. and R. Shukla, ibid.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][kleo_gap][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div style=\"text-align: center;\">Table 1: Illustrative box on triggers and barriers identified for digital financial inclusion journey in Bhatta Basti</div>\r\n</div>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\"]\r\n\r\n<style>\r\ntable {border-collapse: collapse;}table, td, th {border: 1px solid black;} .red {color:#E83355; text-align:center;} th{text-align:center;} td {padding:1rem;}<br /></style>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th>Stages of adoption</th>\r\n<th>Triggers</th>\r\n<th>Barriers</th>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Awareness and Consideration (Bank Accounts)</td>\r\n<td>Value propositions of benefits and advantages of savings and banking</td>\r\n<td>Little awareness about benefits of savings and bank accounts</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Adoption of bank accounts</td>\r\n<td>Improved awareness and financial capability - how to use financial sources, whom to trust and what information must not be shared</td>\r\n<td>\r\n<ul>\r\n 	<li>Lack of trust - refusal to open bank accounts due to prior experience with the cases of fraud</li>\r\n 	<li>Documentation issues - Documents unavailable in case of migrant members, problems associated with Aadhaar card</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Active Banking</td>\r\n<td>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>Connecting financial inclusion to education inclusion, health inclusion etc. For example. many families wanted to avail of scholarships for their children upon opening bank accounts</td>\r\n</tr>\r\n<tr>\r\n<td>Youth /educated member in the family were often consulted for advice on financial matters. Thus, increased efficacy towards digital financial capability among youth would have a positive influence</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n</td>\r\n<td>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>Lack of clear value proposition for financial inclusion</td>\r\n</tr>\r\n<tr>\r\n<td>\r\n<ul>\r\n 	<li>Lack of trust, particularly amongst women in Bhatta Basti, about the safety of money in bank accounts</li>\r\n 	<li>Low confidence in safekeeping of debit cards and making digital payments</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Awareness and Consideration (Digital Payments)</td>\r\n<td>\r\n<ul>\r\n 	<li>Awareness about usage and how to keep accounts secure,</li>\r\n 	<li>Incentive</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Most did not have smartphones</li>\r\n 	<li>Little awareness, exposure or familiarity with banking and mobile payment operations/ instruments and its perceived complexity</li>\r\n 	<li>Lack of trust in safety associated with digital transactions</li>\r\n 	<li>No interest or motivation in using non-cash modes of payment</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Adoption of digital payments</td>\r\n<td>\r\n<ul>\r\n 	<li>Aspirational imagery of being with the times (mostly youth)</li>\r\n 	<li>Convenience (mostly working men)</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Network issues - lack of access to internet in many parts of Bhatta Basti</li>\r\n 	<li>Time and distance factor for the process of on-boarding</li>\r\n 	<li>Varied technical glitches and problems</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Active usage of digital payments</td>\r\n<td>Adoption of digital payment solutions such as AEPS, UPI etc. by merchants, e-mitras and vendors in Bhatta Basti</td>\r\n<td>\r\n<ul>\r\n 	<li>Lack of reliable and consistent network</li>\r\n 	<li>No clear benefit seen over cash payments</li>\r\n 	<li>Absence of regular and trusted merchants and vendors on these platforms</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n[/vc_column_text][kleo_gap][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40281\"][vc_column][vc_custom_heading text=\"5. DESIGNING BEHAVIORAL NUDGES AND CHANNELS TO COMMUNICATE\" 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][/vc_row][vc_row type=\"image\" enable_parallax=\"false\" padding_top=\"50\" padding_bottom=\"150\" inline_style=\"font-style: normal;\"][vc_column][vc_column_text letter_spacing=\"\"]Once the gaps and opportunities within each user segment were identified, our efforts were directed towards answering two critical questions: where should the digital financial solutions operate (in the user journey) and what is the value gap that they will address? This is the step at which targeted solutions to address the gaps and the relevant behavioral nudges emerged.\r\n<div>While designing the DFC nudges and choosing various channels for its delivery, we ensured a mix of value propositions for both the merchants as well as the end-consumers – that addressed various stages of adoption. The decision on the channels and the value propositions we communicated were based on –</div>\r\n<div><strong>a. Profile of the target group–</strong> We based our decisions of channels on the knowledge about smartphone ownership and social media usage of the merchants and end-consumers. A majority of the merchants owned a smartphone and had a presence on social media. In Bhatta Basti, less than half of the population owned smartphones.</div>\r\n<div><strong>b. Stage of adoption and triggers/barriers–</strong> Both merchants and end-consumers are at different stages of adoption. While some were open and willing to transact digitally, they did not have the ability; others were not even aware of digital payment options. Therefore, in some cases, the solution needed to increase awareness and invoke interest while, in others, the solutions needed to begin with getting the end-consumer onboarded onto the platform and then take them forward. Further, our communication through these channels was based on the triggers and barriers identified through our field work. An illustration of the triggers and barriers across the dairy merchants’ adoption journey is provided in Table 2.</div>\r\n[/vc_column_text][vc_column_inner][/vc_column_inner][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: center;\">Table 2: Illustrative information on triggers and barriers identified for adoption of digital payment solutions by dairy merchants</p>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: center;\"><style>\r\ntable {border-collapse: collapse;}table, td, th {border: 1px solid black;} .red {color:#E83355; text-align:center;} th{text-align:center;} td {padding:1rem;}<br /></style></p>\r\n\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th>Stages of adoption</th>\r\n<th>Triggers</th>\r\n<th>Barriers</th>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Engaged but not adopted</td>\r\n<td>\r\n<ul>\r\n 	<li>Value proposition of direct money transfer to bank account increases security and eases services like bill payment, account-to-account money transfer.</li>\r\n 	<li>Perception of digital payments to be an inevitable future.</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Technical difficulties of using correct phone version, bank account type, etc.</li>\r\n 	<li>Perceived time and complexity of a digital transaction.</li>\r\n 	<li>Lack incentive to undertake extra effort in terms of daily bank visit to digitize income and opportunity cost of time, fuel and business loss.</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Engaged and adopted</td>\r\n<td>\r\n<ul>\r\n 	<li>Direct money transfer and increased security.</li>\r\n 	<li>Helped retailers in credit building.</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Lack of customer interest in digital payments.</li>\r\n 	<li>90% of the non-cash customers use wallets, and show resistance to UPI adoption.</li>\r\n 	<li>Lack incentive and opportunity cost of bank visit.</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Active user</td>\r\n<td>\r\n<ul>\r\n 	<li>Allow retailers to pay at convenience with no dependency on distributor’s cash collector.</li>\r\n 	<li>Hassle-free accounting.</li>\r\n 	<li>Direct money transfer.</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Network connectivity issues.</li>\r\n 	<li>Commission charges of digital payment service providers diminish the already thin dairy margins.</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>c. Familiarity and trust with channel: It is very important to select a channel that the customers are familiar with and trust completely. This is also true of the change agents or influencers who introduce them to the solutions.</div>\r\n<div></div>\r\n<div>Based on the above, the various channels that CATALYST used to communicate value propositions and improve DFC of the customers across ecosystems are presented in the matrix in Figure 4.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: center;\">Table 3: Channels used to present DFC value proposition</p>\r\n\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th></th>\r\n<th>eMitras</th>\r\n<th>Dairy</th>\r\n<th>Bhatta Basti</th>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Merchant-facing</td>\r\n<td>\r\n<ul>\r\n 	<li>Interactive Voice Response System (IVRS) for knowledge dissemination</li>\r\n 	<li>WhatsApp group for peer-to-peer influence and nudge</li>\r\n 	<li>Capacity building of eMitra agents</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>IVRS for knowledge dissemination</li>\r\n 	<li>WhatsApp group for peer-to-peer influence and nudge</li>\r\n 	<li>Capacity building of dairy merchants</li>\r\n</ul>\r\n</td>\r\n<td></td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Consumer-facing</td>\r\n<td>\r\n<ul>\r\n 	<li>Flyers at points of sale</li>\r\n 	<li>Incentives</li>\r\n 	<li>Personal handholding for onboarding</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Flyers at points of sale</li>\r\n 	<li>Personal handholding for onboarding</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Facebook awareness video</li>\r\n 	<li>Digital mela for awareness and onboarding (with distribution of visual collaterals like comic books, flyers)</li>\r\n 	<li>WhatsApp group moderated by change agents of the community</li>\r\n 	<li>Personal handholding for onboarding</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n[/vc_column_text][vc_custom_heading text=\"FOR MERCHANTS (DAIRY AND EMITRA)\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]<strong>Toll-free IVRS: </strong>\r\n\r\nTo bring merchants onboard digital solutions and prompt them advocate them to their customers, we felt that the first step was to increase their knowledge about the different options available. Towards this end, an IVRS was set up to provide information to merchants over phone about various payment options and how to use them. The merchants could call in at the number at any time, free of cost, and get information on any digital payment solution they were interested in. We had spread awareness about the IVRS number within the top 500 eMitra entrepreneurs based in Jaipur as well as the dairy retailer network of the onboarded distributors of the dairy digitization project.\r\n\r\n<strong>a. What worked?</strong>\r\nAnybody could call at the toll-free number (it did not have to be a smartphone user) at their own convenience to acquire knowledge about any solution that they were interested in. The purpose of the IVRS was clear to the merchants and it successfully assuaged trust issues by establishing association with the Government of Rajasthan; the voice quality was appreciated; the information flow and navigation were considered easy.\r\n\r\n<strong>b. What didn’t work?</strong>\r\nIt is too early a stage for merchants to call proactively. The precursor to evoking merchants’ interest in a solution like this is to first increase consumer uptake for digital payment solutions which would act as the push. Furthermore, merchants who accessed the IVRS felt that there was information overload and, due to their other work, they could not give so much time to the IVRS.[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Since merchants have very little active interest in digital payments right now, channels such as IVRS where they need to call by themselves might not work unless there is a clear incentive or direct link with increase in business. Even at a stage where merchants are ready and willing to access IVRS, the format needs to be trusted, easy, engaging and, most importantly, backed by support, with a follow up SMS or WhatsApp message This will serve as a ready reckoner and have the link to a customer support number to pose further queries to.</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"WhatsApp group of merchants:\r\n\" 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_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>We created and moderated a WhatsApp group of 20 merchants with the idea of offering the merchants a platform to share their experiences and challenges with others like them. We used WhatsApp as all the merchants were familiar with and already using the app. It also allowed easy sharing of multimedia such as images, videos, etc. We shared information on the benefits of digital payments such as convenience of instant bank-to-bank transfers, no need for loose change, etc. The idea was to inspire them to go digital and then leave them with a channel that does not require moderation from a third party but is sustainable through their own information sharing. WhatsApp was the merchants’ preferred mode to receive information on digital payments as they use it extensively and find it non-intrusive.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]<strong>a. What worked?</strong>\r\nWhatsApp was the merchants’ preferred mode to receive information on digital payments as they use it extensively and find it non-intrusive.\r\n\r\n<strong>b. What didn’t work?</strong>\r\nLow interest in digital payments from consumers meant low interest among merchants and hence the WhatsApp group did not show much proactive engagement. The merchants informed us that they preferred videos over texts.\r\n\r\nTherefore, a merchants’ WhatsApp group has the potential to act as a redressal mechanism as merchants can share their experiences and learn from each other, but it may work only at a later stage of digital payments adoption.\r\n\r\n[/vc_column_text][vc_custom_heading text=\"Interpersonal communication and capacity building of merchants:\r\n\" 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_column_text letter_spacing=\"\"]This was done to ensure that the merchants themselves spread awareness about digital payments, explain their benefits and onboard potential users. They were educated on how it would benefit them as well as their consumers and how it was to be done. Merchants were also given collaterals that taught them about the benefits of various payment methods.\r\n\r\n<strong>a. What worked?</strong>\r\nThis was an easy method of conveying the benefits and advantages of adopting digital payments and banking. It also helped address the merchants’ needs to understand the process of onboarding their customers.\r\n\r\n<strong>b. What didn’t work?</strong>\r\nPersonal handholding for every merchant involves a very intensive effort and heavy investment. There is a lot of dependability on the solution providers’ agent and his/her training to be able to make a difference.\r\n\r\nOne of the key learnings was that not all end-consumers view merchants as a trusted source for financial information so merchants might not be the right catalyst for improving DFC of end-consumers.\r\n[/vc_column_text][vc_custom_heading text=\"FOR CONSUMERS (DAIRY AND EMITRA)\" font_container=\"tag:h2|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]<strong>Flyers and interpersonal communication at the point of sales:</strong>\r\n\r\nTo spread awareness about digital payment solutions and their benefits, we placed collaterals on the key value propositions of digital payments at eMitra centers and dairy booths. These were targeted at the digitally-ready audience which would be interested in using digital payments due to the problems of loose change at the dairy booth or the benefit of convenience, in general. They were expected to find the value propositions relevant and ask the merchant for more information. We also provided personal handholding at the dairy booths and eMitra centers to those interested in onboarding onto digital payment solutions. The handholding exercise was undertaken to assist customers with UPI onboarding and to observe and learn from the uptake behavior.\r\n\r\n<strong>Example of a consumer-facing dairy collateral that gives the reasons of using digital payments</strong>\r\n[/vc_column_text][vc_single_image image=\"40268\" img_size=\"full\" alignment=\"center\"][vc_column_text letter_spacing=\"\"]<strong>a. What worked</strong>\r\nFlyers are a subtle and non-intrusive way of making consumers aware of the presence of digital payment solutions with the merchant. It encouraged digitally-ready consumers to seek more information through the merchant. Personal handholding worked better to onboard people onto the platform as there are still many technological challenges that people face when accessing the solutions on their own, due to which they give up easily.\r\n<strong>b. What didn\'t work</strong>\r\nThose who are not already positively inclined towards digital payments do not pay much attention to flyers, but personal talk makes a difference in convincing them. The majority told us they would be motivated by cash backs and rewards to use digital payments, else they were comfortable with cash and saw no reason to shift.[/vc_column_text][vc_custom_heading text=\"For consumers (Bhatta Basti)\" 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_column_text letter_spacing=\"\"]<strong>Facebook awareness videos: </strong>\r\n\r\nTo generate initial interest amongst the early adopters of digital payments, we implemented a geo-targeted Facebook campaign in Bhatta Basti to let smartphone users know about digital payments being used in their area and achievements of other people in their communities. These were targeted at youth ambassadors who can influence others in the community and relied on the “network effect” to attract other account holders.\r\n\r\n<strong>a. What worked</strong>\r\nFacebook as a medium turned out to be very cost-effective and targeted, with our campaign reaching over a lakh Facebook users (early adopters of technology) in and around Bhatta Basti.\r\n<strong>b. What didn\'t work</strong>\r\nThe profile of smartphone users became the profile of our campaign; 91 percent of the people reached through the Facebook campaign were men and only 9 percent were women.\r\n[/vc_column_text][vc_custom_heading text=\"Digital mela for consumers across different stages of adoption: \" 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_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Our research indicated that, in an ultra-poor locality such as Bhatta Basti, onboarding customers onto digital payment platforms required the highest degree of in-person handholding, particularly for the initial set of transactions. Hence, it was important to find economical ways of deploying this handholding and our digital mela in Bhatta Basti (in October 2018) was such an attempt. At the mela, we provided two main kinds of services:</div>\r\n</div>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>i. Information about Automated Teller Machine (ATM) PIN generation; and</div>\r\n<div>ii. Handholding support for UPI onboarding (downloading and registering).</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>For spreading awareness about the mela, we identified those youngsters who were already making digital payments and recruited them for our work. We called them ‘Digital Champions’ and they were supposed to encourage and get their peers to the mela. The mela helped build customer capability in an interesting manner through role plays and comic books, etc. We distributed various comic books on ATM pin generation, AEPS and advantages and usage of UPI among people of different ages and with varying levels of digital and financial awareness in Bhatta Basti. (An example of a comic book on UPI is shown below).</div>\r\n</div>\r\n[/vc_column_text][vc_single_image image=\"40269\" img_size=\"full\"][vc_column_text letter_spacing=\"\"]Link to full comic book: UPI full comic book\r\n<div></div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]<strong>a. What worked?</strong>\r\nThe \'Digital Champions’ helped us reach out to their peers in their communities in a very targeted and effective way. The digital mela proved to be a good mode of creating awareness and spreading knowledge on UPI services. Sixty-two percent of the attendees said they learnt about the advantages of using UPI and 46 percent said they started transacting using UPI. Comic books were seen as fun and they cut through demographics and gender in their appeal.\r\n<strong>b. What didn\'t work?</strong>\r\nFootfall was male dominated (92 percent) possibly due to the mela being in central market. In order to reach out to more women, a more central location could be chosen. Many felt that the language used in the comic books should have been simpler and easy to understand, and there should have been more pictures and illustrations.[/vc_column_text][vc_custom_heading text=\"WhatsApp group for individuals: \" 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_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Over the course of four months, we created and moderated two WhatsApp groups in Bhatta Basti to spread digital financial awareness: one for men and one for women. We realized that we could not have both men and women in the same group due to the cultural context of Bhatta Basti. The WhatsApp group of male members comprised young, early adopters of UPI (whom we called ‘Digital Champions’) while that for females consisted of women in the community (who were at different points in the digital user journey). The Digital Champions were identified as change agents of their community and helped us spread awareness about digital financial inclusion in their community. The WhatsApp group of community women was to encourage the general population of women to discuss their experiences with digital financial services and learn from each other.