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Accelerates its efforts to ensure that every household and small business in Bharat has easy access to opening and operating a bank account

Mumbai, 06 April, 2023: In its bid to offer seamless access to active bank accounts and bring all at the last mile into the formal financial fold, PayNearby, India’s largest branchless banking and digital network, has successfully opened 100,000+ Current and Savings Accounts from semi-urban and rural retail counters in the country, within the last six months. Launched in association with India’s leading private bank, customers can visit their nearby stores and get their accounts easily opened through Aadhaar-based KYC (eKYC).

This milestone is crucial as most of these regions have very less active bank account holders due to low penetration of formal financial infrastructure and the lack of financial literacy. With its fast and secure, tech-backed Distribution-as-a-Service (DaaS) network, PayNearby is providing citizens in Bharat with an active bank account and the ease to operate it in a seamless and assisted mode. This has ensured greater convenience for the masses who are often fraught with challenges like documentation hassles, long processes, technology, lack of proximity and fear of a formal environment. Interestingly, of the total accounts opened, Savings Accounts saw a major uptake with 75%. This ratifies the need and demand for savings products at nearby stores and reiterates the fact that the savings behaviour is improving at the last mile. The company aims to double down on its efforts and facilitate the opening of over half a million Current and Savings bank accounts from Bharat by the end of this year.

Commenting on the milestone, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we have been continuously working on innovation-led partnership models to offer financial solutions to all in Bharat. With more than one lakh Current and Savings Accounts opened, we feel encouraged that our commitment to re-bank India with ‘Har Ghar Bank Khata’ is finally happening. The easy availability of bank account openings at a local retail shop has accelerated the uptake of this service.

With the simplified Current Account option, we are giving retailers and customers better control over their money, allowing them to maintain healthy financial practices and help their businesses thrive. With the Savings Account offering, we hope to get Bharat integrated into the formal economy at an accelerated pace and inculcate a savings behaviour among the masses. We are committed to making financial services and products available for everyone, everywhere. We will continue to make these best-in-class services accessible at our retail stores so that each and every citizen in the country has access to all services and the Bharat-India divide is bridged forever. PayNearby, Zidd Aage Badhne Ki!”

The company’s goal has constantly been to simplify technology for consumption at the last mile and ensure that there is a democratisation of financial and digital services for all.

­­PayNearby releases its annual ‘PayNearby Women Financial Index (PWFI)’ – a detailed analysis on ‘financial consumption by women at retail stores’ in 2022-23

• More than 10,000 women entrepreneurs have dispensed over ₹900 crores of financial services in the last financial year alone primarily in the state of UP, Rajasthan and MP
• Over 76% of women who avail basic banking services at retail stores, prefer Aadhaar based biometric withdrawal (AePS) to access cash from their accounts
• Most digitally adept women customers engaged in financial transactions at retail stores fall in the age group of 18-30 years
• Cash withdrawal, mobile recharges and bill payments are the top three services availed by women customers at PayNearby retail stores
• ₹1000-2500 was the most common range of withdrawal
• ₹500-1000 was the most common range of EMI payments
• For saving goals – child education is the top priority, followed by savings for medical emergency
• Non-banking products like PAN services, entertainment, e-commerce and travel also saw a growth in adoption in this cohort
• Insurance awareness among women grew to 29% but consumption is still below 1%

Mumbai, March 06, 2023: In an interesting insight, PayNearby, India’s leading branchless banking and digital network, today said that more than 10,000 women entrepreneurs have dispensed over ₹900 crores of financial services in the last financial year. The report further highlighted that more than 76% of female customers, who availed basic banking services at PayNearby’s retail outlets preferred biometric authentication as a mode of cash withdrawal. Interestingly, cash which dominated the payment space among women in FY 2021-22, still continues to hold strong, with around 48% of women saying they preferred dealing in cash. Aadhaar-led transactions and UPI QR too have gained momentum. Cards continue to have minimal presence in this segment.

The insight was shared as part of a detailed survey titled – PayNearby Women Financial Index (PWFI) – an annual Pan-India report showcasing financial consumption by women at retail stores, released by PayNearby in association with the Reserve Bank Innovation Hub (RBIH) today. The annual report, in its third edition, was prepared basis a Pan-India survey conducted by the company among 5,000+ retail stores in the country, recording financial transactions of women consumers as observed in those outlets.

According to the survey, more than 75% of the retailers mentioned that women within the age group of 18-30 years were the most digitally adept, with over 60% of this age bracket owning a smartphone and accessing digital content through it. This was immediately followed by the age group 31-40 years.

