Financial inclusion, E-Commerce and Rural India
Pandemic has brought many phenomenal changes for India and one such change is reverse migration and increased online buying in rural India.
In addition to small stores going virtual, many professionals and graduates moved back to their towns.
This resulted in the great escalation in rural consumption and demand in tier 2, 3 cities and putting eCommerce at the forefront.
Innovative e-commerce models encouraged the use of new and innovative digital mechanisms across the regions as well the industries.
This growth and demand have eventually given a great push to financial inclusion.
New platforms are gaining relevance in emerging markets opening up opportunities to niche platforms and markets.
For businesses to make it big in the world of e-commerce the right kind of financial assistance is required.
Similarly, there is an unbanked chunk of the population detached from the benefits of eCommerce.
The advantages of digital payments are evident but an expansion of eCommerce and financial inclusion towards underserved segments is also critical.
Fintechs are playing an important role in financial inclusion by bringing merchants and consumers together to build a strong foundation for an e-commerce platforms
Lyra is also enabling online payments for rural and remote India with Lyra’s Last mile Solution.
What is Lyra’s NAC-GPRS SIM solution?
Lyra introduced the NAC-GPRS SIM solution for last-mile connectivity offering a quick, secure, and updated channel for digital transactions in rural India.
The solution enables real-time connection transferring transaction flow securely from handheld devices like POS terminals and connects it to the network with any existing transaction protocol.
Restriction on traveling and restriction on physically handling the cash was one of the biggest issues faced by rural India and poor network connectivity is other.
There is no uninterrupted network for online transactions. As there is a network connectivity problem in remote locations, the provision of micro ATMs consists of features that make withdrawals easier, quick, and convenient for the residents of rural areas.
Not all telcos work in all locations, since all these locations were remote it was important to send the correct telco sim to make the device work.
To achieve this Lyra did a feasibility study of the locations using latitude and longitude before SIM allocation and dispatch for each location.
As a backup buffer sims from each telco were also sent to the district offices. Lyra’s last-mile connectivity in Rural India has enabled the NAC-GPRS solution.
With this solution, Lyra is solving the problem of interrupted transactions in rural India because of network problems in remote areas.
What are the components of Lyra’s unique solution for rural India?
Today more than 1.3 lakh mobile devices are deployed with Lyra’s last-mile connectivity solution.
With more than 1.3 lakh Branch Post Master on the move daily to carry out postal services are offering various services like cash withdrawal, cash deposit, postal life insurance, money order, speed post-booking, etc.
This fully automated real-time solution not only is enabled with biometric authentication, barcode, solar panel, etc. but it also offers secured connectivity via SIM cards in POS terminals on a secure & private APN with Pan India coverage.
LYRA is also doing managed connectivity service for 1.30 lakh locations across India, most locations are rural, enabled these locations with 3G providing network through various telecom operators – BSNL, Idea, Vodafone, and JIO.
Last-mile connectivity in Rural India LYRA NAC – GPRS: With this solution, Lyra is solving the problem by easing the transactions in rural India.
Enabling Banks to conduct transactions in rural India | Financial Inclusion | Banking services to remote areas.
IP Solutions – Broadband Penetration in Banking services – Solutions supports an Open Internet to increase the security for transacting through banks and POS machines.