Startup Terminal
  • News
    • Technology
    • Funding
    • Tie-up
    • Acquisition
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
    • Launch
    • Video
  • Interview
  • Feature
  • Events
  • Variety
    • Startup Terminal 40 Under 40
  • Privacy Policy
  • Refund and Cancellation policy
    • Terms and Conditions
  • Contact Us
No Result
View All Result
  • News
    • Technology
    • Funding
    • Tie-up
    • Acquisition
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
    • Launch
    • Video
  • Interview
  • Feature
  • Events
  • Variety
    • Startup Terminal 40 Under 40
  • Privacy Policy
  • Refund and Cancellation policy
    • Terms and Conditions
  • Contact Us
No Result
View All Result
Startup Terminal
No Result
View All Result
Home Technology

Nucleus Software’s PaySe passes RBI’s Regulatory Sandbox

StartUp Terminal Bureau by StartUp Terminal Bureau
September 30, 2021
in Technology
0
Nucleus Software’s PaySe passes RBI’s Regulatory Sandbox

Nucleus Software’s PaySe passes RBI’s Regulatory Sandbox

157
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

New Delhi, India, September 30, 2021: Nucleus Software, the leading provider of lending and transaction banking software solutions to the global financial majors, announced that its offline retail payment product, PaySe had been successfully evaluated by RBI under the cohort of Regulatory Sandbox with “Retail Payment” as its theme. Nucleus Software’s PaySe is the world’s first online & offline digital payment solution designed and created with an aim to democratize money by making banking services available to the unbanked in remote geographies.

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.

“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 pyramid are not devoid of the basic formal financial services’, says Mr. Vishnu R Dusad, MD, Nucleus Software.

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 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. Offline device can be used for 6-8 months with single time charge.

The reality is that the people at bottom of pyramid are devoid of basic financial services due to lack of physical and digital infrastructure. Financial exclusion remains the biggest issue for this vulnerable section as they primarily transact in cash and bear the cost of cash at each stage. Financial Institutions are unable to offer them credit services due to a lack of credit history. PaySe offers a unique low cost digital financial services solution for this segment which empowers them to have a better control over their money despite these odds. PaySe can also be operated with low or even no internet connectivity and is easy to operate with minimal literacy. PaySe is a digital cash solution which builds credit history of people who are primarily transacting in cash. With PaySe, financial institutions like micro-finance companies can offer a host of financial services to this segment e.g. loan disbursement, micro-payments, micro-insurance, etc.

PaySe also helps address the access challenges faced by banks and other non-banking finance companies (NBFCs) when making basic banking services accessible to the unbanked. Direct debit transfers (DBT), micro pensions, saving deposits, recurring deposits, etc. can now easily be transacted using PaySe, in upcountry and remote geographies.

Tags: Nucleus Software’s PaySe passes RBI’s Regulatory Sandbox
StartUp Terminal Bureau

StartUp Terminal Bureau

Startup Terminal is a global news portal reporting news and analysis on technology, start-ups, and business-related news from all over the world. We exclusively feature entrepreneurs, startups, businesses, and technology companies to reach out to a wider audience. Contact us at editorial@startupterminal.com

Related Posts

Funding into FinTech startups in India plunges 67% in H1 2023
Funding

Funding into FinTech startups in India plunges 67% in H1 2023

July 24, 2023
Acronis End-of-Year Cyber Threats Report 2022
News

Acronis End-of-Year Cyber Threats Report 2022

July 23, 2023
3.64 lakh jobs are likely to be created by GCCs in the next 12 months
News

3.64 lakh jobs are likely to be created by GCCs in 2023

July 23, 2023
Next Post
Dr Stya Paul’s 102nd Birth Anniversary celebrates the life and times of the visionary with a mission

Dr Stya Paul’s 102nd Birth Anniversary celebrates the life and times of the visionary with a mission

TalSuccess Launches Richardson Sales Performance Training Programs in India

TalSuccess Launches Richardson Sales Performance Training Programs in India

ZebPay appoints Tarun Jain as Chief Financial Officer

ZebPay appoints Tarun Jain as Chief Financial Officer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Tenda launches its first Made in India Passive product Premium 3+1 CCTV Cable