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]<strong>a. What worked?</strong>\r\nWhatsApp can be successfully used as a redressal mechanism platform and can be a good channel for early adopters.\r\n<strong>b. What didn\'t work?</strong>\r\nBuilding DFC of people at earlier parts of the user journey may require other forms such as personal handholding rather than WhatsApp. One of the most important takeaways for us was that it was crucial to have a moderator for each group who ensured regularity and quality of the content that is being shared. Further, it was crucial to have an incentive structure (value proposition) for the moderator to ensure active participation of all members. One of the problems we faced was sharing of unrelated information and fake news forwards. Having the moderator put together a set of rules and regulations is very important.[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>The specific DFC nudges and channels devised by us are detailed under the respective ecosystem sections in this paper.</div>\r\n</div>\r\n[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40282\"][vc_column][vc_custom_heading text=\"6. KEY INSIGHTS AND RECOMMENDATIONS FROM CATALYST’S PILOTS BY STAGES OF ADOPTION\" 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][/vc_row][vc_row type=\"image\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\"][vc_column][vc_column_text letter_spacing=\"\"]<strong>Initial stage to make customer interested in digital payments – improving customers’ awareness and consideration for digital solutions</strong>[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n\r\n<strong>a.</strong> A major problem that we faced during our experiments was communicating a clear value proposition on digital financial inclusion.\r\n\r\nIn-depth interviews with our customers during pilots suggested that the convenience or speed of making or receiving digital payments is not a big pull for the low- to middle-income class to make a shift from cash to digital. Unless a strong value proposition exists, expecting consumers to make the journey from being aware to actively seeking knowledge and adopting will not happen.\r\n\r\nFor digital financial inclusion to resonate with customers, its “benefits to self” need to be strongly linked with people’s personal aspirations – both merchants’ as well as consumers In the same light, for encouraging digital payments, it is very important for the incentives to be clear and attention-catching, for example, the eMitra incentivization model was found to be too complex to be able to motivate the merchants.\r\n\r\n<strong>b.</strong> One of the biggest barriers to adoption is that there is a perceived risk to one’s money due to mistrust in using technology for finances. There is also a lack of confidence in the privacy of personal data. Coupled with this is the problem of frauds in urban slum clusters, as we found out in Bhatta Basti where a few people posing as solution providers had robbed people of their money. Similar experiments aimed at improving financial capability of women from low-income segments, such as with the Grameen Foundation,⁷ have shown that the use of a trust-worthy person (a front-line worker in this case), who happens to be an influencer in financial solutions, goes a long way in making women act positively.\r\n\r\nQualitative insights suggest that trust plays a very big factor in financial decisions of any kind including decisions on using digital financial payments. Hence, network analysis, i.e., following one’s friends and family, emerged as one of the most important triggers for digital financial inclusion.\r\n\r\n<sup>7</sup> http://www.grameenfoundation.in/wp-content/uploads/2018/02/JPM-Project-evaluation-Report_-Scaling-Digital-FinancialServices_FINAL.pdf\r\n\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n\r\nLack of trust in digital payments is also a result of initial teething problems with nascent technologies. Many times, during our experiments, we observed problems of a slow network and consumers dropping off during the process of onboarding. It is important for the technology solution to offer the user a seamless experience as initial teething problems with UPI or AEPS platforms often compels consumers to question the proposition of convenience in digital.\r\n\r\nBuilding trust with the platform at the initial stage can go a long way in getting more customers on board. This can be done in various ways:\r\n\r\n<strong>i.</strong> By reaching out to the customers through their trusted channels, i.e., friends and family who are more familiar with financial inclusion;\r\n\r\n<strong>ii.</strong> At the same time it is important to ensure the presence of a trusted authority such as a bank representative at the time of onboarding or during awareness camps; and\r\n\r\n<strong>iii.</strong>Financial service providers should be transparent about problems that a user might face in the adoption journey, so that there is no lack of confidence in the solution later.\r\n\r\n<strong>c.</strong> Consumers are not just at different stages of adoption of digital financial solutions but also at different stages of financial inclusion and technology familiarity. Taking a low-income individual, who may or may not have bank accounts to begin with, on the route to digital financial inclusion is a long-drawn process requiring sustained interventions. It is, therefore, very important to identify the early adopters of digital payments, i.e., those who are comfortable with technology and actively banking or maybe have a debit card and shift them first to digital payment platforms. They can then become the change agents for their families and communities. This also ensures that communication to the majority takes place through their trusted sources.\r\n\r\n<strong>c(i).</strong> Across ecosystems, it was noticed that customers who were more familiar with technology in general were more open to digital payments and did not have trust issues.\r\n\r\nThese were mostly middle-aged working men who had bank accounts linked to Aadhaar cards or the younger people in the family with smartphones for whom making digital payments was aspirational.\r\n\r\n<strong>c(ii).</strong> Once these early adopters start using digital payments, they can help build financial capability within their families and peers. It is this positively inclined subset that can act as catalyst for digital payments within their networks; and\r\n\r\n<strong>c(iii).</strong> We found in our pilots that these people in the family are also more active on social media (WhatsApp and Facebook) and can be targeted through these channels.\r\n\r\n<strong>Next stage to improve knowledge and shift attitudes toward digital solutions</strong>\r\n\r\n<strong>d.</strong> Currently, merchants see no reason for asking consumers to change their habit of using cash. The benefits for merchants, such as a smaller number of trips to banks, or convenience for both parties are not enough for changing a sticky habit. Both dairy retailers as well as eMitra entrepreneurs from our pilots suggested that they were willing to invest time in learning more about a digital payments solution provided consumers ask for it and it improves their business/ sales. In our survey with merchants, 55 percent of fixed store merchants cited ‘low consumer demand’ among the top reasons for non-adoption of digital payments at their shop. A case in point: a lack of intent from end-consumers resulted in little encouragement for merchants to dig deep about various solutions and this was evident in the poor uptake of the IVRS, set up as an information bank for merchants.\r\n\r\nCATALYST conducted a merchant survey⁸ in Jaipur in which 64 percent of fixed store merchants and 57 percent of home-based businesses mentioned that the biggest trigger for them to go digital would be an increase in sales or footfalls, and not easier and faster modes to get paid or for recording transactions. Improvement in efficiency of payments and recoding of transactions is not as important for them to make the shift. The merchants are hungry for growth and unless the benefits of advocating digital payments to their consumers are linked to their aspirations, they do not see much value in going digital at present.\r\n\r\n<sup>8</sup> See: Mapping the Merchant’s Mind: An analysis of digital payments behaviors by fixed store merchants in Jaipur, Malick Badal and Rajesh\r\n\r\nShukla, PRICE-Catalyst report 2018 <a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/07/Price-Report-Short-20-June-edited-min.pdf\">https://cashlesscatalyst.org/wp-content/uploads/2018/07/Price-Report-Short-20-June-edited-min.pdf</a>\r\n\r\n[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40098\"][vc_column][kleo_gap][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ANNEX 1: DETAILS OF OUR WORK FROM EACH ECOSYSTEM\" 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][kleo_gap][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=\"1a. Bhatta Basti\" 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_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Our research study in Bhatta Basti indicated that low-income households of Bhatta Basti largely relied on cash-based payments and depended on their social network for financial advice and borrowing/saving activities. Despite being prominent in the urban city of Jaipur, Bhatta Basti lacked adequate internet network, smartphones, Point of Sale (PoS)/mobile PoS machines that limited the adoption of digital payment solutions by households.</div>\r\n<div>This highlighted the need for a step-wise approach of first educating consumers about the basic tenets of account opening, helping open accounts for use, and then introducing them to the concept of digital financial payments and solutions. Given the diversity in financial behaviors, attitudes and adoption of financial services, we realized that customized interventions had to be designed for people at different stages of the user journey.</div>\r\n<div>The user journey in Bhatta Basti was broadly categorized in the following stages to design nudges:</div>\r\n</div>\r\n[/vc_column_text][kleo_gap][vc_single_image image=\"40272\" img_size=\"full\" alignment=\"center\"][kleo_gap][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Our understanding of the target group, their triggers and barriers towards financial inclusion led to the development of the following DFC levers and initiatives.</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"DFC NUDGES TO ENABLE UPTAKE OF DIGITAL PAYMENT SOLUTIONS\" 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_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Based on the above barriers and triggers, we devised behavioral nudges that could be used to increase DFC of people at each of these stages.</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"STAGES 1, 2 and 3, i.e., awareness of bank accounts to active banking\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]\r\n\r\nWe collaborated with SEWA Bharat⁹ and FIA[2] which helped us in community mobilization and implementation, respectively. We set up financial literacy camps where we used official collateral to disseminate information about the importance of savings and informed the audience about how the creation of bank accounts can help in the process. Besides this, we also conducted door-to-door lead generation campaigns and encouraged people to open bank accounts while simultaneously informing them about the associated benefits. Further, FIA helped us set up Customer Service Points (CSPs) to help bring bank facilities closer to their doorsteps. We also distributed collaterals and conducted camps to aid people in the task of opening bank accounts.\r\n\r\n<a href=\"http://sewabharat.org/\">http://sewabharat.org/</a>\r\n\r\n<a href=\"https://fiaglobal.com/\">https://fiaglobal.com/</a>\r\n\r\n[/vc_column_text][vc_custom_heading text=\"STAGES 4, 5 and 6, i.e., awareness of digital payments to active usage of digital payments\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]Our initial research indicated that the task of onboarding people onto digital platforms to make payments required a great degree of handholding in Bhatta Basti. To constantly build people’s DFC, we undertook various approaches ranging from interpersonal communication such as door-to-door handholding, camps at common places to mass communication in Bhatta Basti through Facebook. We planned to generate initial interest amongst the early adopters through Facebook and community youth ambassadors and relied on the “network effect” to attract other account holders.\r\nWhile the Facebook campaign geo-targeted the whole of Bhatta Basti and included digitally-savvy merchants and representatives from SEWA talking about benefits of digital payments, we separately personally targeted our 619 new account holders. These account holders were divided in tiers based on their self-efficacy and stage of adoption and we customized our nudges according to these tiers:\r\n<strong>I. Tier 1:</strong> those who had taken the initiative to generate an ATM PIN on their own. This segment had the highest self-efficacy and was identified as the early adopters of digital payments. For this segment, we conducted individual handholding sessions as well as distributed collaterals and comic books to promote UPI, AEPS and digital saving platforms. We created a WhatsApp group for some of these on which we shared collaterals and information videos.\r\nLink to full comic book: AEPS Comic book full\r\n<strong>I. Tier 2:</strong> those with accounts but needed help to generate the ATM PIN. We set up ATM PIN generation camps for these individuals.\r\n<strong>II. Tier 3:</strong> those who did not have an ATM card. Here, we worked with CSPs to track the ATM cards and ensured that we got these to the account holders. This segment was also given education on uses and benefits of digital payment solutions.\r\n<strong>III. Tier 4:</strong> the rest whom we could not reach[/vc_column_text][kleo_gap][vc_single_image image=\"40270\" img_size=\"full\" alignment=\"center\"][kleo_gap][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Besides the above, we also actively used social media for increasing people’s DFC. We implemented an ecosystem wide geo-targeted Facebook campaign to let people know about our work and to inform them about the behaviors and achievements of other people in their communities. This campaign was aimed at increasing awareness of the target population and encouraging them to become users of digital payment solutions.</div>\r\n</div>\r\n[/vc_column_text][kleo_gap][vc_custom_heading text=\"1b. Dairy\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>Dairy, a sector that has high frequency, small-value purchases and is facing the problem of loose change during PoS transactions, emerged as a good target point to influence merchant-consumers interaction on digital payments. The idea was that once the retailers and end-consumers understand the benefits of digitization and adopt it, it would complete the cycle of dairy digitization. We first undertook research to understand the stages of adoption across retailers and consumers, and the triggers and barriers at each stage. Our communication solutions had to address these barriers and use the value propositions that hit a chord with the early adopters.</div>\r\n<div>Triggers and barriers in digital payment solutions’ adoption for dairy retailers -</div>\r\n<div>Refer to Table No. 2 in the report.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: center;\">Table 4: Triggers and barriers in digital payment solutions’ adoption for dairy consumers</p>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: center;\"><style>\r\nul{  list-style: disc}<br /></style></p>\r\nNot Aware\r\n<ul>\r\n 	<li>Little awareness, exposure or familiarity with banking and mobile payment.</li>\r\n 	<li>operations/instruments and their perceived complexity.</li>\r\n 	<li>Purchase of food/daily grocery items is led by women, most of whom did not have smartphones.</li>\r\n 	<li>No habit of carrying cards while shopping, especially for small purchases, resulting in low possibility of handholding them in the use of an app or a digital payment service.</li>\r\n 	<li>Perception of mobile applications being too complicated.</li>\r\n</ul>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th>Stages of adoption</th>\r\n<th>Triggers</th>\r\n<th>Barriers</th>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Aware but not adopted</td>\r\n<td>\r\n<ul>\r\n 	<li>Working population comparably more familiar with banking operations/instruments and mobile applications owing to exposure at the work place.</li>\r\n 	<li>Acknowledge that biometric payment method is suitable for those without smartphone access or those who find use of mobile-based applications too complicated.</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>No habit of carrying cards while shopping, especially for small purchases, resulting in low possibility of handholding them in the use of an app or a digital payment service.</li>\r\n 	<li>Customers had not seen any indication that the merchant accepts digital payments, and had come prepared to pay in cash.</li>\r\n 	<li>Perception of mobile applications being too complicated.</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Engaged but not adopted/adopted</td>\r\n<td>\r\n<ul>\r\n 	<li>Acknowledge that digital payments will help tackle the problem of carrying loose change for the small purchases.</li>\r\n 	<li>Acknowledge that the biometric payment method is suitable for those without smartphone access or those who find use of mobile-based applications too complicated.</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>No interest or motivation in using non-cash modes of payment, at least for these smaller ticket sizes. Consumers felt that the proposition of having digital financial transactions makes better sense at supermarkets and relatively bigger stores than dairies</li>\r\n 	<li>The lengthy onboarding process to get a UPI ID seen as a deterrent since it was compared with the ability to pay in cash instantly</li>\r\n 	<li>Lack of trust on the merchant, given low awareness and knowledge and consequent dependency on the merchant for making digital transactions</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40098\"][vc_column][kleo_gap][vc_row_inner][vc_column_inner][vc_custom_heading text=\"DFC NUDGES TO ENABLE UPTAKE OF DIGITAL PAYMENT SOLUTIONS\" 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][kleo_gap][/vc_column][/vc_row][vc_row][vc_column][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>What clearly emerged from the data was that the main fracture in the user journey was from the awareness and engagement to adoption stage. Therefore, the key task for CATALYST was to develop easy to operate solutions for retailers and consumers and back these up with awareness and trial generation opportunities supported by extensive handholding. Thus, emerged the following DFC levers for retailers and consumers.</div>\r\n</div>\r\n[/vc_column_text][vc_custom_heading text=\"Awareness stage\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>We created collaterals for our field team that could be used to educate the retailers about the key benefits of digital payments platform, i.e., direct bank-to-bank transfer, hassle-free accounting, convenience. We also created collaterals for the end-consumers to educate them about the presence of digital payment options at the dairy and the key value of ‘no hassle of loose change for every transaction’. We tried to create an aspirational image around digital transactions for both retailers and consumers through our collaterals. These customer facing posters, in vernacular text, were put up at visible spots at the dairy booths to inform consumers about the provision and benefits of digital payment services.</div>\r\n</div>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div>\r\n<div>For the retailers, we had also formed WhatsApp groups to create a buzz and for them to discuss their experience with digital payments. We also shared our IVRS number with all to empower them with knowledge on various solutions, as and when they need it.</div>\r\n</div>\r\n[/vc_column_text][kleo_gap][vc_custom_heading text=\"Awareness stage\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]To identify which payment solution works best for merchants and end-consumers, we experimented with different solutions at different booths – while some retailers were offered QR scan solutions, some could go for khaata (maintain digital accounts) solutions while others were asked to try biometric solutions.\r\n\r\nAlongside the provision of solutions and the awareness collaterals, we deployed our field team for interpersonal communication with retailers and consumers. They gave a demonstration to merchants on application downloading, account-setting, pin setting and on how to handhold the consumers.\r\n\r\nThe implementation of nudges and solutions is being followed up by rigorous monitoring and field visits so that we can learn from different experiments and levers used.[/vc_column_text][kleo_gap][vc_single_image image=\"40271\"][kleo_gap][vc_custom_heading text=\"Learnings\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]\r\n<ul style=\"list-style: disc;\">\r\n 	<li>Printed collaterals were provisioned at dairy retail outlets guiding customers to make digital payments, but it was noticed that customers do not spend a lot of time at the dairy booth and make quick transactions. This leaves very little room for deliberation on the payment method. Even among digital payment options, customers prefer to pay with mobile wallets because of their familiarity with them.</li>\r\n 	<li>Even after the campaign information was provided through consumer handholding, we saw 86 percent selecting cash payment over digital payments. The primary reason for the choice of cash was the small value of transaction. One-third said they had already got cash for the transaction, 30 percent said they were not interested in digital payments in general, and 43 percent respondents said they might consider digital payments for dairy transactions in the future.