The Jaipur Digital Payments Lab...develop new knowledge in digital financial services space 01 03 02...
Transcript of The Jaipur Digital Payments Lab...develop new knowledge in digital financial services space 01 03 02...
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The Jaipur Digital Payments Lab
26th October 2017
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
BRIDGING THE FINANCIAL DIVIDE
THROUGH DIGITAL PAYMENTS
Catalyst is working to help India’s small businesses and low-income consumers unlock
the power of digital payments to access broader financial services, and create
opportunities vital to their future prosperity
Adoption & usage
of digital payments
by merchants and
consumers
Expanded
access to
financial services
like savings,
credit and
insurance
Deep and lasting
socio-economic
transformation
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AN UNPRECEDENTED OPPORTUNITY TO MOVE THE NEEDLE
Technology
Introduction of open, interoperable platform technologies such as Aadhaar,
Unified Payments Interface, and the "India Stack" with a layer of innovative
apps above
Policy
Step change in government & regulatory activism with initiatives like Jan
Dhan Yojana, Direct Benefit Transfers, Small Finance and Payment Banks
to promote democratization of finance
The Indian Payments landscape is at an inflection point given two tectonic
forces and a rapidly growing base of smartphone and internet users
Aadhaar accounts
1.1 billion
Indians with internet access
450 million
Jan Dhan bank accounts
275 million
Plus phone accounts
1 billion
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
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Arun Kumar
31 Years old,Fruit seller, Mumbai
THE BROKEN LAST MILE
Does Arun have a Rupay card?
Does it have money on it?
Does he use it to pay for goods and services?
• Transit?
• Water/ power/ cable bills?
• Food & groceries?
• Household consumables?
• Doctors?
Do local merchants accept card payments?
Do local merchants pay their suppliers digitally?
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
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Partnering with specialized research agencies to embed structured
analytics to assess impact and sustainability of Lab interventions and
develop new knowledge in digital financial services space
01
02 03
Structured Learning
MeitY and Niti Aayog formal engagements
Regulatory Sandbox
FINposiums and Roundtables
Policies & Partnerships for Change
Building in strategic models and products
that leverage lab learnings but can be
scaled across wider geographies
Strategic Innovations
Digital
Payments Lab Implementing a set of
coordinated initiatives in a
local geographical ecosystem
to shift consumer, merchant &
supplier behavior from cash to
digital payment transactions
OUR APPROACH
Merchant segmentation, needs, behaviors & perceptions
Gender, technology & digital finance
RCTs on digital credit models
Incubator
Data-based insights for credit
IVR literacy & lead generation platform
Convening policy & regulatory agencies as well as
industry & innovation stakeholders to enable,
institutionalize and help scale successful
experiments
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Partnering with
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BUILDING A DIGITAL PAYMENTS
ECOSYSTEM
Our focus is on solving
coordination-based market failures
to drive routine & high-frequency payment use cases
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
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MAPPING THE
MERCHANT’S MIND
Snapshots from a PRICE Catalyst survey of
1300 fixed store merchants in Jaipur
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I AM READY TO GROW
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Wholesale Stores
I want to
grow
Maintain
the same
Downsize
92%
Convenience Stores
86%
Service Providing Stores
86%
Specialty Stores
84%
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I AM DIGITALLY READY
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Ownership of mobile phones
Smartphone 77%
Feature phone 10%
Basic phone 7%
No phone 6%
57% have access
to Internet
43% do not have
access to Internet
97% have a bank account
82% use their
bank account
18% do not
use their bank
account
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I TRANSACT PRIMARILY IN CASH & CHEQUE TODAY
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Percentage of payment value received from