Over 65% of women customers, especially in the cash withdrawal markets, fell in the age group of 31-40 years, with AePS being the most used banking service. Though cash has lost some ground since the last report, it still continues to be the most preferred mode of payment with 48% citing cash payment as their first preference. Incidentally UPI too saw good growth in adoption among women consumers, with preferences ranging from 5-20% among different age groups. Card continues to have little to no recall and usage in this segment.

Approximately 78% of women cited cash withdrawal as the primary reason for visiting a retail store for financial transactions. ₹1000-2500 was the most preferred range of withdrawal for women across the country.

Mobile recharges, bill payments and travel booking were the next three popular services availed by women customers at retail touchpoints. At urban and metro centers, money remittance saw good adoption with transactions being primarily conducted by young working women belonging to the age bracket of 21-30 years and 31-40 years. EMI payments at retail outlets also witnessed decent growth. Though mostly in the range of ₹500-1000, the growth in EMI collection indicates increased awareness and appetite for credit and other financial products in women across the country.

The report further stated that while more than 74% of women operated their bank accounts themselves, they were primarily for the purpose of cash withdrawals and cash deposits. Interestingly, more than 20% of the women also admitted to their husbands operating their bank accounts instead of themselves.

When asked about their top three saving goals, ‘child education’ topped the list, which was followed by ‘medical emergency’ and ‘buying household electronic items’. Interestingly, there was a growing awareness among women to save for their children’s future with more than 68% of those surveyed citing good education for their kids as a priority for them. Saving for medical emergencies and rainy days stood at 30% with women being aware of future exigencies post the pandemic. 55% of women indicated ₹500-750 as their preferred range for monthly savings. Formal savings instruments though, continue to see thin adoption, with less than 15% of those surveyed aware of formal savings instruments.

Consumption of evolved services such as insurance still continues to be low (1%) despite 29% of women being aware about insurance products. The survey highlighted that for India to be financially inclusive in its true sense, there is an impending need to create more awareness for the same, especially across rural and beyond Tier II markets. However, among the cognizant respondents, life insurance followed by health were the preferred choices.

Further, the survey indicated that almost 39% of women visiting Kiranas and retail outlets for financial transactions used smartphones and also availed WhatsApp actively. Adoption in cities was as high as 50-60%. Rural Bharat also saw a good adoption, with double-digit adoption almost everywhere in the country. This signifies a rising acceptance of digital services among women consumers visiting Kirana stores for financial transactions.

The research specified that there was an increased awareness for online entertainment and online commerce, with 16% and 23% of respondents showing willingness to consume these services digitally. It ratifies the fact that women at the last mile are ready to graduate to the next level of lifestyle and technology and validates the latent demand for such services among them.

Another interesting trend that was visible was the leap in travel bookings made by women customers at the retail outlets. 90% of the respondents showed willingness to book a rail ticket from their nearby store, with more than 16% confirming that they have booked one in the last year. Financial identity through PAN card issuance also saw good adoption in this cohort, and although the numbers are still small, it indicates the growing awareness among women to become self-reliant and be a part of the formal financial economy.

Commenting on the findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “The findings in the PWFI report are inspiring and emphasize the fact that women of the country are slowly but steadily gearing up to walk hand-in-hand with India’s growth.

At PayNearby, we believe it is our responsibility to bridge the digital divide that exists between segments. Towards this purpose, more than 10,000 of our women entrepreneurs have distributed over ₹900 crores of financial services in the last financial year. This uptake in the consumption of AePS and UPI at the last mile is the result of the progressive efforts of National Payments Corporation of India (NPCI). NPCI has been the flagbearer of India’s digital transformation and our constant guide in furthering Bharat’s digital journey.

We are also grateful to RBIH for helping us build a fertile ground and a brigade of futuristic Digital Naaris to carry the torch of inclusion further. We want women to have greater control over their earnings, savings, and other critical elements. For this, we aim to enable form-factor agnostic, simple-to-use platforms at all nearby retail stores, so that our women can take control of their futures and be active partners in the nation’s success story. Sashakt Naari, Sashakt Desh,” Mr. Bajaj added.

Commenting on PWFI, Rajesh Bansal, CEO, RBIH, said, “It is heartening to see that there is an uptake of digital financial products and services among women at the last mile. The PWFI report is an eye-opener and game-changer as it will help us leverage technology and innovation in the right direction. Serving as a template, it will help us build symbiotic partnerships and alliances in the financial services ecosystem to design smart, creative, and sustainable solutions for un/underserved women users in India. We are glad that RBIH has partnered with PayNearby in its journey towards building an inclusive nation and changing the notion of how finance is perceived by women or how the market sees and serves women as end-users. At RBIH, we believe economic empowerment will drive gender equality and we are committed to making all women self-sufficient by rooting for frictionless finance for all.”