</li>\r\n 	<li>Though about 70 percent respondents had a smartphone and two-third of those were using internet on it, UPI still lagged mobile wallets and debit cards in terms of popularity. Similarly, almost all respondents had Aadhaar cards (99 percent) and four of five even reported it being linked to their bank account, yet we saw teething problems of operational hurdles (OTP, fingerprint, Aadhaar number) and trust factor deter usage of Aadhaar linked payments.</li>\r\n 	<li>The majority said they were motivated by cash backs and rewards to use digital payments, with only one-third reported continuing with digital payments.</li>\r\n</ul>\r\nAs for the WhatsApp group created with 20 dairy retailers, it did not seem to have the expected traction as a platform for peer-to-peer learning. We nudged group members with relevant information on digital payments. The uptake on the WhatsApp group was not very encouraging as most of the merchants remained inactive. They showed low interest in digital payments and did not feel the need to learn as most transactions at their dairy booths are still being made in cash.[/vc_column_text][/vc_column][/vc_row][vc_row type=\"image\" bg_color=\"#c9213b\" enable_parallax=\"false\" padding_top=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"40098\"][vc_column][kleo_gap][vc_row_inner][vc_column_inner][vc_custom_heading text=\"EMITRA\" 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][kleo_gap][/vc_column][/vc_row][vc_row][vc_column][vc_column_text letter_spacing=\"\"]The eMitra entrepreneur’s account with the government acts as a prepaid account, with the amount in it reducing after every cash transaction made by the customer. The average transaction value varies from INR 300 to INR 2,000 for eMitra centers and the customer pays a fee for all the eMitra services except utility bill payments which constitute about 50-75 percent of the total transactions. Given that 98 percent of these transactions are made in cash at the eMitra centers, maintaining the balance in the account is critical for the entrepreneurs to do business.\r\n\r\n<strong>Now, if a customer is encouraged to pay digitally, the amount will get credited directly into the government’s account and the eMitra need not require a balance in the prepaid account. However, when we were exploring the eMitra use case, we noticed numerous challenges:</strong>\r\n<ul style=\"list-style: disc;\">\r\n 	<li>While the Government of Rajasthan had rolled out the eMitra web portal to encourage digital payments, the Merchant Discount Rate (MDR) charges that were being passed on to the customers acted like a disincentive for them;</li>\r\n 	<li>The eMitra model of requiring entrepreneurs to deposit money upfront reduced the risk for the government and enabled digital payments from the entrepreneur to the government but it also created the burden of working capital for the entrepreneur; and</li>\r\n 	<li>The eMitra centers with high rate of transactions could be losing business due to the time taken to digitize cash revenue so they could fill up their prepaid account for the next month.</li>\r\n 	<li>Once we identified these challenges, we realized that creating an enabling environment for customers to pay digitally for the eMitra services could resolve all these challenges.</li>\r\n 	<li>We first undertook research to understand the stages of adoption across eMitra entrepreneurs and the triggers and barriers at each stage. Our communication solutions had to address these barriers and use the value propositions that resonated with the early adopters. We conducted interactions with a diverse set of entrepreneurs who we identified based on their digital payment behavior and payments history (volume and value). Based on the interviews, we identified the triggers and barriers (Table 5) along their user journeys to adopt digital payments.</li>\r\n</ul>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div style=\"text-align: center;\">Table 5: Triggers and barriers in digital payment solutions’ adoption for eMitra</div>\r\n<div style=\"text-align: center;\">entrepreneurs</div>\r\n[/vc_column_text][vc_column_text]\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th>Stages of adoption</th>\r\n<th>Triggers</th>\r\n<th>Barriers</th>\r\n</tr>\r\n<tr>\r\n<td>Adoption</td>\r\n<td>\r\n<ul>\r\n 	<li>Reduction in trips to the bank for eMitra entrepreneurs to deposit money</li>\r\n 	<li>Many eMitra entrepreneurs felt that digital payment solutions are inevitable, and they need to move with the times by adopting them and advocating these to their consumers</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Not applicable for entrepreneurs s as UPI is already integrated into the platform but the barriers were in advocating digital payments to their end-consumers. These were:</li>\r\n 	<li>non-linkage of bank account and mobile numberThere were extra MDRs on transactions for end-customers which was a disincentive for them</li>\r\n 	<li>many customers had trust issues with UPI</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n<tr>\r\n<td class=\"red\">Sustained usage</td>\r\n<td>\r\n<ul>\r\n 	<li>Reduction in the number of trips to the bank for eMitra entrepreneurs to deposit money</li>\r\n 	<li>Zero cost of operating any digital payment method</li>\r\n</ul>\r\n</td>\r\n<td>\r\n<ul>\r\n 	<li>Lack of customers’ interest to pay digitally (UPI) as there was no clear incentive to change a sticky behavior</li>\r\n 	<li>Transaction failures which are either bank related or e-Mitra portal related (PoS device)</li>\r\n</ul>\r\n</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n[/vc_column_text][vc_column_text letter_spacing=\"\"]\r\n<div>Based on the above, we devised DFC nudges to enhance the digital financial capability of the eMitraentrepreneurs and their end-consumers:</div>\r\n[/vc_column_text][vc_custom_heading text=\"Merchant handholding and IVRS\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]\r\n<div>The CATALYST field team spent some time at each eMitra center to assist entrepreneurs with the initial few transactions, to ensure he/she was comfortable in using the solution. Given that UPI was integrated in the eMitra panel by the Department of Information Technology &amp; Communication (DoITC), Government of Rajasthan and PoS machines were provided, entrepreneurs were aware about the solution. The objective primarily was to handhold the entrepreneur and ensure he understands the solution and advocates it to end-consumers too. During this time, the CATALYST team qualitatively observed the eMitra entrepreneurs and their approach to promotion of digital payments to their end-consumers. We tried to learn from the entrepreneurs and their customers about their experience of using digital payments, their perceptions of the benefits, their key concerns and the impact that digital payments can have on their lives.</div>\r\n<div>\r\n<div>We also familiarized all the eMitra entrepreneurs with our IVRS numbers so that they could call in and educate themselves on various digital payment solutions as and when they wanted the information.</div>\r\n</div>\r\n[/vc_column_text][kleo_gap][vc_custom_heading text=\"Customer handholding\" font_container=\"tag:h4|font_size:26px|text_align:left|color:%23da4a62|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]\r\n<div>We created collaterals to promote digital payments to the end-consumers of eMitra centers. These highlighted the key value propositions that digital payments offered to the segment and talked about the incentives. The handholding exercise was also undertaken to inform customers, assist with UPI onboarding and observe the behavior of consumers and merchants.</div>\r\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\"][vc_column][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2019/01/DFC-Learning-note.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][vc_column][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549444858692{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"][footer_copy][/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"][email-newsletter-plugin][/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row]', 'Using behavioral insights to improve digital financial capability of customers', '', 'inherit', 'closed', 'closed', '', '40127-autosave-v1', '', '', '2019-02-06 09:21:40', '2019-02-06 09:21:40', '', 40127, 'https://cashlesscatalyst.org/media/40127-autosave-v1/', 0, 'revision', '', 0);

INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(40382, 23, '2019-02-06 09:54:18', '2019-02-06 09:54:18', '[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=\"26292\"][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=\"LEVERAGING GST FOR DIGITAL PAYMENTS\" 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/2018/09/GST-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=\"INTRODUCTION\" 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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>A. The MSME Landscape</strong>\n\nIndia’s Micro, Small, and Medium Enterprise (MSME) sector is a key engine of growth for the economy, with its 45% contribution to industrial output, over 40% share in exports, and employs more than 100 million people — next only to agriculture.<sup>1</sup> In spite of these impressive numbers, the overall contribution of the sector to national Gross Domestic Product (GDP) is not on par with other middle and high-income economies where MSME contribution lies in the 40-80% range.<sup>2</sup>\n\nLack of access to affordable, institutional finance remains one of the biggest hindrances to MSME growth in India – merely 5% of small businesses have access to finance from the banking sector. Informal firms account for nearly 77% of all MSMEs in developing countries, and the credit gaps faced by them are often more pronounced as compared to their formal counterparts.<sup>3</sup> An important characteristic of the MSME segment in India is that enterprises operate in a largely cash-based economy and integration of Information and Communications Technology (ICT) into operations and workflows is limited.<sup>4</sup>\n\n<strong>B. The GST Regime and its Implications for MSMEs</strong>\n\nIn July 2017, the Government of India introduced a new indirect tax regime called the Goods and Services Tax (GST) that replaced the erstwhile regime of multiple, cascading indirect taxes which included central excise duty, service tax, additional customs duty, surcharges, state level VAT, and octroi.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1537452326845{padding-top: 35px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]The introduction of GST was envisaged to create a unified national market, to bring in greater transparency in tax levels and to improve tax compliance at reduced cost for taxpayers.\n\nImplementation of GST has cast a wider tax net than the previous indirect taxation regimes by including more MSMEs in its ambit. The new tax regime, and its pursuant liability thresholds, have significant ramifications for MSMEs. Under the previous tax regime, an enterprise with a turnover of INR 15 million or less was not required to comply with the provisions of the Excise Law. The current tax regime lowers this threshold to INR 2 million. Consequentially, more merchants have been included in the tax net and an increasingly higher number among them are liable to pay the tax, and eventually bear the compliance costs.\n\nWhile the intent of the indirect tax reform has been lauded by industry, concerns have also been raised regarding its disruptive impact on the MSME segment, coming at the heels of demonetization in 2016.<sup>5</sup> After a year of GST implementation, small enterprises are still grappling with issues related to the input tax credit system, frequent change in rules and the steep penalty for late filing. For the purposes of this paper, we limit ourselves to the implications of GST on ease of doing business and tax compliance and related aspects for small businesses.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"11px\" letter_spacing=\"\" el_class=\"star-text\"]<em><sup>1</sup>Annual Report, 2017-18, Ministry of MSME, https://msme.gov.in/sites/default/files/MSME-AR-2017-18-Eng.pdf</em>\n\n<sup>2</sup>The new wave Indian MSME: An action agenda for growth, KPMG and Confederation of Indian Industry, March 2016. Available at: https://assets.kpmg.com/content/dam/kpmg/pdf/2016/03/The-new-wave-Indian-MSME.pdf\n\n<sup>3</sup>Micro, Small and Medium Enterprises in India: A research study on needs, gaps and way forward, International Finance Corporation (World Bank Group) and Government of Japan, November 2012. Available at: https://www.ifc.org/wps/wcm/connect/4760ee004ec65f44a165bd45b400a808/MSME+Report-03-01-2013.pdf?MOD=AJPERES\n\n<sup>4</sup>Overall, only 8% of total personal consumption expenditures and 26% of Micro Small and Medium Enterprises (MSMEs) to supplier payments are estimated as non-cash. Source: India’s Digital Future, Morgan Stanley Research, Oct 2017.\n\n<sup>5</sup>https://www.business-standard.com/article/economy-policy/one-year-of-gst-compliance-still-a-challenge-for-small-business-owners-118070100625_1.html\n\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=\"150\" padding_bottom=\"150\" bg_image=\"26349\"][vc_column][vc_custom_heading text=\"CATALYST WHOLESALER SURVEY ON GST \" 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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Catalyst conducted a qualitative study <sup>6</sup> to understand pain points around GST compliance for large wholesalers. Additionally, the survey tested a hypothesis — digital payments can be used to create digital records which eases the compliance burden for large merchants. As a part of the study, six wholesalers engaged in sectors including apparel,local brands and electronics, with annual turnovers ranging from INR 20 million to INR 180 million. It was observed that traders in the wholesale or B2B segment generally have a large number of employees and therefore handling cash and compliance is a hassle if performed manually. In addition to these costs, the current GST framework created pain points for these wholesalers in terms of increased compliance procedures, updating their existing technology and working capital crunch, among others\n\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify \"]The study suggested that the GST filing process can impose significant compliance costs on small businesses. The incremental costs from GST compliance can be broadly classified under the following categories:\n<ul class=\"justify-content\">\n 	<li>Cost of GST-compliant systems and softwares e.g. Enterprise Resource Planning software, invoicing and billing software, accounting software, etc. – INR 10,000 p.a.</li>\n 	<li>Personnel costs associated with outsourcing of compliance mandates to accounting/tax professionals – INR 30,000 p.a.</li>\n 	<li>Training costs associated with building in-house capacity to adhere to compliance norms – INR 5,000 p.a.</li>\n</ul>\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify \"]The associated costs, as much as INR 100,000 p.a.for some firms, pose a significant hurdle for small businesses that have come under the ambit of GST Act due to the reduced INR 2 million turnover threshold. Given the complexity of GST filing and audit formats, tax rates and HSN code identification issues, our target group of small businesses lack the in-house capacity to execute these functions internally.\n\n[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"11px\" letter_spacing=\"\"]<em><sup>6</sup>Study was conducted by GST Street</em>\n\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=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"26346\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"DIGITAL PAYMENT CHANNELS AND ERPs\" 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 \" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]A central aim of the GST was to ensure increased tax compliance by businesses. However, after implementation, there are some key challenges that merchants face with GST filing and compliance, which keeps it far from achieving its objective. Filing returns has become more complex in the new GST regime, specifically for firms who used to file only two returns every six months but now have to file three returns every month along with an annual return.<sup>7</sup> The requirement to file invoice level data and invoice matching with the suppliers for input credit just adds to the complexity. Another key challenge is the multiple tax rates that are in place even under the GST framework. The rates not only vary with the type of product/service a merchant deals in, but also on the value of a such product/service.<sup>8</sup> All these factors, including those discussed previously, taken together have led to increased compliance cost for businesses, particularly the small and micro ones.\n\nBusinesses frequently use accounting solutions and chartered accountants to execute the compliance procedure. All merchants surveyed in the Catalyst wholesaler study used an accounting software to file their tax returns. Accounting software or ERP (Enterprise Resource Planning) solutions,as they are formally known, are able to take care of the tax returns for a business. However ,currently the reconciliation of the payment for a particular transaction is done manually. A digital payments solution linked to ERPs will automate this and increase ease of compliance. This could induce small and micro merchants to adopt digital payment methods organically for their business operations. In this section, we explore the features that ERPs in India currently have to offer and how an accounting solution with a payments integration may help in easing compliance requirements for small businesses, and thus act as a hook for digital payments.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"normal-style \" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify \"]As per the Catalyst survey of wholesalers, the tax compliance function is currently executed using accounting and ERP software such as Tally, Marg, Busy, Quickbooks, and others. They provide users with services such as billing and invoicing, payment and expense handling, inventory management and taxation, among others.\n\nHowever, the survey was conducted among large wholesalers and smaller merchants who may be executing the compliance procedure differently. Presently, smaller enterprises may only generate paper-based invoices to record business transactions. These paper invoices are digitized by the firm’s accountant who executes the subsequent compliance requirements. The cost of employing an accountant is a compliance-related cost that\nGST-liable firms are required to bear. There are vendors on the market like SahiGST or Cleartax that offer tax filing software, but with pricing ranging from INR 4,000 through INR 12,000 it is unclear if smaller businesses subject to tax will avail of them.\n\nA better understanding of ERP solutions may shed more light on how digital payments integrated with ERPs may add value to businesses. In the process of filing GST returns, ERPs manage the whole workflow from generating the invoice for the sale, making the accounting entry for it and generating appropriate returns to be filed with the GSTN. However, the invoices need to be manually reconciled with their payment status. Manual reconciliation is an added friction that B2B transactions imply for merchants who usually deal with multiple businesses, both up and down the value chain. Further, business practices often involve deferred and part payments, which adds to the complexity of manual reconciliation.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"11px\" letter_spacing=\"\" el_class=\"star-text\"]<em><sup>7</sup>GST Council on 21 July 2018 allowed quarterly filing of returns for firms having turnover less than INR 50 million, however firms above the threshold have to file monthly returns.</em>\n\n<sup>8</sup>Over 200 days of GST: The Road Ahead, PwC India. (Available at: https://www.pwc.in/assets/pdfs/publications/2018/over-200-days-of-gst-the-road-ahead.pdf)\n\n[/vc_column_text][kleo_divider][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\"]The need for automatic reconciliation of invoices was expressed by merchants in a dipstick survey of nine small pharmaceutical retailers in Jaipur, conducted by Catalyst in May 2018.<sup>9</sup> The survey revealed that all GST-compliant pharma retailers were using an accounting software and chartered accountants to file their returns. The reconciliation, however, was done manually within the ERP by the merchant. Merchants expressed interest in an ERP plus payments solution, which could enable them to pay and send payment requests through the platform itself.\n\nCatalyst spoke to its partner PayBee, a payments collection solutions provider, to gain insights on how such a product may be designed. Illustratively, a possible workflow is detailed below:<sup>10</sup>\n\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"normal-style \" width=\"1/2\" css=\".vc_custom_1537456587550{padding-top: 15px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\n<ul class=\"justify-content\">\n 	<li>Merchant makes a sale, generates an invoice for the same and maps the purchaser against the invoice within the payments-enabled ERP platform.</li>\n 	<li>Based on the payment terms and conditions, as decided mutually between merchant and purchaser, the platform automatically sends a payment request to the purchaser.<sup>11</sup></li>\n 	<li>Purchaser receives the payment request within their ERP platform and is presented with multiple digital payment options (UPI, Net Banking, Wallet).</li>\n 	<li>The ERP records the payment status in realtime and undertakes automatic reconciliation of the merchant’s books.