CUSTOMERS by type of payment method
86.4%
6.1%
1.7%
2.0%
3.8%
0.2% UPI
Mobile Wallets
PoS
Internet Banking
Cheque
Cash
Percentage of payment value made to
SUPPLIERS by type of payment method
60.5%
33.0%
5.1%
0.3%
1.0%
0.1% UPI
Mobile Wallets
PoS
Internet Banking
Cheque
Cash
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Agree
Neutral
Disagree
Prefer cash for
small ticket size
Digital brings value
to business
Digital brings new
customers who wouldn't
have shopped at my store
Digital will induce
customers to spend
more with me
Remote payments can
reduce hassle of cash
collection
I BELIEVE DIGITAL PAYMENTS CAN HELP ME GROW
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
I WILL ADOPT DIGITAL PAYMENTS IF…
… I can pay my suppliers
digitally
… I can target buyers with
customized offers
… I can access credit from
alternative lenders
… I don’t bear an upfront
installation cost
49%
51%
Yes
No
56%
44%
61%
39%
Yes
No
Yes
No
49%
51%
Yes
No
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
OUR BIGGEST INSIGHT
FROM THE GROUND
Stand-alone merchant payment digitization is
just not a compelling value proposition
Instead, we need a “Trojan Horse” strategy
wherein we embed payments into a broader
workflow to drive real user value
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WE IMPLEMENTED A SHARED
GO-TO-MARKET MODEL TO
REDUCE ACQUISITION COST
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KEY LEARNINGS - ACTIONABLES
CARD : 10% adoption 2% sustained use
UPI : 20% adoption ? sustained use
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
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WE WILL CATALYZE 6 INCLUSIVE DIGITAL PAYMENT ECOSYSTEMS
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Pls make this silde visually appealing
Each vertical box can be labeled an “ecosystem”
It’s a matrix so horizontals cut across.. Need to
show visually
P2G payments
through
eMitras
Wholesale and
retail payments
in Dairy
Subscription
payments to
small vendors
Community-led
digital finance
in an urban
slum
Interoperable,
city-wide
digital transit
payments
FMCG retailer
to distributor
payments
Credit as a Hook: Linking small loans to digital transaction histories
Each One, Teach Many: Create champions of new technology and behavior change
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Digitizing consumer payments at
eMitra centers for government
services & utility bills
P2G payments
through eMitras
Wholesale and retail
payments in Dairy
Subscription payments
to small vendors
Community-led digital
finance in an urban slum
Interoperable, city-wide
digital transit payments
FMCG retailer to
distributor payments
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CU
RR
EN
T S
TA
TE
TODAY, PAYMENTS AT EMITRA CENTERS ARE 98% CASH BASED
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FU
TU
RE
ST
AT
E
CAN A STREAMLINED DIGITAL PAYMENTS BUSINESS MODEL FOR EMITRA CENTERS
CREATE OPERATIONAL EFFICIENCIES AND HELP GROW THEIR BROADER BUSINESSES?
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Digitizing Dairy payments between
distributors, merchants and consumers
can support a daily use case that reaches
every household in the city
P2G payments
through eMItras
Wholesale and retail
payments in Dairy
Subscription payments
to small vendors
Community-led digital
finance in an urban slum
Interoperable, city-wide
digital transit payments
FMCG retailer to
distributor payments
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DAIRY TRANSACTIONS ARE CASH BASED AND INEFFICIENT
CU
RR
EN
T S
TA
TE
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FU
TU
RE
ST
AT
E
DO DIGITAL COLLECTIONS CREATE ENOUGH VALUE FOR DISTRIBUTORS
TO PROVIDE ONGOING INCENTIVES FOR RETAILER PARTICIPATION?
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
Using remote payment solutions for
newspaper vendor collections
P2G payments
through eMItras
Wholesale and retail
payments in Dairy
Subscription payments
to small vendors
Community-led digital
finance in an urban slum
Interoperable, city-wide
digital transit payments
FMCG retailer to
distributor payments
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NEWSPAPER PAYMENT COLLECTIONS IS A TEDIOUS AND COSTLY PROCESS
FOR DISTRIBUTORS AND CONSUMERS
CU
RR
EN
T S
TA
TE
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CAN A DIGITAL SUBSCRIPTION MODEL CREATE ENOUGH VALUE FOR SMALL
MERCHANTS AND THEIR CUSTOMERS ALIKE TO SWITCH FROM CASH TO DIGITAL?
