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InsureNearby, the insurance arm of PayNearby, India’s largest hyperlocal fintech network, partners with IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, to endorse a unique insurance product called “Insurance Khata Plan”. Specifically designed to serve the low-income bracket, the product not only secures the insured and their family’s needs in case of an untimely demise, but also provides a flexible deposit plan that allows them to save and fulfil their dreams. The plan allows complete flexibility to the buyers in choosing the frequency and tenure besides allowing them to pay the premiums as per their convenience. It also functions as an excellent saving product as the beneficiary gets the entire money back at the maturity of the policy.

With more than 82% of India’s workforce engaged in the unorganised sector, over 39 crore workers and their families live under the constant threat of financial setbacks. Lack of a constant income source plays a huge hindrance in paying fixed annual or monthly premiums regularly. This results in an insufficient or non-existent insurance coverage, which often prods them into an inevitable poverty cycle. This set of economically weaker population has unique insurance needs and hence require a customised product that offers flexibility, ease of access and a frequency that adapts to their erratic earnings while providing the security of an insurance cover.

IndiaFirst Life’s Insurance Khata Plan is a non-linked, non-participating, term assurance with return of premium plan. The product has been designed to offer financial protection in the form of a life cover to the family besides offering the provision of returning more than the premium paid in total when unclaimed at the end of the policy term.

Comprising of 72% of total population of the country, rural India is largely uninsured and unprotected. Through InsureNearby’s 45,000 POS agents, the product will now be made easily available to the country’s masses. InsureNearby will embark on a journey to train their vast network of 8.5+ lakh retail agents, registered under its sister organization PayNearby, to upscale them as credible POS agents. The geographical reach of these last mile retail outlets will enable the company to provide insurance to marginalized customers in the most far flung towns and villages across the country. The unique offering thus creates a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to insure India and make protection available for all.

Commenting on the association, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “With around 3% insurance penetration, Indians have largely been left unprotected to life’s vagaries. Our motto has always been to make safe and secure financial solutions available to our masses and help them move ahead in life. In accordance with our motto, Zidd Surakshit Aage Badhne Ki, this partnership with IndiaFirst allows us to provide a unique life insurance policy to our customers, that not only protects their families in case of a demise, but also provides them the flexibility to gradually plan and build their savings to meet their evolving life goals. We are excited about this partnership and am confident that our distribution capability along with their product innovation will create a force multiplier that will help bridge the huge gap in protection coverage for our citizens. A unique life insurance policy that not only protects their families in case of demise, but also provides a flexible deposit platform for fulfilling their dreams.”

Commenting on the strategic alliance, Rushabh Gandhi, Deputy Chief Executive Officer, IndiaFirst Life Insurance Co Ltd said, “Our alliance, with a like-minded and dynamic institution as, InsureNearby is a strategic leap in line with IndiaFirst Life’s vision to provide life insurance cover at affordable rates to last mile customers in India. Technology and micro products have enabled IndiaFirst Life to reach out to the unorganized, underserved and the under penetrated regions in the country. We have 45,000 qualified retail agents of PayNearby who are certified as POS agents with InsureNearby to sell IndiaFirst Life’s Insurance Khata Plan. For us, this is just the beginning. Together, we are keen to offer more such embedded solutions, which will inculcate the ‘long-term savings and insurance’ culture in India.”

Commenting on this occasion, Murali Iyer, CEO and Principal Officer, InsureNearby remarked, “Our aim has always been to strive for complete inclusivity. We want to gather actionable insights to address the evolving needs of the various types of insurance buyers, especially those in the low income segment, thus offering them the opportunity to lead their lives with as little impact as possible in case of a sudden demise. With Insurance Khata, we aim to bridge the void of accessible life insurance at affordable rates. The product also addresses the savings needs of our target audience, who are looking for safe, flexible deposit plans.”

About Nearby Insurance Broking Services Pvt Ltd (InsureNearby):

Nearby Insurance Broking Services Pvt. Ltd., with an aim and aspiration to “Insure India,” serve the unserved bringing in an era of true financial inclusion through its brand, “InsureNearby”. The company provides simple insurance products pre-underwritten and delivered instantly through mobile app and web services. The cutting edge proprietary technology provides Assisted Insurance Sales and service to crores of Indians in a fast and reliable manner. A subsidiary of Nearby Technologies, a fintech company offering assisted financial/non-financial services to the underbanked and unbanked segment, Nearby Insurance Broking Services seeks to make insurance products accessible at the last mile.

Previously known as We Care Insurance Broking, Murali Iyer is the CEO and Principal Officer of Nearby Insurance Broking Services, since July 2019. Having almost 30 years of insurance sales experience, Murali is a revered figure in the country’s insurance segment, having been one of the core group members of the team that set up Birla Sun Life Insurance.