</li>\n</ul>\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify normal-style\"]The proposed integration reduces the frictions imposed by current reconciliation procedures. Given that reconciliation is an integral part of GST compliance, such a solution shall have an order of magnitude effect on easing GST compliance former chants; effectively exploiting digital payments’ potential in easing GST compliance. Razorpay, a payments acceptance platform, has developed a product which enables merchants to generate invoices, share them with the payer and accept payments.<sup>12</sup> This eases reconciliation as the merchant can tally ‘Account Receivables’ against ‘Invoices Issued’. However, the merchant shall still have to add invoice details and other transaction information on the ERP to file GST returns, creating the friction of managing multiple platforms. To the end of seamless GST compliance, an ERP + Payments offering remains the most comprehensive solution.\n\n[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"11px\" letter_spacing=\"\" el_class=\"star-text\"]<em><sup>9</sup>Questionnaire used for the survey has been included in the Annexure 1.</em>\n\n<sup>10</sup>Conversation with Area Sales Manager, PayBee dated 31 July 2018\n\n<sup>11</sup>OProposed integration is different from the invoice enabled collect request functionality included within UPI 2.0 to the extent that ERP automatically sends a pull request as per the payment conditions whereas UPI 2.0 requires merchants to manually attach invoices in collect requests.\n\n<sup>12</sup>See: https://razorpay.com/blog/razorpay-gst-compliant-invoices/\n\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=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"26347\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"GSTN &amp; PAYMENTS DATA BUNDLING TO FACILITATE SME CREDIT\" 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\"]The periodic and regular filing of tax invoices by SMEs implies a vast database of transaction records of GST-compliant merchants with the GSTN (the technological backbone of the GST ecosystem). Developers and service providers, including lenders, have access to GSTN APIs through GST Suvidha Providers. A “GSP”, as it is called, offers technological solutions to other stakeholders (Application ServiceProviders) to connect with GST systems.<sup>13</sup> This data, along with other data-sets, including payments data, could be leveraged by lenders to create alternative credit scores for under-banked SMEs. The invoice data will offer commercial data-points of the SME concerned and payments data can supplement with points from variables like power and utility payments, rentals, and telecom bills. Presently, the existing credit infrastructure in the country does not capture credit risk as evidenced from non-financial payables such as utility, telecom, and rentals.\n\nIn light of this status quo, GST reform presents the opportunity for policymakers to push through concerted marketing and SME on-boarding drives for digitization of payments in the aforementioned use-cases on the one hand and enabling credit information companies/other data utilities to capture utility payments and telecom bills data on the other. Presently, 30% of all power bills are paid digitally<sup>14</sup> and the data trails created therein, coupled with the GSTN database can be utilized to construct alternative credit scores for SMEs on the basis of which they can be lent to. The incentive of customized credit products can be further used to drive adoption of digital bill payments among merchants, creating a virtuous cycle of digital payments and customized credit.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]It is pertinent to note here that the RBI has recently mooted a public credit registry (PCR) that may potentially augment the existing credit information infrastructure (CICs).<sup>15</sup> Although it is not clear what data sources will feed into the PCR, payments data regarding utilities, telecom, and even rent can potentially be aggregated there and may be made available to lenders including fintech lenders via open APIs. The GSTN data coupled with this aggregated data will then provide the basis for an alternate credit score that will facilitate credit toSMEs. Finally, the Government e-Marketplace offers an important channel for offering credit to sellers based on transactions there, including Government-to-merchant (G2M) payments data.<sup>16</sup> Like with utilities and telecom, the G2M cash-flows through the GeM can complement GSTN data to create an alternate credit score for SMEs.\n\nTo summarize, while GSTN architecture may have limited ability to act as a direct hook for digital payments, GSTN data coupled with digitized payments use-cases across power, telecom, and rentals (C2M), and across GeM to the SME sellers (G2M) offers potential for creating alternate scores to facilitate credit. Thus, policymakers should package the push for digitization of payments using GSTN data as a hook.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"11px\" letter_spacing=\"\" el_class=\"star-text\"]<em><sup>13</sup>See: https://economictimes.indiatimes.com/small-biz/startups/flipkart-wants-to-become-gst-suvidha-provider/articleshow/58782560.cms?utm_\nsource=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst</em>\n\n<sup>14</sup>4BCG-Google, Digital Payments 2020: The Making of a $500 Billion Ecosystem in India (July 2016). Available at: http://image-src.bcg.com/BCG_COM/BCGGoogle%20Digital%20Payments%202020-July%202016_tcm21-39245.pdf\n\n<sup>15</sup>BCG, Digital Lending: A $1 trillion opportunity over the next five years (July 2018).\n\n<sup>16</sup>See https://gem.gov.in/\n\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=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"26348\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"TAX INCENTIVES\" 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\"]Paying digitally, however, means that all transactions are recorded and liable to be taxed. In this scenario, the consumers have to bear the erstwhile undeclared tax burden; this is an added cost imposed by digital payments. Industry experts have noted that the tax savings that result from cash-based transactions drive SME unit economics. Navin Surya, Chairman of Payments Council of India, suggested that policymakers should incrementally reduce the tax incidence on every additional rupee brought into the formal economy. The tax rate should be designed such that the small businesses can make the trade-off between the cash-driven tax savings with peace of mind brought with formalization.<sup>17</sup> Thus, there appears to be a case for providing tax based/GST based incentives for payments done digitally to promote their usage.\n\nThis note has previously mentioned the value of digital B2B payments in easing compliance and facilitating credit for enterprises. A tax incentive policy can further augment these levers and turn GST into a potent hook for digital payments. The incentive can be directed at a particular stage of the business value chain that has the potential of digitizing all transactions, upstream and downstream, to it.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]There exists a need for instituting a GST/non-GST tax-driven policy that rewards enterprises for digitization of all hitherto unrecorded transactions (illustratively by lowering GST/other tax rate applicable to a class of merchants’ contingent on them using digital payments to pay upstream and downstream). Empirical testing will reveal the optimum \'nudge\' at which the benefits from digitization for the merchant will outweigh the benefits from tax arbitrage, if any. Such evidence-based policy will facilitate formalization.\n\nCountries have also experimented with the C2B interface. Uruguay, through its 2014 financial inclusion law, introduced VAT incentives on the use of digital means to pay. Individuals were given a tax credit to the extent of 2% on the VAT rate for payments made digitally.<sup>18</sup> As a result of these incentives, debit cards transactions increased seven to eight times in a span of two years. The GST Council, in a similar vein, has instituted a rebate of 20% (capped at INR 100) of the total GST amount on payments made via BHIM UPI, RuPay Cards and USSD in rural and semi-urban areas.<sup>19</sup> It remains to be seen if the pilots yield the desired results.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"11px\" letter_spacing=\"\" el_class=\"star-text\"]<em><sup>17</sup>Catalyst - Interview with Mr. Navin Surya, Chairman, Payments Council of India. Available at: https://cashlesscatalyst.org/interviews/interview-mr-naveensurya-chairman-payments-council-india/</em>\n\n<sup>18</sup>See https://www.betterthancash.org/news/media-releases/uruguay-makes-great-strides-toward-the-universalization-of-access-to-financial-services\n\n<sup>19</sup>See:https://www.business-standard.com/article/economy-policy/gst-council-meet-msme-in-focus-cashback-for-digitalisation-on-pilotbasis-118080400464_1.html\n\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=\"150\" padding_bottom=\"150\" inline_style=\"font-style: normal;\" bg_image=\"26345\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ACTIONABLES FOR POLICYMAKERS\" 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\"]Three actionable insights can be derived from our research:\n\n<strong>ERP Integration with Digital Payments:</strong>\n\nPolicymakers may organize a hackathon to crowdsource a solution involving an ERP platform bundled with digital payments that automatically reconciles statements against their payment status. It appears from surveyed evidence that there is a felt need for such a solution.\n\n<strong>Creation of a Data Utility that Compliments GSTN:</strong>\n\nPolicymakers may facilitate creation of a data utility that will aggregate non-financial transactions (telecom, utility bills) paid digitally. Extant invoice level data on the GSTN network can be coupled with data aggregated by the data utility to construct an alternate credit score for SMEs that can be relied upon to lend to merchants.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner el_class=\"normal-style\" width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\nCampaigns targeted at pushing consumers to pay their utility, telecom (and potentially rent) bills may use alternate credit scoring as a hook for digital payments. GST can thus be an indirect spur for digital payments through the creation of alternate data-sets that can complement GSTN data.\n\n<strong>Tax Incentives to Drive B2B Digitization:</strong>\nAn incentive framework that is targeted at digitizing B2B supply chains by reducing the tax incidence on every additional rupee brought into the formal economy must be explored.\n\n[/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=\"\"]\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">TECHNICAL WRITERS:</span> Mandar Kagade, Raghav Katyal, Janak Priyani, and Diksha Singh</p>\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">ACKNOWLEDGEMENTS:</span> The authors would like to thank Navya Mathur, Area Sales Manager, PayBee\nand GSTStreet for their insights on merchant pain-points around invoicing and GST compliance.</p>\n[/vc_column_text][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/09/GST-Learning-Note.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549446815741{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\n<p style=\"text-align: center;\">[footer_copy]</p>\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Leveraging GST for digital payments', '', 'inherit', 'closed', 'closed', '', '26240-autosave-v1', '', '', '2019-02-06 09:54:18', '2019-02-06 09:54:18', '', 26240, 'https://cashlesscatalyst.org/media/26240-autosave-v1/', 0, 'revision', '', 0);
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link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fcan-hunger-growth-lead-early-adoption-digital-payment-solutions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542472375458{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1542472472919{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"39390\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/trust-mpos-machines-biggest-concern-among-merchants-jaipur/\"][vc_custom_heading text=\"Trust in mPoS machines is the biggest concern among merchants in Jaipur\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Ftrust-mpos-machines-biggest-concern-among-merchants-jaipur%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1542472335381{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1536558918464{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25869\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-financial-inclusion-women/\"][vc_custom_heading text=\"Digital Financial Inclusion of Women\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fdigital-financial-inclusion-women%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1536559545656{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1536399355023{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_row_inner gap=\"30\" el_class=\"lnContainer\"][vc_column_inner][vc_custom_heading text=\"eMitra\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043958090{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\" el_class=\"stories_tab\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1535623824149{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"25641\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/opportunity-growth-small-merchants-emitras/\"][vc_custom_heading text=\"Opportunity and growth for small merchants with eMitras\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fopportunity-growth-small-merchants-emitras%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1535623575523{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Aug, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1535623546451{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1521531052200{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12641\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/tuning-sound-digital-transactions/\"][vc_custom_heading text=\"Tuning into the sound of digital transactions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Ftuning-sound-digital-transactions%2F||target:%20_blank|\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532474337{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209607767{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668172942{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12643\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/digital-good-business-adds-value-consumers/\"][vc_custom_heading text=\"Digital is good for business, adds value for consumers\" font_container=\"tag:h3|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fdigital-good-business-adds-value-consumers%2F|||\" el_class=\"lnContainerTitle stories-title\" css=\".vc_custom_1521545162510{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209635727{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1535623707278{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"12642\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/age-just-number-comes-digital-payments/\"][vc_custom_heading text=\"Age just a number when it comes to digital payments\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fage-just-number-comes-digital-payments%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1520668128753{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"Jan, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521209625065{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Digitizing small merchants\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043992655{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1531488051886{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"24540\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/unlocking-finance-small-merchants-digital-data-digital-credit/\"][vc_custom_heading text=\"Unlocking finance for small merchants — from digital data to digital credit\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Funlocking-finance-small-merchants-digital-data-digital-credit%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1531483887950{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"July, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1531483516928{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1531487725294{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13293\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/in-bhim-we-trust\"][vc_custom_heading text=\"In BHIM we trust\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fin-bhim-we-trust%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1523024783753{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"April, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523024799632{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Incubator\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830376563{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668008633{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13755\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/kaleidofinadvancing-financial-inclusion-data-analytics/\"][vc_custom_heading text=\"Kaleidofin… advancing financial inclusion through data analytics \" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fkaleidofinadvancing-financial-inclusion-data-analytics%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1525831377648{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527852602192{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13756\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/paybee-lets-buzz-payments/\"][vc_custom_heading text=\"PayBee… lets buzz payments \" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fpaybee-lets-buzz-payments%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1525831034922{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527857875416{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"14805\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/fingpay-fostering-bare-pocket-transactions/\"][vc_custom_heading text=\"Fingpay… fostering bare-pocket transactions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Ffingpay-fostering-bare-pocket-transactions%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1527850904285{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1527857884041{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"14811\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/paynearbytowards-hyperlocal-fintech-network/\"][vc_custom_heading text=\"PayNearby…towards a hyperlocal fintech network\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fpaynearbytowards-hyperlocal-fintech-network%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1527852445833{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"May, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1525830797823{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043741148{margin-left: -15px !important;}\"][vc_custom_heading text=\"Dairy\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043969034{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1539069399569{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"31368\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/why-i-tried-digital/\"][vc_custom_heading text=\"Why I tried digital – a dairy distributor’s story\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:https%3A%2F%2Fcashlesscatalyst.org%2Fwhy-i-tried-digital%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1539068936812{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"October, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1539068902865{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1521531052200{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13297\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/dairy_story/\"][vc_custom_heading text=\"Milking the benefits of digital payments - A journey towards finding simple solutions\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fdairy_story%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532536721{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"March, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521531260119{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][vc_separator css=\".vc_custom_1523043753078{margin-left: -15px !important;}\"][vc_custom_heading text=\"Mera Paper\" font_container=\"tag:h3|font_size:22px|text_align:left|color:%23d11e3c|line_height:30px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1523043981077{margin-left: -15px !important;padding-right: 5% !important;padding-bottom: 0px !important;padding-left: 0% !important;}\"][vc_row_inner equal_height=\"yes\" gap=\"30\" el_class=\"lnContainer\"][vc_column_inner width=\"1/4\" css=\".vc_custom_1520668008633{margin-bottom: 10px !important;border-bottom-width: 5px !important;padding-right: 0px !important;padding-left: 0px !important;background-color: #ffffff !important;border-bottom-color: #d11e3c !important;border-bottom-style: solid !important;}\"][vc_single_image image=\"13295\" img_size=\"full\" alignment=\"center\" onclick=\"custom_link\" link=\"https://cashlesscatalyst.org/merapaper_story/\"][vc_custom_heading text=\"Digitising Khatta system - Journey of MeraPaper\" font_container=\"tag:h4|font_size:18px|text_align:left|color:%23040707|line_height:24px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" letter_spacing=\"\" link=\"url:http%3A%2F%2Fcashlesscatalyst.org%2Fmerapaper_story%2F|||\" el_class=\"lnContainerTitle\" css=\".vc_custom_1521532184955{padding-right: 5% !important;padding-left: 5% !important;}\"][vc_custom_heading text=\"March, 2018\" font_container=\"tag:p|font_size:14px|text_align:left|color:%23a5a5a5|line_height:22px\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1521531260119{padding-right: 5% !important;padding-bottom: 5% !important;padding-left: 5% !important;}\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1526060837057{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\n<p style=\"text-align: center;\">CATALYST is an initiative funded by USAID under the mSTAR Program, through funding provided to FHI 360. Housed within IFMR LEAD, the initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'User Stories', '', 'inherit', 'closed', 'closed', '', '12173-autosave-v1', '', '', '2019-02-06 10:44:22', '2019-02-06 10:44:22', '', 12173, 'https://cashlesscatalyst.org/media/12173-autosave-v1/', 0, 'revision', '', 0),