FU
TU
RE
ST
AT
E
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
BHATTA BASTI CLUSTER
Promoting awareness, adoption and
sustainable usage in a low-income
urban community
P2G payments
through eMItras
Wholesale and retail
payments in Dairy
Subscription payments
to small vendors
Community-led digital
finance in an urban slum
Interoperable, city-wide
digital transit payments
FMCG retailer to
distributor payments
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*based on needs assessment exercise conducted in
Bhatta Basti with a sample size of 422 individuals
# households (approx.): 9000
Avg. household size: 5
Average Income per household
INR 3500 – 3600 per week*
(94% salaries are in cash)
Household Level mobile phone penetration: 77%*
Household level Smartphone Penetration: 29%*
<2 bank accounts per household*
Approx. 80% bank accounts are inactive due to
non-usage in the last 30 days or more
Employment Rate: 74%*
Primarily Employed as: Daily Wage Laborers, Home based
businesses
39% of employed maintain savings,
with majority keeping savings as cash
at home
Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
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AN INCLUSIVE DIGITAL FINANCE
MODEL THROUGH COMMUNITY-
BASED CHANGE AGENTS
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Copyright © 2016. Sloan Group International. All rights reserved.
© 2017 Catalyst. All Rights Reserved.
DIGITAL CREDIT
Enabling small merchants
to move from cash to digital payments
using digital credit as a hook
Each One, Teach Many
Credit as a Hook
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DOES SEAMLESS ACCESS
TO WORKING CAPITAL
LOANS INDUCE SMALL
MERCHANTS TO NUDGE
THEIR CUSTOMERS TO
ADOPT DIGITAL?
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Thought Partnership
▪ Strategic “ecosystem lens” to select portfolio of coordinated
projects to move the needle
▪ Implementation partner to design end-to-end solutions,
interfaces, and hypotheses to be tested on the ground
Targeted funding
▪ Incubation grants that solve for market failures
(in collaboration with the “enlightened VC”
community)
▪ USAID Credit Loan Guarantee (50% insurance
against default)
Project Delivery
▪ On-the-ground Delivery / Project Management
Unit (PMU) to track progress
▪ Coordination across multiple stakeholders and
local/State Government actors
Action Research
▪ Behavioural research to improve interfaces and understand
motivations behind adoption/usage
▪ Periodic M&E surveys to objectively assess project impact
▪ Topical, specialized research to deep dive in certain relevant
areas (e.g., policy briefs, industry white papers)
Inform & Convene
▪ Multi sector partnership across financial services & payment
industry players, telcos, policymakers & regulators, think
tanks, NGOs and foundations
▪ Inform policy maker and regulator with evidence-based policy
recommendations
▪ Promote & disseminate learnings to broader national & global
audiences
OUR ROLE AS MARKET ENABLERS
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Who
▪ Key Stakeholders
(Identify, Engage, Align)
What
▪ Solutions
▪ Sources of Value
How
▪ Distribute Value
▪ Trigger Change
THE WAY FORWARD
© 2017 Catalyst. All Rights Reserved.
Business Model Validation
Institutional Support
▪ Government Agencies
▪ Financial Institutions
▪ Service Providers
Sustain & Scale
0
1 0
2
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A multi-sector partnership to deliver
Hindustan Unilever Limited
IAMAI
ICICI Bank
Ideas42
Idea Payment Bank
IDFC
Indifi
ItzCash
IFC
Intellecap
Instafeez
ITC
Jaipur Dairy (Saras)
Jaipur Smart Cities Ltd.
Janalakshmi
KyePot
MeitY
Metlife Foundation
Michael & Susan Dell Foundation
Mindtree
mSwipe
Marico
MasterCard
MeraPaper
MicroSave
Mudra
NeoGrowth
NIPFP
Niti Aayog
Niyo
NPCI
Omidyar Network
PayLo
P&G
PayBee
PhonePe
PRICE ice360
Prime Ventures
Punjab National Bank
SEWA
State Bank of India
Startup Oasis
Tally
ToneTag
Uber
Visa
Vodafone Payments Bank
World Bank
World Economic Forum
Yes Bank
www.cashlesscatalyst.org
In partnership with Government of Rajasthan
Accion
Airtel Payments Bank
Aspada
Axis Bank
Basix (Sub-K)
Better Than Cash Alliance
BizOm
Boloro
CAIT
Capital First
Capital Float
CGAP
Crisil Foundation
CUTS
Damage Control
Eko
ePaisa
Ezetap
FIA
Finacus
FINO
FTCash
Glenbrook Partners
Grameen Foundation