How FinTechs are giving rise to Rural Entrepreneurship

Authored by Rohit Kumar, CEO & Founder of XPay.Life.

Digitisation has changed our Earth and the way we live, just like the pandemic. A very regressive event in the history of the planet brought about the most progressive change in the lives of millions and that is Digitisation. Very progressive and futuristic campaigns by the government gave millions hope and fuelled their imagination to better their lives and grow. Aspirations moved from just being an urban requisite to rurban and rural population. Digitisation has started making heaps of change in the way people are educating themselves and preparing themselves to move up in the ladder of life.

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Digital India movement and Atmanirbhar Abhiyaan are just a couple of flagship programmes by the Government that have given some major boost to sectors that were otherwise languishing or not thriving much. FinTech sector is one such, which has been propelled to a different scale because of the adoption of Digitisation. FinTech Sector today is the icon of a country that is now on the road to a digitally empowered country and is standing up for financial inclusion, economic diversity and helping the nation move towards a mature financial ecosystem.

Everyone has a role to play in the Digital India Movement and one of the main influencers are Village Level Entrepreneurs. They are knowledgeable, armed with regional and local information and have strong relationships with the people around them. VLEs are emulating self-sustaining entrepreneurship at the rural India movement. As rural India harnesses innovation and invention and adopts digital technology, India gets more future ready. Rural entrepreneurship is helping in the overall growth of employment, and reduction of population migration.

VLEs are crucial touch-points to strengthen the small town and village level entrepreneurship. The aim of this entire initiative is to create an added source of income, a sustainable way of livelihood and increase financial inclusion. There are two types of entrepreneurs – farmers who sell to mandis and small shops who buy goods and FMCGS. It is not always easy for farmers and small entrepreneurs in rural India to flourish as business owners. But FinTechs are making genuine efforts to help them get digitally literate, thereby making them more confident to become a part of the mainstream society. FinTech companies such XPay.Life are working hard towards orientating the underserved and unserved population of rural India to use safe, secure and convenient banking services. XPay.Life is adding new revenue sources by deploying point of sale devices, mobile vans and ATMs at their business source so that for every transaction merchant gets some money either in app wallet or in account through UPI.

Initiatives such as these are helping in bolstering the digital economy. It is the future, metro cities have high cost of living, this provides the opportunity in the village area to the people with no or minimum cost of living. By offering various forms of digital payment services in rural India, FinTechs are enabling rural entrepreneurs to be digitally empowered and be financially and socially included in the larger scheme of growth and development of this country.

(XPay is is a one-stop destination for Digital Payment Solutions offering all possible modes of payments for customers from kiosks to websites and apps besides its mobile vans.)