 

About IndiaFirst Life Insurance Company Ltd:

Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 663 crore, is one of the country’s youngest life insurance companies. It is promoted by two of India’s largest public-sector banks – Bank of Baroda and Union Bank of India, which hold 44% and 30% stakes in the company, respectively. Carmel Point Investments India Private Limited incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC, New York, United States also holds 26% stake in IndiaFirst Life. The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced. For details, please visit https://www.indiafirstlife.com/

PayNearby, India’s largest hyperlocal fintech startup network has launched JobsNearby, an assisted job registry that will help migrant workers who have been affected by the pandemic lockdown to seek gainful employment. The company has decided to announce the initiative on 01^st May, which also happens to be the ‘International Worker’s Day’. Through its vast network of more than 9 lakh retail touchpoints, spread across 17,000 plus PIN codes in the country, the company wishes to create a platform where out-of-job workers can register themselves and find suitable placement. On the supply side, the company has identified and tied up with multiple partners, including banks, NGOs, global foundations and other aggregators, where registered workers can then be placed.

Leveraging the company’s widespread presence across 17,000+ PIN codes across the country, the banking retail agents today are an important part of the rural and urban-interior value chain, providing easy cash withdrawals and access to DBT and relief packages for the masses. Since these retail outlets are already the port of call for these workers for their banking requirements, they form an important touchpoint to reach out to these afflicted segments and ensure a path is created for them to get back to economy.

The company is fast rolling out plans and are in discussions with various banks, NGOs, global foundations and other aggregators involved in job provisioning so the data can be disseminated through credible sources to the demand side of employers.

A huge chunk of the migrant population, having lost their jobs, have moved back home or are living a very difficult existence right now. This is reflected in the decline in domestic remittances, which from a monthly run rate of ₹ 1500 – ₹ 2000 crore for PayNearby, and approximately ₹ 10000 crore for the entire industry have dropped to 10-15% of that amount. About 7-8 crore workers have been severely hit. The current lockdown scenario has impacted industries and people everywhere, but it is particularly the poor who have been hit the hardest, as the worrisome trend of job losses becomes pervasive across sectors, especially in urban areas. Fear has gripped industries worldwide, especially small businesses that may shut down in 3-6 months due to lack of sufficient resources. With the economy coming to a grinding halt, shared resource industries like entertainment, malls, fun parks, restaurants and delivery among others, have seen a mega dip in retailing itself and therefore deployment of resources.

On International Worker’s Day, with the aim of addressing this burgeoning issue, PayNearby is planning to launch JobsNearby. Through their impressive business correspondent network, the company is already in contact with thousands of these migrant workers who have lost their jobs. In the process of enabling DBT access to these workers, the company realized the severity of the situation and the stark need to address the same.

Mr. Anand Kumar Bajaj, MD & CEO, PayNearby said, “Our company has always strived to bridge the urban-rural divide and level the playing ground – whether it is by providing financial services to the unbanked and underbanked, or by fulfilling our national duty in current times by ensuring timely and secure relief packages to the underprivileged sections of society. Once again, through our Digital Pradhan network, we will evolve and work tirelessly to bring the migrant workers back on their feet. With JobsNearby, we hope to ensure that these workers and their families are not left bereft and can regain their dignity and livelihood. Through our wholesome database, we hope to provide these workers with an opportunity to rebuild their lives, without having to compromise on their skills.”

The company aims to aggregate a wholesome database and reach out to these people by helping them register through its network. Job seekers will register for various kinds of job roles that were available earlier besides other roles that can be accommodated as per their skill set, also allowing them to select a location as per their choice. These job data points will then be collated and sent to job supplier agent networks and employers. This unique initiative is an attempt to create a platform that is apt for blue collar migrant workers in urban areas.

In its bid to simplify ordering, payments and delivery of essentials during the lockdown, PayNearby, India’s fastest growing hyperlocal FinTech startup has now expanded its hyperlocal discovery and purchase application ‘BuyNearby’ for Pan India operations with IndusInd Bank as digital payment partner.

The app has helped over 2 lakh Kirana shops across the country take their stores online. Besides local kiranas, the platform hosts a wide range of retailers including – grocery stores, pharmacies, sweet stores, supermarkets, milk & dairy products, branded specialty stores, gift shops, and meat shops, among others thus catering to a wide range of customer needs. This app, in addition to helping order from nearby retail stores, will also enable the citizens to make UPI, BHIM Aadhaar and other Digital payments on the platform built by PayNearby in partnership with IndusInd Bank.

In the wake of the lockdown, with social distancing being the new norm, access to daily essentials has been a huge challenge across the country. With BuyNearby, customers can now identify their nearest local kirana store and conveniently order anything while choosing from a wide range of products. Besides easy access to daily essentials, the interactive app allows customers to pre-order and pre-schedule deliveries, with the option to pay digitally, thus helping observe social distancing and also championing honorable Prime Minister’s vision for going local.

The offering which was initially introduced in Mumbai and Chennai on a pilot basis has now been expanded across over 2 lakh retail touch point’s Pan-India. BuyNearby aims to ramp up its presence significantly at a rapid scale in the near future.

Besides easy product discovery, it also offers 24X7 ordering facility whereby one can place an order on the BuyNearby app anytime even if the shop is closed. The tech enabled platform will also help customers to track their order and discover substitutes if the required item is not available. Digital payments come naturally on the backdrop of huge success of UPI since with help of “Intent Call” for all UPI Apps in the customers mobile, one can choose the option from where it is most convenient to pay.

