PayNearby launches 'NeoDukaan' to modernize local retailers

PayNearby, a leading banking and digital payments network, has partnered with Retailers Association's Skill Council of India (RASCI) to launch 'PayNearbyNeoDukaan' to digitally upgrade its retail partners and gear them towards a better livelihood.

NeoDukaan is a first-of-its-kind holistic store management tool aimed at digitising the retail stores and accelerating digital adoption at the last mile. With multiple digital payment options,digital ledger for credit management and online wholesale procurement options, 'NeoDukaan' looks to create a thriving ecosystem for its retail partners byempowering themdigitally and bringing them at par with the current times.

Anand Kumar Bajaj, Founder, MD and CEO, PayNearby, said: "Retailing in India is one of the pillars of our socio-economicstructure. For India to thrive and grow, it is important that the retailers are given the necessary support and tools tostay relevant in the fast-evolving economy. This application is one such effortcommitted to enable financial inclusiveness and the economic wellbeing of the retailers."

In India, retail is evolving but not retailers. It is India's largest industry, accounting for over10 per cent of the country's GDP and 8 per cent of employment. However, despite its large size, the sector has remained predominantly unorganized due to the presence of local stores and vendors.