Jayatri Dasgupta, CMO, PayNearby, said “India is at the cusp of a digital revolution. However, for this to happen, our women force needs the necessary tools to get inducted into this fast-moving digital economy. We are delighted to present our third edition of PWFI, an annual stock taking exercise of where we stand and what needs to be done to evolve women into equal participants in India’s growth journey.

It is encouraging to see young women actively consuming digital financial services across retail stores in the country. The women in Bharat are aspirational, and the increased uptake of services like assisted commerce, online education and PAN issuance validates our commitment to make these services easily available at a store nearby. Today, even though the journey is largely assisted, to make our women self-sufficient, we will need to work harder on creating a more empowered ecosystem around them. This means ensuring easy availability of all products and services that can break tech and cost barriers and be easily assimilated across all segments of the society.”

PayNearby Women Financial Index (PWFI) 2023 Report: https://bit.ly/PWFI-23

PayNearby releases detailed analysis on ‘assisted financial transactions’, in its second edition of Pan-India report titled Retail-O-Nomics

• 25% rise in value and 14% rise in volume of assisted financial transactions via retail counters
• 25% increase in the demand for micro ATMs and mPOS instruments
• EMI collections for financial institutions and NBFCs have seen a steep growth of over 200%
• Bill payments service at local stores witnessed an increase of 12% in value and 10% in volume
• Digital loan for MSMEs sees a spurt of 263%

Mumbai, 06th December, 2022: PayNearby, India’s largest branchless banking and digital network, today said that there was a growth of 25% and 14% in value and volume respectively, in assisted financial transactions across semi-urban and rural retail counters in India in 2022. This indicates a behavioural shift in consumers in these regions, with more citizens adopting assisted digital means for their banking and lifestyle requirements and getting incorporated into the formal economy.

The growth figures have been observed across different product offerings of PayNearby, including Unified Payments Interface (UPI), cash withdrawal, MSME credit, utility payment, cash management, assisted e-commerce and more. They were availed by citizens through local retail counters like kirana stores, mobile recharge stores, medical shops, customer service point (CSPs), travel agents, etc.

As per the report, Unified Payments Interface (UPI) transactions saw a whopping 650% and 500% increase in value and volume across PayNearby retail counters, representing the growing adoption of UPI beyond Tier II regions in the country. This also highlights the pivotal role UPI can play in promoting digital financial inclusion.

The insight was shared as part of the second edition of the pan-India report titled ‘Retail-O-Nomics’, released by PayNearby. The report has been prepared basis transactions across a million plus retail touchpoints throughout the country. The findings of the report are based on business data collected for a comparison period, ranging from January to October 2022 vis-à-vis the same period during 2021.

In a key insight, the report states that the mPOS business has seen more than 100% growth, along with over 25% increase in demand for micro ATMs and mPOS instruments. The upswing in demand for digital payment options at retail outlets underlines the critical role played by small retail stores in bridging the infrastructure gap and driving financial inclusion at the last mile.

Cash withdrawal business through micro ATMs and AePS, which continues to be one of the major income drivers for semi urban and rural digital counters, has seen an overall growth of 8% in value and 9% in volume respectively. Cash withdrawals through micro ATM has witnessed a 25% increase in value and 28% increase in volume as compared to the same period last year. This growth figure shows the growing role played by this portable digital device in ensuring easy accessibility of bank accounts, while helping merchants use cash-at-store more effectively and augment their income. However, there has been a slight dip in the average cash withdrawal per transaction from INR 2620 in 2021 to INR 2595 in 2022.

As per the report, semi urban and rural India were an equal participant to this double-digit growth in assisted financial transactions, and the rate of adoption was comparable between urban and rural underserved demographics.

The report also indicates a sharp growth of over 200% in the cash collection business (including EMIs) with a monthly average of INR 1400 crores, indicating demand for lending and other financing solutions, bouncing back to the pre-pandemic levels. Increased demand was witnessed across most cash collection processes, including collection from logistics and ecommerce companies, which saw a leap of over 89% in volumes. Insurance premiums at retail stores, too, saw a massive 370% in growth and 365% increase in customers during the survey time-period.

