It had been 9.30pm, April 10, 2015 Neeraj Tiwari was all outfitted to fly to Dubai for his first startup TNetwork Technologies. The doorway bell rang and fortunately he opened it up to locate this man in the late 40’s, sweating because of April heat while the world was getting dinner he was out knocking everybody door and requesting payments. He requested Rs 430 of latter month newspaper bills and to Neeraj surprise, his mother stated to vendor in the future tomorrow we dont pay to anybody in night.
That was the life altering moment for Neeraj , requiring him minutes to understand his true calling and find his purpose the very first time in last 8 years of his business
After realising the energetic working schedule from the newspaper vendors he was resolute to help ease their lives with the aid of technology. It required him 5 months to accomplish his research and launch the beta version. The application is known as as OneWallet.
The stable version premiered in The month of january 2016 and in last 4 months, near to 1000 newspaper vendors use One Wallet application roughly 50,000 households are linked to pay their bills online to those newspaper vendors. The application is making these vendors to escape from traditional book to real-time digital book. This is the very first time in 246-year-old history of Indian Newspaper Industry the local vendors are becoming outfitted with technology and collecting their bills online on their own cell phones.A new ecosystem gets produced.
By 2016 finish, One Wallet aims for connecting 10000 newspaper vendors and 10 lakh households. One Wallet has involved with 100 newspaper publishers to obtain the paper prices on regular basis and therefore generating the bills instantly. He’s also focusing on digitizing the coupon/subscription system within the Newspaper industry after comprehending the losses suffered by the vendors. Subscription system contributes roughly 40% from the transactions. Patent has been awarded for the same to 1 Wallet.
The application once placed on the newspaper vendor’s cell phone generates bills instantly within a few moments, which earlier use to take around 15-20 days to reach his customers. When the bill is generated it’s delivered to customer phone, through messages, email and consumer application too to facilitate online bill payment.
One Wallet removes reliance upon Vendor hard notebook and enable them to monetize their business and expand. One Wallet have generated around Rs 1 Cr of billing via its application in last two months.
The Indian Newspaper Market is only 20% outfitted with Technology. You will find around 5 Lakh paper vendors in India and in total , they are doing near to Rs 2000 cr of collection each month. Its the manual operation and manual collection that makes their business less attractive and tiresome. The industry is essential backbone of Indian economy and it is shocking that it has not been technologically touched.