MUMBAI, November 21, 2016 /PRNewswire/ —
With the Serpentine Queues Outside Banks and ATMs, and More Individuals Discovering the Benefits of Going Cashless; Here is an App to aid in Cash Conservation – SERV’D
SERV’D is a one-of-its-kind impact enterprise with the loftier goal of financial inclusion and economic empowerment of the domestic help segment. This application brings together service providers (maids, cooks, drivers and nannies) and service consumers (people who avail the services of this segment) on a common platform where everything from managing attendance to payment of salaries and establishment of credit history is taken care of, digitally.
Why Should one Download SERV’D?
“The liquidity crunch, a consequence of the pull-back of Rs. 500 and Rs. 1000 notes, which made up more than 86% of the money in circulation before they ceased to be legal tender, will be even more pronounced by the end of the month when it is time to pay the domestic help for their services. SERV’D spells convenience for the service consumer and results in economic empowerment for the service provider, thus contributing to the Government’s vision of financial inclusion for all,” says Jatin Agarwal, Co-Founder SERV’D.
The payment system provided by the SERV’D App is amongst the only ones which allows peer-to-peer payments. So payments to service providers can be done using credit/debit cards or net banking. Thus helping service consumers go cashless at a critical juncture while ensuring service providers are paid their due in time.
How Does SERV’D Help?
The app allows service consumers to register their existing domestic help, carry out a verification of documents submitted (Aadhar Card), create a terms of service between the two parties, manage attendance, automatically calculate monthly payouts, generate an invoice at the end of each cycle and most importantly, make payments directly to their bank accounts.
How Does it Benefit the Domestic Help?
SERV’D brings the data dark domestic help from the unorganised sector (an NSSO Employment-Unemployment Report estimates that there are close to 1 crore individuals in the domestic help category in urban areas) to the organised sector. SERV’D will help them to establish a credit history that will allow access to financial instruments and receive loans at fair prices for various purposes such as medical emergencies, home repairs, children’s education, marriages, etc. This will also help them in availing medical and life insurance. It will contribute to systematic savings by helping curb impulse spends.
While the App spells convenience for the service consumer, it also results in economic empowerment for the service provider thus contributing to the Government’s vision of financial inclusion for all.
SERV’D Tech Pvt. Ltd (SERV’D) is a fin-tech platform that aims at ‘organizing’ the unorganized workforce, which includes millions of ‘unregistered’ workers in a typical household – maids/ housekeepers, cooks, nannies, drivers and more. This service aims to bring accountability, professionalism and discipline to this sector by ensuring the service providers are registered and documented; and therefore over time, creating a legitimate legal work history for them that enables them to assimilate into the mainstream via financial inclusion. In the long turn, this initiative will enable them access to financial loans thus removing the need for service consumers to be the service providers’ personal banker. Service consumers can now use the application as a Home Management System that provides a dashboard to efficiently manage their domestic help on the go and helps marks leaves and give ratings and reviews among other features. For more, visit – http://servd.co.in/