Subscription-based digital services, such as OTTs, online education, online gaming have also seen positive growth.  Even though the numbers are small, it validates a latent demand for such services and the growing affinity of digital products in a post pandemic Bharat.

The bill payments service at local stores witnessed an increase of 12% in value and 10% in volume. Mobile recharges grew by 18% over last year. Travel bookings saw a rise of 8% in flight and 6% in rail bookings this festival season, compared to the same period last year, driven largely by visiting friends and family, traveling to their natives for the festival. The report also highlights an 88% uptick in Pan Card issuance quarter on quarter. All of these indicate that the local kirana store has evolved into a multi-utility point for consumers for meeting most of their financial and digital needs.

Micro-credit for MSMEs, also saw a growth of 263% during this period; indicating a huge latent demand for viable credit in this segment that needs to be addressed for India to transition to the next stage of development.

In another interesting observation, around 26% of the banking transactions were registered during the non-banking hours between 6.00 pm to 12.00 am. This underlines the crucial role retail outlets play in serving the masses with their banking and digital needs.

Commenting on the report findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “The findings in the report are inspiring and emphasise the fact that Bharat is gearing to walk hand-in-hand with India. Bharat is aspirational, and the increased offtake of green shoot services like assisted commerce, OTT subscription, micro-lending validates our commitment to make these services easily available at a store nearby.

We have serviced close to INR 70,000 crores of digital services in the first 10 months of this calendar year and the steady growth of cash withdrawal business, together with the fast track adoption of some of these green shoot services indicate a steady recovery of our economy post the devastating impact of the pandemic. We will continue to strengthen our efforts to simplify high end technology, so that most services can be democratised and made available to all through our well entrenched Distribution-as-a-Service network.

It is also heartening to see an accelerated demand within the retail community to make assisted financial transactions available at a store nearby. This is not only a great income generator for the merchant, but also helps build the nation grounds up and bridge the gap between Bharat and India. PayNearby, Zidd Aage Badhne Ki.”

© 2022 Nearby Technologies Private Limited. All rights reserved.

On boards up 75,000+ retail stores to issue PAN cards

Doubles up its efforts to provide financial identity and easy financial and digital access at a nearby store

Mumbai, 23 November, 2022: In its bid to provide a valid proof of identity and bring all at the last mile into the formal financial fold, PayNearby, India’s largest branchless banking and digital network, has registered 75,000+ semi-urban and rural retail counters in the country as PAN issuance agents. These retail counters include kirana stores, mobile recharge stores, medical shops CSPs and travel agents. With the launch of this service, customers can go to the nearby store and get their PAN cards easily with the help of just their Aadhaar number and biometric or SMS OTP-based authentication. Within the last 5 months, the company has successfully issued more than 1 lakh PAN cards.

Of the 1.3 billion population, there are only 43.52 crore PAN card holders (as of 2019) in the country. This presents a huge gap that needs to be filled for India to truly walk the inclusion path. The generation of 1.1 lakh-plus PAN ids is encouraging as it ratifies the need for these services at nearby retail outlets in Bharat. PayNearby’s goal has been to simplify technology for consumption at the last mile and ensure that there is a democratisation of financial and digital services. Riding on its fast and secure, tech-backed DaaS (Distribution as a Service) network, its micro-entrepreneurs are assisting locals create their financial identities through easy PAN card issuance in a quick, hassle-free, seamless and paperless mode. Once the application form is submitted, a digital copy of the e-PAN is generated in just two hours.

Commenting on the occasion, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we have been continuously working on innovation-led partnership models to offer financial solutions to all in Bharat. With more than 1.1 lakh PAN cards issued, we feel elated that the nation-building initiative that we undertook to provide every citizen of the country with a formal identity is finally afoot. The easy availability of PAN card services at a local retail shop has accelerated the uptake of this unique identification. Today, from daily wage earners to low-income farmers, all can get their PAN cards created at their nearest stores. We are committed to making financial services and products available for everyone, everywhere. We will continue to expand the bouquet of services accessible at our retail stores so that each and every citizen in the country has access to all services as their urban counterparts, and the gap between India and Bharat is bridged forever. PayNearby, Zidd Aage Badhne Ki!”

With simple documentation and assisted journeys, the company is gradually addressing all inhibitions that prohibit the large-scale adoption of financial solutions and pushing the masses towards true financial empowerment. This will work towards rural upliftment and will go a long way in providing a formal identity to the people in the underserved and unserved regions of the country which were previously unaccounted for. Slowly but surely, it will bring the underbanked and unbanked segments into the formal financial fold, with better access to products and services that improve their quality of life and livelihood.

