Fintech startup Nearby Technologies has tied up with Yes Bank to provide Aadhaar- enabled cardless and pinless ATM service by which customers can deposit or withdraw money at retailers’ place.
Using the PayNEARBY mobile application on a smart phone, a retailer can become an Aadhaar ATM/Aadhaar Bank branch for cash withdrawals and deposits by a customer, Yes Bank said in a release.
Yes Bank and Nearby worked closely with the National Payments Corporation of India (NPCI) to launch this service.
PayNEARBY’s Aadhaar ATM will be available through Yes Bank and the business correspondent agent network comprising 40,000 touch points.
By using the Aadhaar number and fingerprint, a customer can do cash withdrawal or any other transactions from these locations.
Nearby has tied up with the Retailers Association of India for spreading the relevance and creating popularity of Aadhaar services, educating customers and enabling the service even in the remotest parts of India.
AnandKumar Bajaj, Founder, Nearby Technologies said: “With the launch of this service, our aim is to become the payments enabler for India.”
Ritesh Pai, Chief Digital Officer, Yes Bank said, “Under our Alliances, Relationships and Technology (ART) approach, we remain dedicated to enabling more such use-cases to realise the dream of a less-cash economy in India”.