(40385, 23, '2019-02-06 10:01:14', '2019-02-06 10:01:14', '[vc_row type=\"image\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"ABOUT US\" font_container=\"tag:h2|font_size:36px|text_align:left|line_height:42px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][vc_column_text letter_spacing=\"\"]Catalyst is an initiative funded by United States Agency for International Development (USAID) under the mSTAR Program to increase adoption of digital payments in India, using a targeted ecosystem approach.\n\nOur vision is to realize an inclusive digital economy that meets the needs of all Indians.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_column_text][accordion_slider id=\"9\"][/vc_column_text][/vc_column][/vc_row]', 'about-banner', '', 'inherit', 'closed', 'closed', '', '25060-autosave-v1', '', '', '2019-02-06 10:01:14', '2019-02-06 10:01:14', '', 25060, 'https://cashlesscatalyst.org/media/25060-autosave-v1/', 0, 'revision', '', 0),
(40388, 23, '2019-02-06 10:02:54', '2019-02-06 10:02:54', '[vc_row inner_container=\"no\"][vc_column][vc_row_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][vc_column_inner width=\"10/12\"][vc_custom_heading text=\"OUR ROLE - BOTH THAT OF A SPEEDBOAT AND TUGBOAT\" font_container=\"tag:h2|font_size:36px|text_align:center|color:%23373a3a|line_height:42px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\" css=\".vc_custom_1488952925715{margin-top: 20px !important;margin-bottom: 50px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/12\"][/vc_column_inner][vc_column_inner width=\"1/6\" css=\".vc_custom_1489062234491{margin-right: 0px !important;margin-left: 0px !important;padding-right: .5% !important;padding-left: .5% !important;}\"][vc_single_image image=\"9906\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1489061316397{margin-right: 0px !important;margin-left: 0px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/6\" css=\".vc_custom_1489062247167{margin-right: 0px !important;margin-left: 0px !important;padding-right: .5% !important;padding-left: .5% !important;}\"][vc_single_image image=\"9907\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1489061425616{margin-right: 0px !important;margin-left: 0px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/6\" css=\".vc_custom_1489062292531{margin-right: 0px !important;margin-left: 0px !important;padding-right: .5% !important;padding-left: .5% !important;}\"][vc_single_image image=\"9908\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1489061455908{margin-right: 0px !important;margin-left: 0px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/6\" css=\".vc_custom_1489062271812{margin-right: 0px !important;margin-left: 0px !important;padding-right: .5% !important;padding-left: .5% !important;}\"][vc_single_image image=\"9948\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1489123606295{margin-right: 0px !important;margin-left: 0px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/6\" css=\".vc_custom_1489062283868{margin-right: 0px !important;margin-left: 0px !important;padding-right: .5% !important;padding-left: .5% !important;}\"][vc_single_image image=\"9910\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1489061592414{margin-right: 0px !important;margin-left: 0px !important;padding-right: 0px !important;padding-left: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/12\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row full_height=\"yes\" content_placement=\"middle\" type=\"image\" bg_position_horizontal=\"center\" bg_repeat=\"repeat-y\" bg_attachment=\"true\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"70\" padding_bottom=\"0\" margin_top=\"40\" margin_bottom=\"0\" bg_image=\"10061\"][vc_column][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#ffffff\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"][timeline-express][/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"9937\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1526057729699{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\n<p style=\"text-align: center;\">CATALYST is an initiative funded by USAID under the mSTAR Program, through funding provided to FHI 360. Housed within IFMR LEAD, the initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers.</p>\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'OUR ROLE - BOTH THAT OF A SPEEDBOAT AND TUGBOAT', '', 'inherit', 'closed', 'closed', '', '25084-autosave-v1', '', '', '2019-02-06 10:02:54', '2019-02-06 10:02:54', '', 25084, 'https://cashlesscatalyst.org/media/25084-autosave-v1/', 0, 'revision', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(40396, 23, '2019-02-06 10:17:32', '2019-02-06 10:17:32', '[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=\"24279\"][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\"]<h2 style=\"text-align: center;\">GEN-NEXT CHIT FUNDS — FROM DUSTY <em>DABBAS</em> TO DIGITAL <em>KHAATAS</em></h2>\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][kleo_gap size=\"130px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\" css=\".vc_custom_1504265033147{padding-right: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265063058{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265782417{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/Gen-Next_Chit_Funds_From_Dusty_Dab_as_to_Digital_Khaatas.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=\"24292\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1531316335980{padding-top: 17px !important;}\"][/vc_column_inner][vc_column_inner width=\"3/4\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]<p>The narrow streets of Bandha Basti meander as they lead up to the bright blue dwelling that houses the neighbourhood hero. A flight of concrete stairs leads to a vast space on the terrace where Farida Ben is seated on a large mattress - regal, yet welcoming as ever. </p>\n<p>A conversation quickly ensues over the tireless bleating of the family goat. From being a helper at a local anganwadi twelve years ago, to starting one of her own two years ago, Farida Ben was stirred by the socio-economic inequalities that she saw around her. She believes that these often result from a lack of awareness and literacy. After passing her class 10 examinations with her daughter Anam, there has been no turning back. Farida Ben took it upon herself to spread awareness about the benefits of literacy, financial literacy in particular, within her community and beyond.</p>\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=\"24280\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"24271\" alignment=\"center\"][vc_custom_heading text=\"CHIT FUNDS FOR COMMUNITY SAVING AND BORROWING\" 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_1531313255374{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=\"\"]<p>Having been a part of a few small chit funds* herself, Farida Ben started her own chit fund with a group of twenty members, and monthly installments of Rs. 100. She collects these installments diligently and stores the cash in an old dabba (box) in her house. In the middle of our conversation, she disappears for a few minutes and returns with a dusty old register. She flips the pages to show us the manual entries she has made pertaining to the transactions in the six chit funds she has organized so far. When asked what her primary motivation for starting the chit funds was, she explains that she believes it is a brilliant way to inculcate a habit of money-handling and saving in the community.</p>\n[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"14px\" letter_spacing=\"\"]<p style=\"text-align: left;\"><em>*Chit funds are a savings-cum-borrowing scheme prevalent in India that are based on community trust. Members from a community come together and make monthly deposits for a period of months equal to the number of members. Every month, a reverse auction is held wherein the member with the lowest bid - and hence, in dire need of the money wins. The remaining amount is distributed among all the members. Each member can only win a bid once in the duration of the chit fund.</em></p>\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_single_image image=\"24272\" alignment=\"center\"][vc_custom_heading text=\"OLD REGISTERS, TORN NOTES, AND ASSOCIATED PERILS\" 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_1531380495396{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]<p>When asked whether she believes that keeping all that cash in a dabba at home is dangerous, she nods and tells us that she has often felt that way. Apart from that, she informs us that quite a few of her clients have lied about making payments. She would turn to her dusty register to deal with such fraudulent cases, but this consumes a lot of her time. Sometimes, she has to go door-to-door to collect money from the members who do not make their payments on time. There have also been instances when she would find torn and taped Rs. 500 notes in her stash. She has had to personally get these exchanged from a bank branch, which is quite far away.</p>\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=\"24281\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"24412\" alignment=\"center\"][vc_custom_heading text=\"KYEPOT LEADS THE WAY\" 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_1531381239733{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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]<p>Farida Ben is delighted to hear that there is now a quicker way for these payments to reach her. This delight is doubled when she hears that the money will go straight to her Khaata (account) on a timely basis. She beams excitedly at the prospect of Kyepot - a fintech startup that aims to digitize the entire chit fund process by creating a mobile application-based platform for chit funds and related transactions. This seems to be the one-stop solution for her hassles with managing cash and maintaining manual accounts and registers.</p>\n<p>She eagerly beckons her adolescents, Anam and Anas, to share this news. Anas already has a smartphone and Farida Ben promises Anam that she will get her one as well. She believes that youth are the face of digital transactions and that if given time, they will be able to assist some of her older group members to make the transition to digital.</p>\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]<p style=\"text-align: left;\">Two weeks later, Anam and Anas are on a Skype conference call with Shradha Kampani, Head of Products at Kyepot. Anam’s brand new smartphone has arrived and been unboxed. The girls follow Shradha’s instructions as they install and explore the Kyepot application, so they can onboard the rest of their community. They are also taught how to download the BHIM application and make their first transaction using the Unified Payments Interface (UPI). This will enable them to organize transactions within the chit funds they will be managing on the Kyepot application.</p>\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"24322\" alignment=\"center\"][vc_custom_heading text=\"OPENING DOORS TO DIGITAL PAYMENTS\" 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_1531326097605{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]<p>Are Anam and Anas going to use BHIM for purposes other than undertaking transactions on Kyepot? “Certainly!” - is the unanimous reply - “It is so convenient!”. They have just begun their exploration of the UPI world but are already enthusiastic about using it to make payments for healthcare services, payments at petrol pumps and even to pay their college fees. They are confident about propelling a similar adoption of digital payments among their peers.</p>\n<p>Farida Ben looks on proudly. She has clearly faced her fair share of hurdles - with stern opposition from her family in the beginning for organizing the chit funds in her home. But she is not one for excuses. She believes in action.</p>\n[/vc_column_text][/vc_column_inner][/vc_row_inner][kleo_divider][/vc_column][/vc_row][vc_row][vc_column][kleo_button title=\"Download\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/Gen-Next_Chit_Funds_From_Dusty_Dab_as_to_Digital_Khaatas.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]', 'Gen-Next Chit Funds - From Dusty Dabbas to Digital Khaatas', '', 'inherit', 'closed', 'closed', '', '24269-autosave-v1', '', '', '2019-02-06 10:17:32', '2019-02-06 10:17:32', '', 24269, 'https://cashlesscatalyst.org/media/24269-autosave-v1/', 0, 'revision', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(40397, 23, '2019-02-06 10:15:52', '2019-02-06 10:15:52', '[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=\"22795\"][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=\"MERCHANT PERSPECTIVES ON THE BHIM EXPERIENCE\" 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/2018/07/BHIM-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_row_inner][vc_column_inner width=\"1/2\"][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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Since its introduction in August 2016, the Unified Payments Interface (UPI) has been a game changer for the digital payments ecosystem in India. The interface allows bank customers to make payments to another bank account on a real-time basis using the Immediate Payment Service (IMPS). The National Payments Corporation of India’s BHIM application, which is based on the UPI interface, was one of the first few UPI applications to gain traction among users. As part of its Digital Payments Lab in Jaipur, Catalyst piloted a merchant-centric UPI awareness and adoption campaign in a market cluster of nearly 400 retail outlets, Barkat Nagar, surrounded by a dense residential locality. The objective of the campaign was to enable merchants to accept payments via UPI-enabled applications at the point of sale, using Quick Response (QR) code stickers. It also endeavoured to test the suitability of the QR-based UPI solution for small merchants, and analyse the role of financial incentives and handholding models as an intervention to boost adoption and use by merchants and customers. [/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530610399307{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]A follow-up survey was conducted four months after the campaign’s launch, to garner feedback from a sample of users as well as non-adopters.\n\nThis note discusses learnings and insights from Catalyst’s pilot UPI awareness and activation campaign, followed by insights from the feedback survey that was conducted in March 2018. It provides an analytical perspective on the features that work in favour of BHIM, and barriers to its wider adoption and use. From a use perspective, insights suggest that the BHIM application faces stiff competition from other UPI applications and payment platforms in the market. The authors make a case for reorienting BHIM as an ‘ecosystem enabler’ and propose two strategies to this end.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" parallax_speed=\"0.4\" padding_top=\"150\" padding_bottom=\"150\" bg_image=\"22797\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"BHIM - SETTING THE STAGE FOR A NEW INTERFACE\" 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_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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]The Bharat Interface for Money (BHIM), a mobile application launched by NPCI in 2016, allows users to make account-to-account transfers using the Unified Payments Interface (UPI). Launched by the Government of India on the back of the withdrawal of legal tender of bank notes in denominations of Rs.500 and Rs.1000, BHIM was an integral constituent of the push towards a less cash ecosystem in the country. A nation-wide awareness and marketing campaign conducted at the time of the launch of the application, followed by promotional schemes for merchants and customers, translated into 19 million downloads between December 2016 and March 2017. Moreover, BHIM has been successful in generating mass awareness about a new interface (UPI), and spurring the creation of a UPI app ecosystem with nearly 40 applications in the market today[/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\"]BHIM UPI users have the option to make payments using a virtual payment address (VPA) or by scanning a Quick Response (QR) code. As a form factor, the QR code is easy to use, and offers a user experience that is closer to cash as compared to other payment solutions such as cards. Once the QR code has been generated using the BHIM application, the merchant has to simply display the code at a prominent location in his/her establishment, and the customer can scan and pay on the go. In countries such as China, QR codes are playing an important role in building last-mile acceptance for proximity payments even among low-income merchant segments. As of 2016, a third of the mobile payments done through WeChat and Alipay combined ($ 7.9 tn.) were using QR codes.[/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=\"22798\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ENABLING SMALL MERCHANTS TO USE UPI\" 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_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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In October 2017, Catalyst implemented a pilot project to assess the suitability of UPI as a payment solution for small retail merchants and test the role of financial incentives in driving adoption and sustained use. The project tested the suitability of two UPI-enabled applications– NPCI’s BHIM UPI and Flipkart’s PhonePe.[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Barkat Nagar in Jaipur was chosen for this survey because it is a major mixed-use market that is surrounded by a dense residential colony. It is frequented by a younger demographic that may be more amenable to digital payments adoption. Moreover, there is a fair penetration of prepaid digital wallets among merchants in the market which indicates a certain level of pre-existing digital payment awareness and familiarity.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\n\nThe pilot campaign was conducted in partnership with NPCI and PhonePe and they provided the data for transactions on the respective platforms. It comprised of the following phases:\n\n[/vc_column_text][vc_single_image image=\"22742\" img_size=\"full\" alignment=\"center\"][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"GENERATING AWARENESS AND IDENTIFYING LEADS\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\n\nA 10-day awareness campaign to emphasize the benefits and ease of using QR-based digital payments was conducted in the market cluster using a combination of feet-on-street activities and kiosks that were set up in various locations inside the market, with support from the local market association. Learnings from a prior experiment conducted by Catalyst in the same market suggest that door-to-door marketing campaigns and kiosks across prominent locations in the market prove successful in garnering merchant interest. Moreover, proprietors of small retail businesses are typically strapped for time and manpower, and may find it challenging to step away from the store to participate in awareness campaigns. Drawing on this insight, multiple touch points were used to reach out to small merchants and consumers in the market and its vicinity, with the assumption that these activities would create awareness among a critical mass of people and spur two-sided network effects of payments.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530618633117{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Nearly 40,000 flyers were circulated in Barkat Nagar through newspapers, an additional 15,000 flyers were distributed through kiosks in the market, and 5,000 flyers were distributed by merchants to their customers. To improve the effectiveness of the awareness campaign, the information was packaged and delivered through collaterals in the local language. It consisted of information on steps to use the QR code to make payments, details about the incentive schemes for merchants and consumers (Table 1) and list of shops that would accept payments through the UPI QR code.\n\n[/vc_column_text][/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=\"22745\" img_size=\"large\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner][vc_custom_heading text=\"HANDHOLDING THROUGH ONBOARDING AND ASSISTED USE\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Since the BHIM application and the UPI-based technologies were relatively new in the market at the time, handholding merchants through the onboarding process and assisting them to try the solution at no-cost/ risks formed a key part of the campaign. Merchants who expressed interest in adopting the solution during the outreach campaign were assisted with the onboarding process on BHIM, generation of QR and printouts of QR code stickers. They were also given detailed information regarding the incentive schemes for them as well as consumers and provided with collaterals illustrating steps to pay via QR code.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"ONGOING MONITORING OF USE, NUDGES AND AWARD OF INCENTIVES\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Since mid-October 2017, month on month data on transactions conducted via BHIM UPI has been tracked for the sample of adopters (69).\n\nData from NPCI suggests that while UPI transactions in India have seen a consistent rise in volume and value in 2017-18, BHIM’s share in UPI transactions has not seen a concomitant increase. Transaction data shared by NPCI for merchants in our sample for November 2017-February 2018 also suggests that while there was significant interest in adoption at the time of the outreach campaign, it did not translate into high adoption rates and sustained use on a month on month basis. On an average, only 14 out of the 69 merchants (about 20%) of BHIM adopters were using it actively. (A merchant was classified as an active user if he/she had conducted more than five digital transactions for at least two of the four months.)