Offers digital identities through ‘Pehchaan ID’ to retail partners

Mumbai, 12 December, 2022:  As a token of gratitude for the relentless contribution of the retailers in India’s growth story, PayNearby, India’s leading branchless banking and digital network, celebrated ‘Retail Employees’ Day’ on the 12th of December, 2022. With its ‘Pehchaan ID’ and ‘Nayi Uunchai Ki Zidd’ campaigns, the company looks to recognize, acknowledge and applaud the efforts of every neighborhood retailer in the country.

Retail Employees’ Day aims at creating awareness and empathy for the substantial role and value retailers add to the daily lives of their customers by offering convenience. And, in sync with the spirit of this day, is PayNearby’s ‘Pehchaan ID’ campaign. Designed to appreciate their efforts, the campaign aims to help PayNearby’s 50+ lakh retailers give their businesses a digital identity. This digital ID will highlight the service the merchants deliver, such as banking, insurance, travel, etc., and also gives them a star basis the number for years they are offering this service.

Pehchaan ID is a stamp of trust which gives retailers the motivation to continue their dedication and replicate their best practices for sustainable development across Bharat. Retailers can use this ID to inform new and existing customers about the services they offer and thus, grow their businesses. This ID can also be shared with customers via various social media platforms like WhatsApp, Telegram, Facebook and more.

Retailers are the last mile champions who have risen above the odds to create positive and social impact through their outstanding endeavors in ensuring the upliftment of their areas. It is the perseverance and persistence of these retailers that is bringing Bharat into the formal financial fold and contributing to an equitable economic growth. Reflecting this is the ‘Nayi Uunchai Ki Zidd’ campaign.

The campaign is a montage of how retailers have taken up additional services at their stores to serve their customers better and bring scalable and sustainable social change in their catchments. It highlights how retailers are enabling services like cash withdrawal, remittance, PAN card issuance, customer savings account, insurance, bill payment & recharges and many more through their stores. Thanks to this, anyone can avail essential banking services at a nearby store without requiring to travel long distances to reach a financial institution or an ATM.

Speaking on the campaign, Jayatri Dasgupta, Chief Marketing Officer, PayNearby, said, “At PayNearby, we are committed to creating an inclusive society and a strong nation. For this to happen, our retailers need to be empowered so that they have all tools necessary to build the nation ground-up. They are the ones who are defining and shaping the local communities and are holding the economic fabric of this country together. ‘Pehchaan ID is a symbol of trust for our heroes who are serving the country with their never-ending ‘Nayi Uunchai Ki Zidd’. They are the ones who are inspiring the transformation in financial behavior at the last mile. We acknowledge the hard work our retail partners are putting in to go beyond the call of duty to make India a progressive nation.”

Speaking on the occasion, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “Retail employees consistently cater to the needs of millions of customers every year, and that too, with a smile. This Retailers’ Day, we are celebrating those who are setting an example and helping the nation stay future-forward and inclusive. Our campaign salutes the retailers who are contributing to the “One Nation, One Service” ideology. We are grateful to be associated with these changemakers. Zidd Aage Badhne Ki.”

Nayi Uunchai Ki Zidd: https://youtu.be/KF44UUTzlAU

Retailers Day Video: https://youtu.be/_SawpfNwUsM

Mr. Vishal Khanna, National Head – Sales and Mr. Alok Jha, Head – Strategic Initiatives

Mumbai, 11 October, 2022: PayNearby, India’s leading branchless banking and digital network, recently announced two strategic leadership hiring to further strengthen and expand its Distribution-as-a-Service (DaaS) network. The company has appointed Vishal Khanna as the ‘National Head of Sales’ and Alok Jha, as the ‘Head of Strategic Initiatives’. The latest appointments are tactically aligned to the company’s ambitious plans to drive growth, through DaaS, across emerging businesses and channel partners, while bringing millions at the last mile into the formal financial fold.

PayNearby is witnessing stellar growth, riding on the back of its cutting-edge, tech-led DaaS network of 50+ lakh retailers and various product offerings designed to make Bharat financially and digitally empowered. Continuing its growth trajectory, PayNearby has plans to accelerate its progress while introducing new lines of business and product offerings, helmed by these senior leaders. Deeply rooted in fintech and sales, these highly-skilled leaders will fuel PayNearby’s mission and vision to strive to democratise digital and financial services and make it further accessible to the last mile.

