Nasvi, an organisation representing over 30 lakh street vendors from 25 states across India, has announced a tie up with Indian mobile wallet company, MobiKwik. The move is in line with Prime Minister Narendra Modi’s vision to make India cashless.
Ever since the announcement of demonetisation, the income of street vendors has come down drastically. The repercussions of currency ban had affected sale and supply both end. Cashless ecosystem became the need of the hour and could be a saviour for the lakhs of vendors and their families.
MobiKwik recently launched a lighter version of the app MobiKwik Lite, which allows smaller and unorganized retailers and shopkeepers, accept payments seamlessly. With gradual integration of digital payment and fintech space, being an app with less than 1 MB that works smoothly on EDGE connections, MobiKwik Lite addresses the underserved smart phone users in the country who face challenges of slow data connectivity and thus are unable to access digital payments easily.
The company was the first to announce free bank transfers that motivated millions of sellers and buyers to transact cashless. The e-wallet firm has witnessed 100 x increases in overall traffic and 200 per cent increase in app downloads.