[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530690741893{margin-top: -32px !important;}\"][vc_single_image image=\"22752\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner][vc_custom_heading text=\"FEEDBACK EXERCISE\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Feedback from merchants in the first month of the campaign suggested that the minimum threshold of 30 transactions in a month, and 20 unique transactions to avail the financial incentives was relatively high. The initial design of the incentives was modified based on this input - the monthly threshold was reduced to 20 transactions and the criterion of unique transactions was relaxed. Based on usage data for November 2017, the first cohort of winners was awarded the financial incentives at a ceremony conducted in January 2018. To understand the potential factors responsible for the low adoption and usage rates, a follow-up survey was conducted through in-depth interviews with a sample of 25 merchants from those who were targeted as part of the outreach campaign for the intervention. The sample for the follow-up dipstick study included 20 merchants who had adopted BHIM QR and five merchants who did not adopt it, for various reasons. The adopters consisted of a combination of active and inactive users. A merchant was classified as an active user if he/she had conducted more than five digital transactions for at least two months during the study. The 20 adopters consisted of six active users, seven users who reported low to moderate transaction levels, and seven non-users (merchants who were on-boarded to the application but did not undertake any transactions).[/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=\"22799\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"KEY INSIGHTS\" 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_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 width=\"1/2\"][vc_custom_heading text=\"DRIVERS FOR ADOPTION AND USE \" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>i.Seamless transfers between accounts</strong>\n\nMerchants acknowledge the convenience of account-to-account transfer offered by BHIM as against the manual/ lagged credit of payments to their bank accounts in the case of prepaid wallets. This played an important role in encouraging trial and adoption of BHIM in the pilot. Nearly 50% of BHIM adopters interviewed in the feedback exercise found the account-to-account transfer facility as a defining feature of the application. It is important to note that merchant’s frame of reference for digital payments mainly consisted of prepaid wallets such as Paytm which did not have the UPI functionality at the time. Thus, in relation to e-wallets such as Paytm, BHIM UPI and PhonePe offered a more seamless payment experience.\n\n<strong>ii.Trust </strong>\n\nThe perception of trust associated with an application endorsed by the Government of India, coupled with the nationwide marketing campaign at the time of launch were motivating factors for adoption as well.[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]This trust may be due to an implicit understanding of it being a “safer” means to pay. 10% of the adopters cited this as a reason for adoption/important feature of BHIM.\n\n<strong>iii.Handholding to on-board </strong>\n\nFeedback from merchants suggests that the extensive handholding and assistance in carrying out actual transactions played an important role in encouraging them to try the technology. More than 30% of the adopters alluded to this in the survey. While such go-to-market models may be difficult to scale across markets, it is important to acknowledge the need to support assisted use of new technologies and solutions among users who are in the early stages of digital payments use and adoption.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"BARRIERS TO ADOPTION AND SUSTAINED USE\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\n\nLow merchant acceptance of digital payments remains a barrier to widespread adoption of digital payments at the last-mile – nearly 40 million merchants still do not accept any form of digital payments. In our study as well, while merchants exhibited a fair level of awareness and familiarity with digital payment solutions, their share in overall transaction values is not significant. Our study suggests that merchant adoption is motivated by a combination of factors which include reducing on-boarding frictions, incentives such as cashbacks and rewards, and preferences of transacting counterparties such as customers and suppliers. The qualitative survey conducted as part of the project suggests that the following barriers may have played an important role in influencing merchant’s adoption and subsequent use of BHIM:\n\n<strong>i.On-boarding frictions</strong>\n\nThere were some bottlenecks in signing up on the BHIM application, such as:\n<ul>\n 	<li>After linking the bank accounts with the application, it asks the user to set a UPI PIN. For that the user is required to put in the last 6 digits of the debit card and the expiry date. Because of this, some merchants who did not have a debit card linked to their current accounts could not on-board on BHIM as they did not want to link their savings account to BHIM.</li>\n 	<li>Some merchants also encountered issues in the process of getting the OTP to register on the application.</li>\n</ul>\n&nbsp;\n\n<strong>ii.Stickiness of cash in merchant ecosystem</strong>\n\nAlthough merchants were using apps like Paytm and BHIM for business purposes, the total value of such transactions did not account for a significant proportion of their business operations. Almost 30% of the 25 merchants interviewed revealed that majority of their transactions were in cash, primary reasons being that customers prefer cash and suppliers also had to be paid in cash. The stickiness of cash is also reflected in a study that Catalyst conducted in collaboration with PRICE. In the study, 55% of the non-adopters of digital payments cited lack of customer demand as one of the primary reasons for non-adoption.\n\n&nbsp;\n\n<strong>iii.Weak Incentive Design </strong>\n\nFinancial incentives such as cashbacks/referral bonuses offered by other applications (like Paytm) in the market were seen as more lucrative by merchants and customers as compared to the incentives on BHIM, as at the time of the study, incentives on BHIM were significantly lower than other applications. The process for availing rewards/cashbacks from referrals is fairly simple in these applications as well. Moreover, they offer customers the flexibility to use the cashbacks and rewards in multiple ways such as utility bill payments, in-app purchase of goods and services or payments at locations like petrol pumps and movie theatres. Additionally, they offer rewards on mobile recharges, bill payments among other payment use-cases.\n\nThe drawback in the initial incentive scheme has been addressed to an extent with NPCI’s announcement of a revised scheme of incentives for on-boarding and use, in April 2018. This includes a cashback of INR 51 for customers successfully completing their first financial transaction, cashbacks of upto INR 750 for users registered as customers, and cashbacks of upto INR 1,000 for users registered as merchants linked with minimum transaction values and volumes.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>iv. Low awareness and demand for BHIM in merchant ecosystem </strong>\n\nMerchants also reported lack of awareness among customers and subsequent demand from them to pay via BHIM as an important reason for the low use of BHIM. While the revised incentive schemes for BHIM referrals and cash back mentioned above could give a fillip to transactions, low awareness and adoption among customers remain a barrier to sustained use by merchants.\n\nThe low demand for BHIM in relation to payment solutions such as e-wallets and other UPI applications may be a function of the first mover advantage that incumbent service providers enjoy in the market. Being early in the market has allowed private payment service providers to establish a wide network of merchants and customers and facilitate easy recall value, which are important determinants of success in a two-sided market like payments. Moreover, entities such as Paytm have invested heavily in online and offline marketing campaigns, which has strengthened brand recall among customers as well as merchants.\n\n<strong>v. Limited Use Cases </strong>\n\nThe limited range of use cases of the BHIM application at the time of its launch, as compared to other digital payment offerings in the market is also an influencing factor. Given the competition in the payments ecosystem, providing differentiated features is important for payment service providers to incentivise users to choose one solution over another.\n\nOur study also reveals that users value such product differentiation significantly. Illustratively, PhonePe and Paytm both have a PPI license and on the one hand allow account-to-account transfer through UPI and on the other, allow the customer to use the PPI balance for making in-app purchases of goods and services from the merchants on-boarded on the platform. Additionally, they provide options to make bill payments and mobile recharges, among other facilities. Until recently, BHIM was primarily a conduit for account-to-account transfer and has been upgraded to include a bill payments feature as well.[/vc_column_text][vc_single_image image=\"22744\" img_size=\"full\" alignment=\"center\"][/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=\"22800\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"RE-IMAGINING BHIM\n\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In a move to spur greater adoption of UPI and facilitate recall value among users, all bank-led UPI applications in the market have been rebranded with the prefix ‘BHIM UPI’.15 This implies a change in nomenclature at the front-end of these applications (e.g. BHIM SBI Pay/BHIM Axis Pay), while they continue to operate on the UPI interface. Thus, on one hand, the BHIM application is a platform that enables merchants and customers to make UPI-based payments, and on the other hand, it has been positioned as a larger entity which is synonymous with the UPI interface.\n\nIn light of these developments in the larger BHIM/UPI ecosystem, and the demand-side constraints in scaling the BHIM application articulated above16, there is a strong case for reimagining BHIM as an ecosystem enabler – beyond its role as a payments application.[/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\"]This proposition is based on a combination of factors which suggest that BHIM is uniquely placed to play such a role in the ecosystem. These include the large volumes of transactional data available on the platform which can be opened up to further innovation through secure APIs, promoter NPCI’s organic linkages with banks and complementarities of value added services with payments. We make a case for two ways in which the BHIM ecosystem can be creatively reimagined below.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"BHIM AS AN AGGREGATOR OF FINANCIAL SERVICES\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Presently, 92 banks are live on BHIM and it has recorded 58.16 million transactions in 2018. Further, the BHIM mobile application has been downloaded on 28.9 million devices, meaning that it contains data about consumer and merchant transactions. This data can be accessed by developers (in compliance with best practices to safeguard users’ data privacy), financial services providers and other Fintech companies for building “Over the Top” applications and complimentary products that may be offered within the BHIM app interface. Enabling secure access to data aggregated on BHIM can facilitate innovation by financial institutions, Fintech companies and other stakeholders who can utilise this information to develop customised financial service products.\n\nThis kind of integration, with BHIM acting as an aggregator for merchant-centric products, can play a role in bridging the credit gaps for the MSME segment. Another potential use-case is for the BHIM app to offer an insurance products marketplace and facilitate access to insurance products to merchants that operate these small businesses.\n\nUnder the extant regulatory framework, offering insurance aggregator services requires an entity to be licensed by the IRDA. Symmetrically, offering financial products like Mutual Funds requires the entity to retain a distributor license from SEBI. Since NPCI, the promoter and operator of BHIM, is a Section 8 Company incorporated with the objective to set up and implement retail payment systems in the country, the aforementioned proposal will require regulatory concessions from the relevant regulators.\n\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\n\nGiven the socially beneficial impact of reorienting BHIM as an online marketplace for complimentary financial products, there is a compelling case for the NPCI to partner with the Ministry of Electronics and Information Technology and the Ministry of Finance to work with the concerned regulators to obtain these regulatory concessions. NPCI’s role as the umbrella retail payments organization in India and the fact that it is already a regulated entity under the Reserve Bank of India’s jurisdiction bolsters the case.\n\nThe potential illustrative workflow of such an offering is:\n<ol>\n 	<li>In addition to the ‘Send’, ‘Request’ and ‘Scan and Pay’ option, the application Home Page offers a section titled ‘Other Services’</li>\n 	<li>Contained within ‘Other Services’ is a “catalog” that offers a host of financial products and services including credit, insurance (even potentially mutual funds).</li>\n 	<li>Here the merchant can view, and compare, the products offered by banks, insurance companies and AMCs</li>\n 	<li>The merchant can then click through to initiate the purchase of the product/service.</li>\n</ol>\nPolicy related to small business credit could be amended to create high powered incentives for banks to originate credit from leads generated on the BHIM application. Though these high powered incentives could be delivered through several channels, we suggest a ranking system monitored by a government think-tank like Niti Aayog linked to the volume of credit that banks originate through the leads generated on BHIM.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"MERCHANT SOLUTIONS ON BHIM\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In addition to efforts to popularise BHIM among merchants using cashback schemes, providing value-added services such as a ‘khaata’ feature can enhance its utility to merchants. A ‘khaata’, colloquially, is a ledger kept by businesses to record sale and purchase transactions. With BHIM increasing the convenience in collecting payments for merchants, additional value can be unlocked by incorporating a dashboard for a ‘digital khaata’ in the platform. A “digital khaata” would record the business transactions paid through BHIM as “sales” and “purchase”. This would entail easy reconciliation and more efficient management of business operations. For instance, it may allow merchants to track supplier payments and send payment requests, and get paid seamlessly through the app. This khaata may also be used to undertake customer analytics for the merchants to generate insights on what could drive business for them. Illustratively, insights on sales trends can help the merchant design better sales strategies and map loyal customers. Conversely, purchase trends may yield data which aids the merchants in better inventory management.[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]BHIM can also be repurposed as a platform for business to business interaction. Illustratively, a merchant may design and market customised, time bound offerings for its clients via BHIM. Doing this would significantly expedite business communication and allow merchants to instantly accept and pay for such offers.\n\nA potential target group for the testing of such a solution can be found in India’s vast network of small retail businesses. These businesses enjoy a regular local clientele from neighbouring residential and commercial areas and maintain physical registers. The analytics component of this digital khaata solution can help these small businesses design customer loyalty programs, and keep track of bills and payments due to distributors.\n\nIt is of importance to acknowledge that this solution may only be applicable to businesses which may not find it feasible to invest in ERP solutions to manage their business operations.[/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=\"22987\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"TOWARDS AN ECOSYSTEM APPROACH\n\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Insights from Catalyst’s small merchant UPI activation project and feedback from ongoing monitoring and evaluation suggest that providing seamless account-to-account transfers alone may not be enough to incentivise widespread adoption and use of the BHIM app. While the revised scheme of incentives for BHIM use now places it at par with the incentives offered by other players in the space, and selected features such as utility bill payments have been added to the application, it continues to face stiff competition from UPI-enabled applications that offer multiple use cases, enjoy first-mover advantage and a strong brand recall. Strategies to promote further adoption and use of the BHIM application need to weigh potential gains in relation to these factors. The focus must instead shift on leveraging the application to test scalable use cases that can spur widespread adoption by merchant and consumers, and create an enabling ecosystem for service providers to innovate.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">TECHNICAL WRITERS:</span> Mandar Kagade, Janak Priyani, Diksha Singh and Raghav Katyal.</p>\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">ACKNOWLEDGEMENTS:</span>The authors would like to thank Kanika Joshi, Darshan Singh and Anil Kumar Pandey for their support in data collection and analysis.</p>\n[/vc_column_text][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/07/BHIM-Learning-Note.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549448014529{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\n<p style=\"text-align: center;\">[footer_copy]</p>\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Merchant perspectives on the BHIM experience', '', 'inherit', 'closed', 'closed', '', '22688-autosave-v1', '', '', '2019-02-06 10:15:52', '2019-02-06 10:15:52', '', 22688, 'https://cashlesscatalyst.org/media/22688-autosave-v1/', 0, 'revision', '', 0);
INSERT INTO `in_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(40398, 23, '2019-02-06 10:17:29', '2019-02-06 10:17:29', '[vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"image\" bg_position_horizontal=\"center\" padding_top=\"65px\" padding_bottom=\"65px\" bg_image=\"25433\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner width=\"1/6\"][vc_single_image image=\"10108\" img_size=\"full\" alignment=\"center\" animation=\"animate-when-visible\" css_animation=\"el-fade\"][/vc_column_inner][vc_column_inner width=\"5/6\"][vc_custom_heading text=\"Catalyst FINposium 10\" font_container=\"tag:h2|font_size:26px|text_align:left|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=\"\" css=\".vc_custom_1531984120377{margin-bottom: 0px !important;}\"][vc_column_text text_color=\"#ffffff\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]<strong>Event:</strong> Developing Business Models for Mass Digital Payments in India\n<strong>Date:</strong> August 8<sup>th</sup>, 2018\n<strong>Location:</strong> Grand Hyatt, Santacruz (East), Mumbai, India\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" bg_color=\"#ffffff\" padding_bottom=\"0\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"INTRODUCTION\" 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=\"\" css=\".vc_custom_1534942548653{margin-top: 30px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]Catalyst organized a day-long FINposium, titled, \'Developing Business Models for Mass Digital Payments in India\', in Mumbai on August 8<sup>th</sup>, 2018. The discussions aimed at identifying new potential strategies to deepen digital payments acceptance and financial inclusion in the small business segment. It brought together key stakeholders from diverse industries, including financial and digital service providers, fintech companies, banks, supply chain players, and industry aggregators.\n\nThe workshop witnessed the launch of Catalyst and PRICE’s joint research titled, <a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/05/price_report-web.pdf\">‘Mapping the Merchant’s Mind – An Analysis of Digital Payment Behaviors by Fixed Store Merchants in Jaipur’.</a>\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_custom_heading text=\"OBJECTIVES\" 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=\"\" css=\".vc_custom_1534942561810{margin-top: 30px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\n<ul class=\"pclist-red\">\n 	<li>Discuss learnings from the ground and identify potential ecosystem strategies to deepen digital payments acceptance and financial inclusion</li>\n 	<li>Learn and offer new insights that can be used by practitioners to design meaningful value propositions for small businesses</li>\n 	<li>Share stream of action learnings from Catalyst’s ongoing operational activities in its <a href=\"https://cashlesscatalyst.org/digital-payment-lab/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #d11e3c;\"><strong>Digital Payments Lab</strong></span></a> and <a href=\"https://cashlesscatalyst.org/incubator/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #d11e3c;\"><strong>Fintech for the Last Mile incubator program, </strong></span></a>and</li>\n 	<li>Highlight insights based on the joint research conducted by Catalyst and People Research on India’s Consumer Economy (PRICE)</li>\n</ul>\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_custom_heading text=\"PANEL DISCUSSION\" 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=\"\" css=\".vc_custom_1534942748114{margin-top: 30px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\n\n<strong>Digitizing merchant payments in India: Opportunities and strategies to promote adoption </strong>\n\nModerator : Rama Bijapurkar, Chairperson, PRICE\n\nThe power-packed panel clearly highlighted what has been tried, what worked, what did not, and further focused on discussing the following – assessing the nature of the opportunity for solution providers and the last mile audience, challenges and insights into the problems, solutions, strategies for the future, and \'must-have\' enablers.