Vishal Khanna, who previously worked with Vaco Binary Semantics – a Google Pay Project, brings with him 20 years of vast experience across several sectors like FMCG, retail, telecom sales & distribution and fintech, with a special focus on strategic business planning, business network development, clients & merchants relationship management and expert market penetration. Prior to joining PayNearby, Vishal has also worked with Reliance Industries, Bharti Airtel, Tata Teleservices, Apollo Tyres, Birla Tyres, and Home Solutions Retail. As the National Head of Retail Sales at PayNearby, Vishal, will drive acquisition and growth strategy to diversify the company’s retail network and double its footprint while offering partners the much-needed access to the rural heartlands and scale. His role will be to make PayNearby the benchmarked financial service provider in the country by enabling a best-in-class sales and distribution network.

Alok Jha brings to the table over 30 years of rich experience in internet-based businesses including B2B e-commerce, service aggregation and payments while helping businesses expand quickly and profitably. His focus has been chiefly in the fields of fintech and telecom while having worked with many renowned companies like Blow Plast, Mudra Communications, Forbes, and Suvidhaa Infoserve among others. During his last stint with Ease Venture Private Limited, he was the Managing Director & CEO and prior to that he was the Managing Director of CyberPlat, a Russian MNC in the fintech space.  Apart from being a seed investor, Alok is also an advisor and mentor to many start-ups and incubators.

With an experience expanding across the field of pharmaceuticals, furniture, apparel, advertising, e-commerce and payments, Alok has an affinity to go-to-market sales strategies for young stage industries, large corporates and MNCs. His core strength lies in business mentoring & scaling, understanding consumers across various spaces, building and working with teams and growing businesses that revolve around customers, services and brands. At PayNearby, his role will be to strengthen the company’s strategic initiatives while bringing efficiency to the marketplace through digital and financial enablement. He will help the company expand its portfolio while driving innovation for its customer and retailer base.

Speaking on the appointment, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “We are delighted to welcome Vishal and Alok into the PayNearby family. These leadership appointments are strategically aligned with our aim to fortify human capital within the company and have people with the right skills and experiences who will help us reach the next level of growth. Alok is a veteran with expert strategic experience across industries. He has showcased his leadership prowess in several assignments involving B2B e-commerce, fintech and payments. His pivotal role in advising and mentoring start-ups to success showcases his extraordinary skills as a business leader. Vishal’s incomparable proficiency in sales and adroitness strategic business planning is imperative to our future expansion goals. We are delighted to join forces with people who are strongly aligned with our vision for the company and look forward to benefitting from their decades of expertise in the field. We have an ambitious and aggressive growth plan in the coming months, and they are the right fit to make the right impact and fuel our continued success as an industry leader. As we continue to accelerate our next-generation DaaS platform, we look forward to employing their adroitness and leadership in their corresponding fields to achieve extensive growth and take PayNearby to new heights and Bharat to an empowered future. PayNearby, Zidd Aage Badhne Ki.”

Aims to re-bank India and ensure that every household in the country has easy access to opening and operating a bank account

Mumbai, 7th September, 2022: Axis Bank, India’s third largest private sector bank has partnered with PayNearby, India’s largest branchless banking and digital service network, to offer seamless opening of savings and current bank accounts for both last mile retailers and customers. Enabled by Aadhaar led authentication (eKYC), the opening of these bank accounts at a nearby local store will ensure easy access, greater convenience and a hassle-free process for customers. This partnership will empower Axis Bank and PayNearby to reach out to potential customers in remote regions of the country, and address common issues faced by them such as hassle of documentation, long processes, technology, lack of proximity and fear of a formal environment.

This initiative will enable Axis Bank to leverage PayNearby’s tech-backed Distribution-as-a-Service (DaaS) network of 50+ lakh micro-entrepreneurs across 20,000+ PIN codes, ensuring that credible and easy to access financial solutions are available across the length and breadth of the country. Backed by Axis Bank’s product innovation, operational best practices and brand credibility, this partnership aims to re-bank the nation and accelerate the efforts of providing an active bank account for every small business and household in Bharat. This will simplify banking for the retail shop owners and individual customers, and further eliminate the need for them to travel long distances to operate their bank account.

Speaking on the development, Munish Sharda, Group Executive and Head – Bharat Banking, Axis Bank, said, ‘’We have been continuously working on innovation-led partnership models to offer our customers a value proposition specifically designed to cater to their requirements. Our partnership with PayNearby will enable us to extend our banking services to a huge customer base in semi-rural and rural regions and offer them an array of facilities along with the opening of a bank account. Meaningful growth in India will be driven through financial inclusion and this partnership is yet another step towards strengthening our mission towards Bharat Banking.’’

