Foreign Direct Investment, is one phrase that could strike the hearts of small stores in your neighborhood who have no idea yet how to rescue themselves from the long hands of the multi-brand giants like Wal-Mart.

However, the scenario is not that bad in reality as the bigger companies are also looking at the five crore small establishments in the country as their potential business clients, for the number is not small. They have been willing to distribute their services to the small establishments too.

Only last week with the Saral Money scheme, over 500 stores in Delhi have been enrolled in collaboration with payment gateway operator Visa. The Aadhar Card of an individual is linked to service for the unique individual identification number.

With group efforts of Visa and participating banks, State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Indian Overseas Bank, and the government provided UIDAI (Unique Identification Authority of India) Saral Money plan was made a reality.

This enables each retailer to have a micro-ATM device which would allow the disbursal of Saral Money cards to the customers based on their Aadhar Number. This would allow them to withdraw money, make payments, receive government disbursements among many other things.

"Small stores are very open to the idea, as they see this to be a potential revenue stream and also footfalls," Visa Manager for India said.

According to VISA estimates, there would be over 30 lakh outlets with 600 million people linked with Saral cards within 20 months. The charges for the transaction are also modest at Rs 5 for each and a new account would cost just Rs 50.

Traders are also welcoming the new income idea with their businesses shrinking for daily needs, mom and pop stores etc.

(AW- Anil)