Pay10 - Fostering Economy Through Online Payments in Northeast India

 

Pay10 [a brand of Bhartipay Services] has concentrated its efforts on serving the financial requirements of residents of the northeast, which includes all seven states. Their services are available to anyone who is unable to make payments for their bills, taxes, tuition, or other obligations online. This entails examining P2P and P2B payments streams as well as doing an ecosystem evaluation to find areas where fintech and other innovations might address issues with last-mile delivery and usage of digital payments.

Pay10 has concentrated its efforts on serving the financial requirements of residents of the northeast, which includes all seven states. Their services are available to anyone who is unable to make payments for their bills, taxes, tuition, or other obligations online. This entails examining P2P and P2B payments streams as well as doing an ecosystem evaluation to find areas where fintech and other innovations might address issues with last-mile delivery and usage of digital payments.

Pay10 shall endeavor to provide all payment options systems for business. There will be an admin panel for them to check the transactions, maintain the report, manage refunds, link-based payment options, and many other facilities as they develop to provide from time to time. These facilities shall be offered in a phased manner. The availability /non-availability of a particular service shall be advised through the web page of their admin or through written communication or an SMS alert.

Keeping in mind Digital India and how electronically payments have improved the living of everyone during this pandemic time. E-payment is a mode of payment in addition to the conventional methods of payment offered by Pay10 without having any implication on the existing procedure of the executive and accounting agencies. To avail to this facility, the basic requirement is an internet connection, net banking facility, UPI activation with any banks listed by the government. This is a 24X7 facility and citizens can make the payment any time of the day.

Instant online receipts for payment made with a transaction number are shared on email and SMS. North-east India offers a natural habitat for payment options because of under-penetration and lack of knowledge in these regions. Success rates will be a function of the ability to generate transaction volumes, having a business structure that's light on overheads, and with smart technology. The opportunity lies in domestic remittances, as most of the transactions are still conducted through informal channels. These sets of people can be shifted to formal channels.

Pay10 has a strategy for a Digital North East India, which identifies online payments as a key enabler to transform the lives of the 44 million people across the eight North-East states namely Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura. It enhances their ease of living. This initiative is in support of the Government of India's broader vision for the North East Region to understand the state of the digital payments ecosystem and opportunities to digitize payment streams by focusing on usage through merchant acceptance points and other applications of fintech innovations.

 

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