Speaking on the collaboration, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “For India to become financially and digitally empowered at the last mile, it is important that the local retailers are given the necessary tools for their growth. PayNearby, as an entity, is keen on improving and enriching the professional and personal lives of its retail partners. With this simplified current account option with India’s leading bank, Axis Bank, we are giving our partners better control over their money. We thank Axis Bank for making this process so easy and hassle free, and for introducing biometric based e-KYC enabled account opening, in our network. This will go a long way in allowing our retailers to maintain healthy financial practices and thrive.

With the savings account offering, we hope to partner with Axis Bank and re-bank India, so that every household in the country is able to operate an active bank account. Axis Bank’s brand credibility and operational best practices will ensure the process is simple, secure and easy to use, and combined with the local trust of the network, it will accelerate the adoption across the country. We hope to get Bharat to the formal financial fold at an accelerated pace and inculcate a savings behavior among the masses.”

“With this partnership, we continue to empower our retailers and customers while improving the reach of Axis Bank in the remote hinterlands of the country. We will continue to bring innovative services to ensure that our retail partners and customers progress in life. PayNearby, Zidd Aage Badhne Ki!” he added.

The local SMEs partnering with PayNearby will now be able to avail Axis Bank services with ease and can also upgrade their business transactions in an efficient way. Bringing this service to a nearby retail store will increase the uptake of Axis Bank’s current account at the last mile. In a diversified geography like India, where the cost of acquisition and servicing often becomes unviable in remote geographies, this model will benefit from PayNearby’s existing infrastructure, local trust and its high-end technology to make banking available for all.

Aims to facilitate citizens at the last mile with access to all government services across its 50+ lakh retail touch points

Mumbai, 19th August, 2022: To offer ease and further the Government’s vision to make e-governance ‘mobile first’ in India, PayNearby, India’s leading branchless banking and digital network, has integrated the all-in-one app UMANG (Unified Mobile Application for New-age Governance) into its platform. PayNearby looks to assist citizens with all their central and state government services-related needs across 20,000+ PIN codes with its tech-led DaaS network of 50+ retail partners while aiding the reach of UMANG services to a larger user base of 20+ crore customers.

Developed by the Ministry of Electronics and Information Technology (MeitY) and National e-Governance Division (NeGD) to drive Mobile Governance in India, UMANG provides a single platform for all Indian citizens to access 100+ e-Gov services ranging from central to local government bodies. Available in numerous regional languages, this super app is designed to get citizens rid of the need to download countless apps while enhancing transparency and fairness in all transactions. The app allows the users to discover, download, access, and use all government services easily in one place, all at the tip of their fingers.

However, most of the population, especially across semi-urban and rural India, are not tech-savvy enough to access these services themselves, hindering the GoI’s vision of mobile governance. This is where PayNearby retailers step in. With this integration, this e-governance service can be used on the PayNearby app or website. Through its assisted retail network of 50+ lakh retail outlets, PayNearby aims to handhold the masses and acquaint them with various features of UMANG and help them access those services while adding ease to their lives. Now, people do not need to visit several offices to get their administrative jobs done. They can simply walk into their nearest kirana store, and the retailer through the PayNearby app can redirect to the Umang App and help them with their government service needs. This means citizens at the last mile, through their trusted retailer, can download their vaccination certificate, check their pension amount, view their provident fund passbook or track EPFO claim status, at a store nearby.

Speaking on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “At PayNearby, our goal has always been to build a progressive society. We are always on a citizen empowerment mission and look to bring India at the forefront of digitization, on a global level. For this, we want to ensure that the benefits of all government services reach every nook and corner of the country in a consumer-friendly manner. In line with this and to further Bharat’s digital journey, the launch of the UMANG service for PayNearby retailers will go a long way in taking this digitalization journey a level up and helping masses seamlessly access these e-Gov services, and gradually make them digital-savvy. We have been continuously working on innovation-led partnership models to offer cutting-edge solutions to all at last mile. We feel this integration will result in the increased consumption of services at the grass-root level as PayNearby retailers enjoy a very high level of trust and familiarity with their communities. The assisted service provided by them would not only add ease to consumers’ lives but also make them aware citizens who are cognizant of the various services provided by the government for their upliftment and growth. PayNearby, Zidd Aage Badhne Ki!”