Tenda launches its first Made in India Passive product Premium 3+1 CCTV Cable

4 years ago
Infosys MD and CEO Vishal Sikka Resigns

Infosys MD and CEO Vishal Sikka Resigns

6 years ago
WorkIndia raises $12 Million in Pre-Series B funding round

WorkIndia raises $12 Million in Pre-Series B funding

11 months ago
Sanskritech Launches India’s First Advanced Anytime Health Monitoring System – Swayam AHM

Sanskritech Launches India’s First Advanced Anytime Health Monitoring System – Swayam AHM

4 years ago
SHRM India hosts the Biggest Confluence of 2020

SHRM India hosts the Biggest Confluence of 2020

3 years ago
No Result
View All Result

Must Read

AI4Rx launches MedBeat HealthConnect App

PrepInsta Sets To Achieve 2.25 Lakh Student Placements Goal For FY 23-24

enza group and Wema Bank Join Forces to Boost Ecommerce Payment Acceptance

Mubadala Energy’s 2022 Sustainability Report Signals its Intensified Focus on Decarbonisation Initiatives

IAA Leadership Awards honours outstanding achievers

Neweast to establish AED500 Mn Automotive Parts Distribution hub in Jafza

Trending

Mikro Grafeio Secures $1.2 Million Pre-Series A Funding
Funding

Mikro Grafeio Secures $1.2 Million Pre-Series A Funding

by StartUp Terminal Bureau
November 3, 2023
0

New Delhi, October 3, 2023: Mikro Grafeio, a leading social impact startup offering integrated workspace and workforce...

MedBeat HealthConnect Plus, the AI powered app, launched for Clinics and Medical Community

MedBeat HealthConnect Plus, the AI powered app, launched for Clinics and Medical Community

October 11, 2023
Anaptyss Launches New Global Capability Hub and Innovation Center in India

Anaptyss Launches New Global Capability Hub and Innovation Center in India

September 27, 2023
AI4Rx launches MedBeat HealthConnect App

AI4Rx launches MedBeat HealthConnect App

September 21, 2023
PrepInsta Sets To Achieve 2.25 Lakh Student Placements Goal For FY 23-24

PrepInsta Sets To Achieve 2.25 Lakh Student Placements Goal For FY 23-24

August 11, 2023
Startup Terminal

Startup Terminal is a global news portal for Technology, Startups, and Businesses. Reporting on technology, start-ups, and business-related news from all over the world. We exclusively feature startups, and technology companies to reach out to a wider audience.
Startup Terminal is an official media partner at global conferences like:
#Mobile World Congress 4YFN,
#Barcelona, Spain
#ConnecTechAsia, Singapore (Formerly CommunicAsia)
#NXTAsia, Singapore
#Africa Com, Cape Town, South Africa
#Converge Events, Singapore
#young Startup Ventures, USA

Follow us on social media:

Recent News

  • Mikro Grafeio Secures $1.2 Million Pre-Series A Funding November 3, 2023
  • MedBeat HealthConnect Plus, the AI powered app, launched for Clinics and Medical Community October 11, 2023
  • Anaptyss Launches New Global Capability Hub and Innovation Center in India September 27, 2023
  • AI4Rx launches MedBeat HealthConnect App September 21, 2023
  • PrepInsta Sets To Achieve 2.25 Lakh Student Placements Goal For FY 23-24 August 11, 2023
  • enza group and Wema Bank Join Forces to Boost Ecommerce Payment Acceptance August 10, 2023
  • Mubadala Energy’s 2022 Sustainability Report Signals its Intensified Focus on Decarbonisation Initiatives August 10, 2023
  • IAA Leadership Awards honours outstanding achievers August 10, 2023

Readers’ Choice

  • Aneesha Dalal, SHIAMAK Dance Academy

    Interview: Aneesha Dalal, Master Instructor and Principal Dancer at The SHIAMAK Dance Academy

    354 shares
    Share 142 Tweet 89
  • International Women’s Day Interview: Arpita Mehta, Fashion Designer

    330 shares
    Share 132 Tweet 83

© 2023 Startup Terminal - Leading digital news portal-Startup Terminal | All Rights Reserved.

No Result
View All Result
  • News
    • Technology
    • Funding
    • Tie-up
    • Acquisition
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
    • Launch
    • Video
  • Interview
  • Feature
  • Events
  • Variety
    • Startup Terminal 40 Under 40
  • Privacy Policy
  • Refund and Cancellation policy
    • Terms and Conditions
  • Contact Us

© 2023 Startup Terminal - Leading digital news portal-Startup Terminal | All Rights Reserved.