\n\nThe discussions focused on opportunities for ecosystem players to develop innovative solutions and business models, understanding challenges in taking these strategies to the market, answering the key question for merchants (what’s in it for me?), and considerations for future actions.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_video link=\"https://www.youtube.com/watch?v=mDFIaHS1u1k\" align=\"center\"][vc_empty_space][/vc_column_inner][vc_column_inner width=\"1/4\"][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_custom_heading text=\"KEY INSIGHTS\" 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=\"\" css=\".vc_custom_1534943974768{margin-top: 30px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\n<ul>\n 	<li><strong>The inevitable role of technology breakthroughs</strong> – Taking technology to potential users to build business out of it and add value for customers and businesses</li>\n 	<li><strong>Credit as a hook and collections are key drivers</strong> – For adoption and acceptance of digital payment solutions among micro and small merchants across the ecosystem – suppliers, distributors and retailers</li>\n 	<li><strong>Digital and physical access to services and solutions</strong> - Both are important drivers in reaching out to potential users for universal inclusion</li>\n 	<li><strong>Challenge of building digital payments acceptance at scale in India</strong> – To get a meaningful number of users beyond aspiration i.e.to include everyone to make digital financial inclusion a reality</li>\n 	<li><strong>Innovation is key to building strategies to reach the last mile audience</strong> – It is vital to build deeper context on small business profiles, needs, behaviors, and perceptions before a solution or a service is introduced for its acceptance and adoption and</li>\n 	<li><strong>Are merchants making more money? What’s in it for merchants?</strong> – These are few questions that digital payment solution providers should be able to answer to get the micro, medium, and small merchants on board</li>\n</ul>\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ALL ABOUT CONTEXT: Urban and Rural Use Cases \" 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=\"\" css=\".vc_custom_1534943984729{margin-top: 30px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\nWhile a confluence of government and industry initiatives have increased non-cash payments, this has been confined mostly to peer-to-peer use cases. The discussions here focused on deliberating some evidence-based approaches to digitize mass payments. This session showcased learnings from emerging business models and use cases on payments digitization and financial inclusion across urban and rural areas.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"color\" padding_top=\"0\" padding_bottom=\"20\"][vc_column][vc_custom_heading text=\"RESOURCES\" 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=\"\" css=\".vc_custom_1534943992080{margin-top: 30px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]\n<p class=\"underline\"><a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/F10-agenda.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Agenda</a></p>\nPresentations\n<ul class=\"pclist-red underline\">\n 	<li><a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/digitizing_fixed_store_merchants.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Digitizing fixed store merchants</a></li>\n 	<li><a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/digitizing_supply_chain_payments.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Digitizing supply chain payments</a></li>\n 	<li><a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/low_income_BB_final.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Building integrated digital finance models for an urban low-income cluster</a></li>\n 	<li><a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/remote_payment_use_case.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Digitizing small vendors with remote collections needs</a></li>\n 	<li><a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/credit_as_a_hook.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Credit as a hook to induce digital payment adoption</a></li>\n</ul>\nInsights from Catalyst-PRICE study on\n<ul class=\"pclist-red underline\">\n 	<li><a href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/08/MAPPING_THE_MERCHANTS_MIND.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Mapping the Merchant\'s Mind- An Analysis of Digital Payment Behaviors of Micro Merchants in Jaipur</a></li>\n</ul>\n[/vc_column_text][vc_column_text text_color=\"#383b3b\" font_size=\"18px\" letter_spacing=\"\" el_class=\"lh24\"]The session further captured delegates\' brainstorm on key challenges in operationalizing digital payment business models in India, keeping the use cases discussed in the previous session as reference, and identifying potential strategies to address these barriers in building digital payments acceptance at scale.\n\nThe workshop concluded with deliberations on challenges and opportunities for ecosystem players to develop innovative and needs-based payment solutions and business models for the \'last mile\' consumers and merchant – <strong>how they interact with financial tools, what are their barriers, and what are the value propositions that induce them to transact digitally.</strong>\n\n[/vc_column_text][vc_empty_space height=\"50px\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549447633759{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\n<p style=\"text-align: center;\">[footer_copy]</p>\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Partner Convening 10', '', 'inherit', 'closed', 'closed', '', '24681-autosave-v1', '', '', '2019-02-06 10:17:29', '2019-02-06 10:17:29', '', 24681, 'https://cashlesscatalyst.org/media/24681-autosave-v1/', 0, 'revision', '', 0),
(40399, 23, '2019-02-06 10:17:30', '2019-02-06 10:17:30', '[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=\"24295\"][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_custom_heading text=\"UNLOCKING FINANCE FOR SMALL MERCHANTS - FROM DIGITAL DATA TO DIGITAL CREDIT\" 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=\"130px\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" type=\"color\" bg_color=\"#ffffff\" padding_top=\"10\" padding_bottom=\"0\"][vc_column width=\"1/2\"][/vc_column][vc_column width=\"1/2\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner width=\"5/12\" css=\".vc_custom_1504265033147{padding-right: 0px !important;}\"][/vc_column_inner][vc_column_inner width=\"1/3\" css=\".vc_custom_1504265063058{padding-left: 0px !important;}\"][vc_column_text letter_spacing=\"\"][addtoany][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/4\" css=\".vc_custom_1504265782417{padding-right: 0px !important;padding-left: 0px !important;}\"][kleo_button title=\"Print this page\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/09/unlocking-finance-small-merchants.pdf\" target=\"_blank\" style=\"custom\" position=\"left\" size=\"lg\" special=\"no\" border=\"no\" icon=\"print\" font_size=\"16px\" letter_spacing=\"\" el_class=\"grey-icon\" custom_text=\"#d11e3c\"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\" bg_image=\"7841\"][vc_column][vc_row_inner][vc_column_inner width=\"1/4\"][vc_single_image image=\"24312\" img_size=\"full\" alignment=\"center\" css=\".vc_custom_1531318139818{padding-top: 17px !important;}\"][/vc_column_inner][vc_column_inner width=\"3/4\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]Kamal Singh, a 40-year-old tea vendor in the walled city area of Jaipur has been running his family’s tea shop for two generations. As we arrive, Kamal is busy serving tea and biscuits to office-goers who are sitting on a row in a small iron bench outside the shop. Rakesh Singh, his 70-year-old father, is mixing milk and tea in a burning aluminum vessel in a corner in the shop.\n\nThe visible inventory in the shop is scant – a couple of big glass jars filled with biscuits, a few packets of plastic tea cups and some freshly bought sachets of milk from the local diary. Early on in our conversation, Kamal tells us that he needs around one lakh rupees to expand his business. While he did apply for a loan from a formal financial institution, his application was rejected.\n\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=\"24303\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"24296\" alignment=\"center\"][vc_custom_heading text=\"FINANCING THE ‘MISSING MIDDLE’ \" 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_1533035782314{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=\"\"]Millions of microentrepreneurs such as Kamal are unable to access working capital loans from banks and financial institutions due to lack of formal financial histories. In such a scenario, digitizing merchant payments generate data trails that can be used by a financial service provider to assess the credit worthiness of small merchants and extend loans.\n\nAs part of a pilot initiative to test this hypothesis, Catalyst has partnered with a financial service provider to provide a sample of small merchants with a Point of Sale (PoS) machine to digitize payments by customers. During the onboarding process for the pilot, we demonstrate the PoS machine to Kamal and help him with instructions on how to operate it. We also tell him that if he encourages his customers to pay by card even for small transactions – a lending agency will be able to see his monthly transaction data, and offer him a formal loan. Once a small ticket size loan is disbursed by the lender, the daily interest payment due on the loan can be deducted directly from the payments received from the card swipes at the POS. Kamal is intrigued by the proposition and seems convinced that using the POS machine can help him get a loan.\n\n[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=\"image\"][vc_column][vc_single_image image=\"24305\" alignment=\"center\"][vc_custom_heading text=\"HIGH COSTS - A BARRIER TO GOING DIGITAL \" 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_1533035845782{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_row_inner equal_height=\"yes\" content_placement=\"middle\"][vc_column_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\"]Following the onboarding to the machine, we explain to Kamal the upfront cost and the rental cost of buying and maintaining a PoS machine. At this stage, we see a hesitation on Kamal’s face. The upfront cost of buying the machine is upwards of Rs. 2000 and he needs to pay an additional rental fee of Rs. 250 per month to maintain this machine. These costs are over and above the daily interest on the loan amount that he wishes to borrow.\n\n“The cost of buying and renting the machine is quite high for me. It is also challenging to convince my customers to pay digitally for small transactions.”\n\nHearing about the various indirect costs associated with acquiring and using the PoS machine, Kamal’s interest in the loan product has visibly dwindled. Moreover, his customers undertake transactions of small ticket sizes and he is doubtful about nudging them to pay him digitally.\n\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=\"24297\"][vc_column][vc_row_inner content_placement=\"middle\"][vc_column_inner][vc_single_image image=\"24308\" alignment=\"center\"][vc_custom_heading text=\"LEARNING BY ITERATING\" 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_1533035881798{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=\"\"]\nOur conversations with Kamal gives us important insights into the operational challenges related to testing our hypotheses of bundling digital payments with credit propositions. We are back to the drawing board and are working on an iteration of the pilot.\n\nIn the next phase, we will introduce a no/low cost payment alternative for small merchants such as Unified Payments Interface (UPI) to help them overcome the cost barriers associated with purchasing and renting a PoS machine. Using our iterative design and learning process, we will also continue to gather deeper insights into the factors that influence merchants and the customer’s willingness to adopt digital payments for small transactions at retail shops such as the one run by Kamal and his family.\n\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/unlocking-finance-small-merchants.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row]', 'Unlocking finance for small merchants — from digital data to digital credit', '', 'inherit', 'closed', 'closed', '', '24294-autosave-v1', '', '', '2019-02-06 10:17:30', '2019-02-06 10:17:30', '', 24294, 'https://cashlesscatalyst.org/media/24294-autosave-v1/', 0, 'revision', '', 0);
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(40401, 23, '2019-02-06 10:20:25', '2019-02-06 10:20:25', '[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=\"22795\"][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=\"MERCHANT PERSPECTIVES ON THE BHIM EXPERIENCE\" 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/2018/07/BHIM-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_row_inner][vc_column_inner width=\"1/2\"][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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Since its introduction in August 2016, the Unified Payments Interface (UPI) has been a game changer for the digital payments ecosystem in India. The interface allows bank customers to make payments to another bank account on a real-time basis using the Immediate Payment Service (IMPS). The National Payments Corporation of India’s BHIM application, which is based on the UPI interface, was one of the first few UPI applications to gain traction among users. As part of its Digital Payments Lab in Jaipur, Catalyst piloted a merchant-centric UPI awareness and adoption campaign in a market cluster of nearly 400 retail outlets, Barkat Nagar, surrounded by a dense residential locality. The objective of the campaign was to enable merchants to accept payments via UPI-enabled applications at the point of sale, using Quick Response (QR) code stickers. It also endeavoured to test the suitability of the QR-based UPI solution for small merchants, and analyse the role of financial incentives and handholding models as an intervention to boost adoption and use by merchants and customers. [/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530610399307{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]A follow-up survey was conducted four months after the campaign’s launch, to garner feedback from a sample of users as well as non-adopters.\r\n\r\nThis note discusses learnings and insights from Catalyst’s pilot UPI awareness and activation campaign, followed by insights from the feedback survey that was conducted in March 2018. It provides an analytical perspective on the features that work in favour of BHIM, and barriers to its wider adoption and use. From a use perspective, insights suggest that the BHIM application faces stiff competition from other UPI applications and payment platforms in the market. The authors make a case for reorienting BHIM as an ‘ecosystem enabler’ and propose two strategies to this end.\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=\"150\" padding_bottom=\"150\" bg_image=\"22797\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"BHIM - SETTING THE STAGE FOR A NEW INTERFACE\" 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_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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]The Bharat Interface for Money (BHIM), a mobile application launched by NPCI in 2016, allows users to make account-to-account transfers using the Unified Payments Interface (UPI). Launched by the Government of India on the back of the withdrawal of legal tender of bank notes in denominations of Rs.500 and Rs.1000, BHIM was an integral constituent of the push towards a less cash ecosystem in the country. A nation-wide awareness and marketing campaign conducted at the time of the launch of the application, followed by promotional schemes for merchants and customers, translated into 19 million downloads between December 2016 and March 2017. Moreover, BHIM has been successful in generating mass awareness about a new interface (UPI), and spurring the creation of a UPI app ecosystem with nearly 40 applications in the market today[/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\"]BHIM UPI users have the option to make payments using a virtual payment address (VPA) or by scanning a Quick Response (QR) code. As a form factor, the QR code is easy to use, and offers a user experience that is closer to cash as compared to other payment solutions such as cards. Once the QR code has been generated using the BHIM application, the merchant has to simply display the code at a prominent location in his/her establishment, and the customer can scan and pay on the go. In countries such as China, QR codes are playing an important role in building last-mile acceptance for proximity payments even among low-income merchant segments. As of 2016, a third of the mobile payments done through WeChat and Alipay combined ($ 7.9 tn.) were using QR codes.[/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=\"22798\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"ENABLING SMALL MERCHANTS TO USE UPI\" 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_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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In October 2017, Catalyst implemented a pilot project to assess the suitability of UPI as a payment solution for small retail merchants and test the role of financial incentives in driving adoption and sustained use. The project tested the suitability of two UPI-enabled applications– NPCI’s BHIM UPI and Flipkart’s PhonePe.[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Barkat Nagar in Jaipur was chosen for this survey because it is a major mixed-use market that is surrounded by a dense residential colony. It is frequented by a younger demographic that may be more amenable to digital payments adoption. Moreover, there is a fair penetration of prepaid digital wallets among merchants in the market which indicates a certain level of pre-existing digital payment awareness and familiarity.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n\r\nThe pilot campaign was conducted in partnership with NPCI and PhonePe and they provided the data for transactions on the respective platforms. It comprised of the following phases:\r\n\r\n[/vc_column_text][vc_single_image image=\"22742\" img_size=\"full\" alignment=\"center\"][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"GENERATING AWARENESS AND IDENTIFYING LEADS\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n\r\nA 10-day awareness campaign to emphasize the benefits and ease of using QR-based digital payments was conducted in the market cluster using a combination of feet-on-street activities and kiosks that were set up in various locations inside the market, with support from the local market association. Learnings from a prior experiment conducted by Catalyst in the same market suggest that door-to-door marketing campaigns and kiosks across prominent locations in the market prove successful in garnering merchant interest. Moreover, proprietors of small retail businesses are typically strapped for time and manpower, and may find it challenging to step away from the store to participate in awareness campaigns. Drawing on this insight, multiple touch points were used to reach out to small merchants and consumers in the market and its vicinity, with the assumption that these activities would create awareness among a critical mass of people and spur two-sided network effects of payments.\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530618633117{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Nearly 40,000 flyers were circulated in Barkat Nagar through newspapers, an additional 15,000 flyers were distributed through kiosks in the market, and 5,000 flyers were distributed by merchants to their customers. To improve the effectiveness of the awareness campaign, the information was packaged and delivered through collaterals in the local language. It consisted of information on steps to use the QR code to make payments, details about the incentive schemes for merchants and consumers (Table 1) and list of shops that would accept payments through the UPI QR code.\r\n\r\n[/vc_column_text][/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=\"22745\" img_size=\"large\" alignment=\"center\"][/vc_column_inner][vc_column_inner width=\"1/6\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner][vc_custom_heading text=\"HANDHOLDING THROUGH ONBOARDING AND ASSISTED USE\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Since the BHIM application and the UPI-based technologies were relatively new in the market at the time, handholding merchants through the onboarding process and assisting them to try the solution at no-cost/ risks formed a key part of the campaign. Merchants who expressed interest in adopting the solution during the outreach campaign were assisted with the onboarding process on BHIM, generation of QR and printouts of QR code stickers. They were also given detailed information regarding the incentive schemes for them as well as consumers and provided with collaterals illustrating steps to pay via QR code.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"ONGOING MONITORING OF USE, NUDGES AND AWARD OF INCENTIVES\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Since mid-October 2017, month on month data on transactions conducted via BHIM UPI has been tracked for the sample of adopters (69).