Aims to induct 10,000 retailers in the club, by FY23-24

Lucknow, 23rd August, 2022:  To recognize the unparalleled contribution of its high-achieving retail partners in India’s growth story, PayNearby, India’s leading branchless banking and digital network, has launched ‘Indradhanush’ – a one-of-its-kind elite club for handpicked small retailers who are driving social change at the last mile. The club recognizes the efforts of retailers like Kirana store owners and mobile recharge stores, who have made inaccessible banking and non-banking services accessible to local residents. It aims to induct 10,000 outperforming retailers by the end of FY23-24.

The club membership comes with special privileges and customized servicing, including priority desks at the service center. Furthermore, the select few will be the face of the brand in their regions. They will be the role models as more and more kirana stores in the country will get inspired by their success stories and realize the immense potential that they have to become the changemakers while securing their families’ future. With this, the company intends to motivate and influence newer agents to join the movement to take Bharat to the next level of growth and inclusion.

In the first phase, the club will honor 25+ pathbreaking retailers from Uttar Pradesh (UP) among 250+ last mile champions from across the country who have risen above the odds to create positive and social impact through their outstanding efforts in ensuring the upliftment of their catchments. It is the perseverance and persistence of these retailers which is furthering the company’s commitment to bring Bharat into the formal financial fold and contribute to an equitable economic growth.

Furthermore, the select few will be the face of the brand in their regions. They will be the role models as more and more kirana stores in the country will get inspired by their success stories and realize the immense potential that they have to become the changemakers while securing their families’ future. With this, the company intends to motivate and influence newer agents to join the movement to take Bharat to the next level of growth and inclusion.

PayNearby Indradhanush was envisioned to recognize the last-mile pioneers, motivate them to continue their life-changing work, and replicate their best practices for sustainable development across Bharat. It acknowledges retailers who are going beyond the call of duty to make India a progressive nation and ensuring that all basic services are available to everyone at a store nearby. Consider the case of Hema Saroj, a PayNearby woman retailer and a UPSRLM BC-Sakhi from Azamgarh, UP, who is providing digital financial services to the tune of one crore while making her community digitally and financially cognizant. Similar is the story of many other micro-entrepreneurs across Lucknow – Ashok Kumar Shrivastava, Sumit Kumar, Diwan Singh Kaira and Ahtaram Hussain Siddiqui – who have transformed themselves into touchpoints for the masses to access financial and digital services beyond banking hours and which were earlier inaccessible or difficult to access. With over 200 million inhabitants, Uttar Pradesh is the most populated state in India. As per the PMJDY, UP has more than 8 crore beneficiaries, of which more than 5.77 crores reside in rural and semi-urban areas.  This is a huge number which needs to be serviced.

These small retailers are the heroes who are setting templates of inclusivity and courage by bringing scalable and sustainable social change in their areas while enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more, through their stores. Now, anyone can avail essential banking services at a neighborhood store in the remote areas of Hardoi or Bijnor or Gorakhpur or Sonbhadra and others without requiring to travel long distances to reach a bank or an ATM. Currently, UP has over 95,600+ retailers of which, 25+ have made it to the club with their impressive contribution to making their societies more prosperous and more robust.

Speaking on the launch, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “In our mission to create an inclusive society and a strong nation, empowering the retailers who are building the nation ground-up has been PayNearby’s constant pursuit. Our retailers are the ones who are defining and shaping the local communities and are holding the economic fabric of this country together. In times of crisis, they are the frontline warriors who are always at the beck and call of the citizens. PayNearby Indradhanush is a small token of thanks to these heroes as they are the foot soldiers who are inspiring the transformation in financial behavior of all at the last mile.”

“Indradhanush denotes the various hues of the zidd of a new and growing Bharat, and the tag line Naye Bharat ke Margdarshak eulogizes the retailers who are setting an example and are mentoring this evolution by helping the nation stay future-forward and inclusive. Just as a rainbow brings new hopes and zeal, the trust and tenacity of our retail partners are paving a path towards a hopeful, socially and financially empowered Bharat where all banking and digital services are available at every nook and corner of the country. PayNearby Indradhanush is an acknowledgement of their hard work and of their huge contribution to the One Nation One Service ideology,” he stated.

“We believe that when a retailer grows, a community prospers. It is our utmost effort to see that these social innovators continue to be the catalyst for change. With Indradhanush, PayNearby looks to bolster sustainable development by recognizing the efforts of these remarkable last mile champions and encouraging several others to follow suit in building resilient communities. With Indradhanush, we wish to motivate all retailers to join us in the nation-building movement. PayNearby, Zidd Aage Badhne Ki!” Mr. Bajaj added.