New Delhi [India], Nov. 21: SERV'D App has been launched to aid cash conservation as serpentine queues outside banks and ATMs, and more individuals discovering the benefits of going cashless.
SERV'D has goals 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.
"The liquidity crunch, a consequence of the pull back of Rs 500 and Rs 1000 notes which made up more than 86 percent 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.", said co-founder SERV'D, Jatin Agarwal.
"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," he added.
The payment system provided by the SERV'D App is peer-to-peer payments. So payments to Service providers can be done using credit/debit cards or net banking. 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.
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.