\r\n\r\nData from NPCI suggests that while UPI transactions in India have seen a consistent rise in volume and value in 2017-18, BHIM’s share in UPI transactions has not seen a concomitant increase. Transaction data shared by NPCI for merchants in our sample for November 2017-February 2018 also suggests that while there was significant interest in adoption at the time of the outreach campaign, it did not translate into high adoption rates and sustained use on a month on month basis. On an average, only 14 out of the 69 merchants (about 20%) of BHIM adopters were using it actively. (A merchant was classified as an active user if he/she had conducted more than five digital transactions for at least two of the four months.)[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530690741893{margin-top: -32px !important;}\"][vc_single_image image=\"22752\" img_size=\"full\" alignment=\"center\"][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner][vc_custom_heading text=\"FEEDBACK EXERCISE\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Feedback from merchants in the first month of the campaign suggested that the minimum threshold of 30 transactions in a month, and 20 unique transactions to avail the financial incentives was relatively high. The initial design of the incentives was modified based on this input - the monthly threshold was reduced to 20 transactions and the criterion of unique transactions was relaxed. Based on usage data for November 2017, the first cohort of winners was awarded the financial incentives at a ceremony conducted in January 2018. To understand the potential factors responsible for the low adoption and usage rates, a follow-up survey was conducted through in-depth interviews with a sample of 25 merchants from those who were targeted as part of the outreach campaign for the intervention. The sample for the follow-up dipstick study included 20 merchants who had adopted BHIM QR and five merchants who did not adopt it, for various reasons. The adopters consisted of a combination of active and inactive users. A merchant was classified as an active user if he/she had conducted more than five digital transactions for at least two months during the study. The 20 adopters consisted of six active users, seven users who reported low to moderate transaction levels, and seven non-users (merchants who were on-boarded to the application but did not undertake any transactions).[/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=\"22799\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"KEY INSIGHTS\" 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_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 width=\"1/2\"][vc_custom_heading text=\"DRIVERS FOR ADOPTION AND USE \" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>i.Seamless transfers between accounts</strong>\r\n\r\nMerchants acknowledge the convenience of account-to-account transfer offered by BHIM as against the manual/ lagged credit of payments to their bank accounts in the case of prepaid wallets. This played an important role in encouraging trial and adoption of BHIM in the pilot. Nearly 50% of BHIM adopters interviewed in the feedback exercise found the account-to-account transfer facility as a defining feature of the application. It is important to note that merchant’s frame of reference for digital payments mainly consisted of prepaid wallets such as Paytm which did not have the UPI functionality at the time. Thus, in relation to e-wallets such as Paytm, BHIM UPI and PhonePe offered a more seamless payment experience.\r\n\r\n<strong>ii.Trust </strong>\r\n\r\nThe perception of trust associated with an application endorsed by the Government of India, coupled with the nationwide marketing campaign at the time of launch were motivating factors for adoption as well.[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]This trust may be due to an implicit understanding of it being a “safer” means to pay. 10% of the adopters cited this as a reason for adoption/important feature of BHIM.\r\n\r\n<strong>iii.Handholding to on-board </strong>\r\n\r\nFeedback from merchants suggests that the extensive handholding and assistance in carrying out actual transactions played an important role in encouraging them to try the technology. More than 30% of the adopters alluded to this in the survey. While such go-to-market models may be difficult to scale across markets, it is important to acknowledge the need to support assisted use of new technologies and solutions among users who are in the early stages of digital payments use and adoption.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"BARRIERS TO ADOPTION AND SUSTAINED USE\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n\r\nLow merchant acceptance of digital payments remains a barrier to widespread adoption of digital payments at the last-mile – nearly 40 million merchants still do not accept any form of digital payments. In our study as well, while merchants exhibited a fair level of awareness and familiarity with digital payment solutions, their share in overall transaction values is not significant. Our study suggests that merchant adoption is motivated by a combination of factors which include reducing on-boarding frictions, incentives such as cashbacks and rewards, and preferences of transacting counterparties such as customers and suppliers. The qualitative survey conducted as part of the project suggests that the following barriers may have played an important role in influencing merchant’s adoption and subsequent use of BHIM:\r\n\r\n<strong>i.On-boarding frictions</strong>\r\n\r\nThere were some bottlenecks in signing up on the BHIM application, such as:\r\n<ul>\r\n 	<li>After linking the bank accounts with the application, it asks the user to set a UPI PIN. For that the user is required to put in the last 6 digits of the debit card and the expiry date. Because of this, some merchants who did not have a debit card linked to their current accounts could not on-board on BHIM as they did not want to link their savings account to BHIM.</li>\r\n 	<li>Some merchants also encountered issues in the process of getting the OTP to register on the application.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>ii.Stickiness of cash in merchant ecosystem</strong>\r\n\r\nAlthough merchants were using apps like Paytm and BHIM for business purposes, the total value of such transactions did not account for a significant proportion of their business operations. Almost 30% of the 25 merchants interviewed revealed that majority of their transactions were in cash, primary reasons being that customers prefer cash and suppliers also had to be paid in cash. The stickiness of cash is also reflected in a study that Catalyst conducted in collaboration with PRICE. In the study, 55% of the non-adopters of digital payments cited lack of customer demand as one of the primary reasons for non-adoption.\r\n\r\n&nbsp;\r\n\r\n<strong>iii.Weak Incentive Design </strong>\r\n\r\nFinancial incentives such as cashbacks/referral bonuses offered by other applications (like Paytm) in the market were seen as more lucrative by merchants and customers as compared to the incentives on BHIM, as at the time of the study, incentives on BHIM were significantly lower than other applications. The process for availing rewards/cashbacks from referrals is fairly simple in these applications as well. Moreover, they offer customers the flexibility to use the cashbacks and rewards in multiple ways such as utility bill payments, in-app purchase of goods and services or payments at locations like petrol pumps and movie theatres. Additionally, they offer rewards on mobile recharges, bill payments among other payment use-cases.\r\n\r\nThe drawback in the initial incentive scheme has been addressed to an extent with NPCI’s announcement of a revised scheme of incentives for on-boarding and use, in April 2018. This includes a cashback of INR 51 for customers successfully completing their first financial transaction, cashbacks of upto INR 750 for users registered as customers, and cashbacks of upto INR 1,000 for users registered as merchants linked with minimum transaction values and volumes.\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]<strong>iv. Low awareness and demand for BHIM in merchant ecosystem </strong>\r\n\r\nMerchants also reported lack of awareness among customers and subsequent demand from them to pay via BHIM as an important reason for the low use of BHIM. While the revised incentive schemes for BHIM referrals and cash back mentioned above could give a fillip to transactions, low awareness and adoption among customers remain a barrier to sustained use by merchants.\r\n\r\nThe low demand for BHIM in relation to payment solutions such as e-wallets and other UPI applications may be a function of the first mover advantage that incumbent service providers enjoy in the market. Being early in the market has allowed private payment service providers to establish a wide network of merchants and customers and facilitate easy recall value, which are important determinants of success in a two-sided market like payments. Moreover, entities such as Paytm have invested heavily in online and offline marketing campaigns, which has strengthened brand recall among customers as well as merchants.\r\n\r\n<strong>v. Limited Use Cases </strong>\r\n\r\nThe limited range of use cases of the BHIM application at the time of its launch, as compared to other digital payment offerings in the market is also an influencing factor. Given the competition in the payments ecosystem, providing differentiated features is important for payment service providers to incentivise users to choose one solution over another.\r\n\r\nOur study also reveals that users value such product differentiation significantly. Illustratively, PhonePe and Paytm both have a PPI license and on the one hand allow account-to-account transfer through UPI and on the other, allow the customer to use the PPI balance for making in-app purchases of goods and services from the merchants on-boarded on the platform. Additionally, they provide options to make bill payments and mobile recharges, among other facilities. Until recently, BHIM was primarily a conduit for account-to-account transfer and has been upgraded to include a bill payments feature as well.[/vc_column_text][vc_single_image image=\"22744\" img_size=\"full\" alignment=\"center\"][/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=\"22800\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"RE-IMAGINING BHIM\r\n\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/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 width=\"1/2\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In a move to spur greater adoption of UPI and facilitate recall value among users, all bank-led UPI applications in the market have been rebranded with the prefix ‘BHIM UPI’.15 This implies a change in nomenclature at the front-end of these applications (e.g. BHIM SBI Pay/BHIM Axis Pay), while they continue to operate on the UPI interface. Thus, on one hand, the BHIM application is a platform that enables merchants and customers to make UPI-based payments, and on the other hand, it has been positioned as a larger entity which is synonymous with the UPI interface.\r\n\r\nIn light of these developments in the larger BHIM/UPI ecosystem, and the demand-side constraints in scaling the BHIM application articulated above16, there is a strong case for reimagining BHIM as an ecosystem enabler – beyond its role as a payments application.[/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\"]This proposition is based on a combination of factors which suggest that BHIM is uniquely placed to play such a role in the ecosystem. These include the large volumes of transactional data available on the platform which can be opened up to further innovation through secure APIs, promoter NPCI’s organic linkages with banks and complementarities of value added services with payments. We make a case for two ways in which the BHIM ecosystem can be creatively reimagined below.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"BHIM AS AN AGGREGATOR OF FINANCIAL SERVICES\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Presently, 92 banks are live on BHIM and it has recorded 58.16 million transactions in 2018. Further, the BHIM mobile application has been downloaded on 28.9 million devices, meaning that it contains data about consumer and merchant transactions. This data can be accessed by developers (in compliance with best practices to safeguard users’ data privacy), financial services providers and other Fintech companies for building “Over the Top” applications and complimentary products that may be offered within the BHIM app interface. Enabling secure access to data aggregated on BHIM can facilitate innovation by financial institutions, Fintech companies and other stakeholders who can utilise this information to develop customised financial service products.\r\n\r\nThis kind of integration, with BHIM acting as an aggregator for merchant-centric products, can play a role in bridging the credit gaps for the MSME segment. Another potential use-case is for the BHIM app to offer an insurance products marketplace and facilitate access to insurance products to merchants that operate these small businesses.\r\n\r\nUnder the extant regulatory framework, offering insurance aggregator services requires an entity to be licensed by the IRDA. Symmetrically, offering financial products like Mutual Funds requires the entity to retain a distributor license from SEBI. Since NPCI, the promoter and operator of BHIM, is a Section 8 Company incorporated with the objective to set up and implement retail payment systems in the country, the aforementioned proposal will require regulatory concessions from the relevant regulators.\r\n\r\n[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]\r\n\r\nGiven the socially beneficial impact of reorienting BHIM as an online marketplace for complimentary financial products, there is a compelling case for the NPCI to partner with the Ministry of Electronics and Information Technology and the Ministry of Finance to work with the concerned regulators to obtain these regulatory concessions. NPCI’s role as the umbrella retail payments organization in India and the fact that it is already a regulated entity under the Reserve Bank of India’s jurisdiction bolsters the case.\r\n\r\nThe potential illustrative workflow of such an offering is:\r\n<ol>\r\n 	<li>In addition to the ‘Send’, ‘Request’ and ‘Scan and Pay’ option, the application Home Page offers a section titled ‘Other Services’</li>\r\n 	<li>Contained within ‘Other Services’ is a “catalog” that offers a host of financial products and services including credit, insurance (even potentially mutual funds).</li>\r\n 	<li>Here the merchant can view, and compare, the products offered by banks, insurance companies and AMCs</li>\r\n 	<li>The merchant can then click through to initiate the purchase of the product/service.</li>\r\n</ol>\r\nPolicy related to small business credit could be amended to create high powered incentives for banks to originate credit from leads generated on the BHIM application. Though these high powered incentives could be delivered through several channels, we suggest a ranking system monitored by a government think-tank like Niti Aayog linked to the volume of credit that banks originate through the leads generated on BHIM.\r\n\r\n[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=\".vc_custom_1530619463277{padding-top: 50px !important;padding-bottom: 50px !important;}\"][vc_column_inner][kleo_divider][/vc_column_inner][/vc_row_inner][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][vc_custom_heading text=\"MERCHANT SOLUTIONS ON BHIM\" 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_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]In addition to efforts to popularise BHIM among merchants using cashback schemes, providing value-added services such as a ‘khaata’ feature can enhance its utility to merchants. A ‘khaata’, colloquially, is a ledger kept by businesses to record sale and purchase transactions. With BHIM increasing the convenience in collecting payments for merchants, additional value can be unlocked by incorporating a dashboard for a ‘digital khaata’ in the platform. A “digital khaata” would record the business transactions paid through BHIM as “sales” and “purchase”. This would entail easy reconciliation and more efficient management of business operations. For instance, it may allow merchants to track supplier payments and send payment requests, and get paid seamlessly through the app. This khaata may also be used to undertake customer analytics for the merchants to generate insights on what could drive business for them. Illustratively, insights on sales trends can help the merchant design better sales strategies and map loyal customers. Conversely, purchase trends may yield data which aids the merchants in better inventory management.[/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\" css=\".vc_custom_1530620238439{padding-top: 50px !important;}\"][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]BHIM can also be repurposed as a platform for business to business interaction. Illustratively, a merchant may design and market customised, time bound offerings for its clients via BHIM. Doing this would significantly expedite business communication and allow merchants to instantly accept and pay for such offers.\r\n\r\nA potential target group for the testing of such a solution can be found in India’s vast network of small retail businesses. These businesses enjoy a regular local clientele from neighbouring residential and commercial areas and maintain physical registers. The analytics component of this digital khaata solution can help these small businesses design customer loyalty programs, and keep track of bills and payments due to distributors.\r\n\r\nIt is of importance to acknowledge that this solution may only be applicable to businesses which may not find it feasible to invest in ERP solutions to manage their business operations.[/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=\"22987\"][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=\"TOWARDS AN ECOSYSTEM APPROACH\r\n\" font_container=\"tag:h2|font_size:26px|text_align:center|color:%23ffffff|line_height:32px\" google_fonts=\"font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\" letter_spacing=\"\"][/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][vc_column_text text_color=\"#383b3b\" font_size=\"16px\" letter_spacing=\"\" el_class=\"lh22 ptext-justify\"]Insights from Catalyst’s small merchant UPI activation project and feedback from ongoing monitoring and evaluation suggest that providing seamless account-to-account transfers alone may not be enough to incentivise widespread adoption and use of the BHIM app. While the revised scheme of incentives for BHIM use now places it at par with the incentives offered by other players in the space, and selected features such as utility bill payments have been added to the application, it continues to face stiff competition from UPI-enabled applications that offer multiple use cases, enjoy first-mover advantage and a strong brand recall. Strategies to promote further adoption and use of the BHIM application need to weigh potential gains in relation to these factors. The focus must instead shift on leveraging the application to test scalable use cases that can spur widespread adoption by merchant and consumers, and create an enabling ecosystem for service providers to innovate.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text letter_spacing=\"\"]\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">TECHNICAL WRITERS:</span> Mandar Kagade, Janak Priyani, Diksha Singh and Raghav Katyal.</p>\r\n<p style=\"text-align: left;\"><span style=\"color: #da092b;\">ACKNOWLEDGEMENTS:</span>The authors would like to thank Kanika Joshi, Darshan Singh and Anil Kumar Pandey for their support in data collection and analysis.</p>\r\n[/vc_column_text][kleo_button title=\"Download full report\" href=\"https://cashlesscatalyst.org/wp-content/uploads/2018/07/BHIM-Learning-Note.pdf\" target=\"_blank\" position=\"center\" size=\"lg\" type=\"boxed-icon\" special=\"no\" icon=\"download\" font_size=\"14px\" letter_spacing=\"\" el_class=\"pkirbtn\" icon_custom_background=\"#d11e3c\" icon_custom_text=\"#ffffff\"][/vc_column][/vc_row][vc_row el_id=\"footer_area\" text_align=\"center\" type=\"image\" bg_position_horizontal=\"center\" enable_parallax=\"false\" padding_top=\"50px\" padding_bottom=\"50px\" bg_image=\"7886\"][vc_column width=\"1/4\"][/vc_column][vc_column width=\"1/2\" offset=\"vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0\"][vc_single_image image=\"7888\" img_size=\"full\" alignment=\"center\"][vc_column_text text_color=\"#ffffff\" font_size=\"14px\" letter_spacing=\"\" css=\".vc_custom_1549448415695{margin-top: 35px !important;margin-bottom: 5px !important;padding-right: 20px !important;}\"]\r\n<p style=\"text-align: center;\">[footer_copy]</p>\r\n[/vc_column_text][kleo_gap][vc_column_text letter_spacing=\"\" css=\".vc_custom_1484051069491{margin-bottom: 0px !important;}\"]\r\n<p style=\"text-align: center;\">[email-newsletter-plugin]</p>\r\n[/vc_column_text][kleo_icon icon=\"facebook\" href=\"https://www.facebook.com/CashlessCatalyst/\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"linkedin\" href=\"https://www.linkedin.com/company/13221050?trk=tyah&amp;trkInfo=clickedVertical%3Acompany%2CclickedEntityId%3A13221050%2Cidx%3A2-1-2%2CtarId%3A1476420479247%2Ctas%3Acashless%20catalyst\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"twitter\" href=\"https://twitter.com/cashlesscatalys\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][kleo_icon icon=\"youtube-play\" href=\"https://www.youtube.com/channel/UChuc38_PfawDOu44IfYS4lw\" target=\"_blank\" padding=\"15px\" icon_color=\"#ffffff\"][/vc_column][vc_column width=\"1/4\"][/vc_column][/vc_row]', 'Merchant perspectives on the BHIM experience', '', 'inherit', 'closed', 'closed', '', '22688-revision-v1', '', '', '2019-02-06 10:20:25', '2019-02-06 10:20:25', '', 22688, 'https://cashlesscatalyst.org/media/22688-revision-v1/', 0, 'revision', '', 0);
