Novopay - An e-wallet platform - Fusion - WeRIndia

Have you heard of Novopay? It is a new e-wallet application made to help people in this cash crunch.

After the demonetization, it has become very hard for people to make purchases especially in small stores which do not have point of sale machines.

Novopay was founded by Srikanth Nadhamuni, Sridhar Rao and Gautam Bandhopadhyay. It is an e-wallet platform to empower these small shops.

It is an android-based mobile wallet. With the help of Aadhaar identification, one can use this for payments and banking.

The platform has been helping small shops from villages and remote areas.

It turns these shops into something of a micro-ATM.

Using the app, the shops can accept deposits, transfer cash and withdraw cash. Such a feature became very useful after the demonetization.

Novopay

After the demonetization, Novopay started its help to people.

It approached banks and took permission to handle cash deposits and withdrawals.

In just one week after the demonetization, Novopay got the required authorization.

E-wallet

Shops which were supported by Novopay put up banners which saying that customers can exchange their old cash there. There were hundreds of shops powered Novopay and all of them became a sort of micro-ATM for people. Novopay has shops all across the country.

For many people who do not have banks nearby in remote locations, these shops became a great convenience.

Many laborers in cities and citizens without bank accounts had no choice of going to a bank and getting cash. For people like them, this app was very helpful.

The app has been a huge success. The app helps both customers and shop owners. This made it popular among many shopkeepers in remote areas. This also increased the number of customers to remote shops. So it was beneficial for both customers and the shopkeepers.

Image Reference: TheBetterIndia, Veerpay