Reported by: banking|Updated: April 1, 2021
Ujjivan Small Finance Bank is collaborating with nStore to digitize offline retailers and small businesses. The bank will offer a mobile app ‘nLincs’ to its existing current account customers who are local businesses that will allow them to sell their merchandise online. The local business or retailer (merchant) can register online, host their product catalogue on the app and be operational online in less than 60 minutes. Through this collaboration, the bank aims to support local businesses like kirana and general stores, medical shops, stationary stores, bakeries, by also providing digital banking services such as merchant QR, current account and OD facilities to meet their business needs, apart from enabling them to grow their business through digitization. Using the app, a merchant can create a virtual store link that can be circulated through messaging platforms and via text message to their customers, thus establishing a digital presence for their business through social commerce. The app allows access to both customers and merchants to buy products, with multiple digital payment options. The merchant will also receive a QR code which can be offered to their customers to access the product catalogue and pay for purchases. Dheemant Thacker, Head – Digital Banking, Ujjivan Small Finance Bank, said as businesses and customers move on to a digital world, small businesses will find themselves in greater need of cost-efficient ready-to-use digital solutions. The collaboration allows the bank to move beyond banking solutions and become a business solution provider by allowing the retailers to go online and expand their reach.