Jaipur Startup Getepay is Powering India’s Informal Economy
India’s informal economy has long been a significant contributor to the country’s GDP, with a vast majority of small and medium-sized enterprises (SMEs) and micro-entrepreneurs operating outside the formal financial system. This sector has historically faced numerous challenges, including limited access to digital payment options, making it difficult for merchants to manage their finances efficiently. However, a Jaipur-based fintech startup, Getepay, is changing this narrative by providing digital tools to empower India’s informal economy.
Founded in 2016 by Pravin Sharma, Getepay has made rapid strides in serving over 1 million merchants in Tier II and III towns, which are often underserved by traditional financial institutions. The startup’s innovative approach lies in bundling payments, billing, invoicing, and loyalty tools, making it an ideal solution for informal economy players. With the Reserve Bank of India (RBI) approval as a payment aggregator, Getepay is now poised to expand its reach to 2.5 million merchants by 2027.
The Challenges of India’s Informal Economy
India’s informal economy is characterized by a lack of formal documentation, inadequate access to financial services, and limited digital infrastructure. This sector is often plagued by issues such as cash-based transactions, manual record-keeping, and limited options for credit and financing. As a result, many informal economy players struggle to manage their finances efficiently, leading to reduced productivity, delayed payments, and limited opportunities for growth.
Getepay’s Solution
Getepay addresses these challenges by providing a comprehensive suite of digital tools that cater specifically to the needs of informal economy players. The startup’s platform enables merchants to accept digital payments, generate invoices, and track sales in real-time. Additionally, Getepay’s loyalty program helps merchants retain customers and increase repeat business.
One of the key differentiators of Getepay is its focus on rural areas. The startup has developed a robust network of agents and partners in Tier II and III towns, enabling it to reach a vast majority of informal economy players who often lack access to digital payment options. This rural-first approach has been instrumental in Getepay’s success, with the startup reporting a significant increase in adoption rates among rural merchants.
Benefits for Merchants
Getepay’s digital tools have numerous benefits for informal economy players. By using the platform, merchants can:
- Accept Digital Payments: Getepay enables merchants to accept digital payments from customers, reducing the need for cash transactions and improving financial transparency.
- Generate Invoices: The startup’s invoicing tool helps merchants generate professional-looking invoices, making it easier to track sales and manage finances.
- Track Sales in Real-Time: Getepay’s real-time sales tracking feature enables merchants to monitor sales, identify trends, and make data-driven decisions.
- Improve Customer Retention: The startup’s loyalty program helps merchants retain customers by offering rewards and incentives, leading to increased repeat business.
- Access Credit and Financing: Getepay’s partnership with various financial institutions enables merchants to access credit and financing options, helping them to grow their businesses.
Scaling Up
With RBI approval as a payment aggregator, Getepay is poised to scale up its operations and expand its reach to 2.5 million merchants by 2027. The startup’s ambitious growth plans are backed by its robust network of agents and partners, as well as its innovative digital tools.
In a recent interview, Pravin Sharma, Founder of Getepay, emphasized the importance of empowering India’s informal economy. “Our goal is to provide digital tools that help informal economy players manage their finances efficiently, increase their productivity, and grow their businesses. We believe that by empowering these entrepreneurs, we can create a more inclusive and sustainable economic landscape in India.”
Conclusion
Getepay’s success in powering India’s informal economy is a testament to the startup’s innovative approach and commitment to serving the needs of underserved merchants. By providing digital tools that cater specifically to the needs of informal economy players, Getepay is helping to bridge the financial inclusion gap and promote sustainable economic growth in India.
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