“We designed PaySe as a digital transformation solution especially for people in rural areas, taking into account their digital and financial literacy. PaySe is working with an aim to digitize the complete SHG ecosystem across India so that people at the bottom of the pyramid are not devoid of the basic formal financial services, " says Vishnu R Dusad, MD, Nucleus Software.
PaySe’s offline payment solution was used to digitise the SHG(Self Help Group) centred ecosystem and was tested for P2M (Person to Merchant) transactions in Tier 6 locations from November 16, 2020, to February 15, 2021, by RBI. PaySe was amongst the few entities to be able to complete this testing phase within the stipulated time. RBI has also stated in its exit letter that PaySe may be considered viable for wider adoption for rural masses.
PaySe is currently working with State Rural Livelihood Missions to digitize the existing process of loan disbursement and collection in order to increase financial inclusion for rural masses. PaySe has been successfully implemented in a district of Haryana and is in use there by Cluster Level Federations (CLFs), Village Organizations (VOs) and Self Help Groups (SHGs) since 2018. It has been successfully used by 22,000+ women members of State Rural Livelihood Mission (SRLM) in over 225 villages to digitally do micro-savings, loan repayments, merchant transactions and bill payments. Transactions worth over INR 155 cores have been processed digitally in the last 2.5 years.
PaySe stands for Pay Securely and takes security and safety of people’s funds at the lower end of the pyramid, especially in the rural milieu, as its topmost priority. It enables 2FA (two-factor authentication or dual authentication) for every transaction. The hardware selection and design, the end-to-end system design and implementation, and product manufacturing of the PaySe cards and devices are well-engineered, with security as the main goal. The offline device can be used for 6-8 months with single time charge.
At around 2.48 pm, Nucleus was trading at Rs585 per piece down 2.4% on Sensex.