Additionally, the platform enables consumers to confirm selection and changes before placing an order whilst supporting digital payments at the time of delivery or in advance. With a wide range of retailers on the platform, BuyNearby seeks to cater to the needs of variety of customer demands.

Retailers on the other hand can receive orders on their apps, and in turn, place bulk orders to their distributors from time to time, on the basis of prompts in the App for stock out possibility, creating a seamless supply chain connectivity. Since Retailers will be able to accept digital payments, they will be able to pay to their distributors digitally on the new age technology platform built by Nearby Technologies with IndusInd Bank. This will increase efficiency and enable them for digital commerce. The platform offers multiple payment options, allowing them to cater a wide range of customers and increase their consumer base. In cases where the Retailer intends to maintain Khata for credit to customers, the retail can use the Customer Khata feature in the App seamlessly with the orders. Customers coming to the store will also have an option to avail a wide range of financial services generating additional income for the retailers. Also, with the amount of transaction data generated for the Retailer, they will be able to avail loans from platform and partner Bank and NBFCs.

Distributors, too, receive real-time orders from retailers, further improving the delivery network, while the interface helps improve stock visibility.  It also allows them to view team movement, analyze sales data and track stock with ease. Key benefit is that the app clubs all orders from a particular area so that aggregated orders can be delivered with ease of logistics, rather than delivering them separately, thereby saving on time and travel costs.

Mr. Anand Kumar Bajaj, MD & CEO, PayNearby said, “The kirana store has been a crucial part of the Indian economy as well as the social fabric. It enjoys a very high level of trust and familiarity for the citizen. Even through the pandemic lockdown, the humble kiranas in the neighborhood has stood tall offering seamless access to daily essentials like on National Duty. BuyNearby aims to empower our local kirana stores, by blending easy to use digital technology with last-mile connectivity. With the initiative we also aim to diligently drive our honorable PM’s vision of ‘Aatma-Nirbharta’ and his call for ‘local’ by supporting local businesses and helping them evolve into retail powerhouses. Retailing to the power of Digital Payments is a win-win for our partner IndusInd Bank, the FMCG, Citizen and the Retailers.”

PayNearby offers a host of financial and non-financial services to the underbanked and unbanked, through its 8.5 lakh retail touch points. The company for the past four years, has been working diligently to bridge the urban-rural divide in terms of accessibility to financial services. With the PM’s recent address, emphasizing on self-sufficiency and the importance of going local in the current scenario, BuyNearby is giving the local retail store a digital presence, and is all set to champion the way kirana stores are utilised in the country.

• Provides DBT to over 2.9 crore customers in April-May
• Conducting daily transactions worth 100+ crores
• Witnesses 127% rise in customers on AePS platform

PayNearby, India’s largest hyperlocal fintech start-up have disbursed direct benefit transfers (DBT) of over Rs. 6000 crores through their AePS (Aadhaar Enabled Payment System) platform during the nation-wide lockdown, in the months of April-May. The company’s 8.5 lakh+ strong retail network consisting of Kirana stores, medical, hardware, telecom shops etc. have facilitated seamless access to DBT money to over 2.9 crore customers, majority of whom are migrants and daily wage workers, one of the worst hit cohorts of the pandemic lockdown.

A leader in the AePS segment with a market share of over 33%, PayNearby witnessed a staggering rise of 127% in its customer base during April-May vis-a-vis the pre-lockdown months. In May, the company facilitated DBT disbursals worth over Rs. 3000 crores.

Anand Kumar Bajaj, MD & CEO, PayNearby said “Returning back to their villages, without any source of livelihood, the migrant workers have been one of the worst-hit cohorts of the Covid-19 pandemic, and DBT withdrawals have been the lifeline for them. PayNearby is privileged to serve Bharat in these trying times, and the convenience provided by the AePS platform has made seamless cash disbursal possible. Our Digital Pradhan’s with their extensive network have served over 1.4 crore customers through our AePS platform in the month of May and disbursed over Rs. 3000 crores. We are delighted to be a conducive partner in implementing the government’s vision of financial inclusion on-ground and will continue to do our part to promote inclusive payments, even after the lockdown.”

PayNearby’s well entrenched retail network of business correspondents (BCs’) worked tirelessly on the ground through the lockdown, serving as cash disbursal points. The transactions were conducted through the AePS (Aadhaar enabled Payment System), platform where individuals can seamlessly withdraw money through biometrics following social distancing and sanitization. The platform has become an integral part of the banking infrastructure in a uniquely fragmented country like India.

PayNearby, through their network has been instrumental in ensuring undisrupted essential services to the masses, bridging the urban-rural divide. Their BC network, known as ‘Digital Pradhan’, bring essential financial services at the last mile aiding seamless DBT deployment, without which, once again, the population would be left on the fringes of the society. PayNearby has been working dedicatedly to meet the financial needs of people in severely affected areas where ATMs are non-operational or non-accessible.

About Nearby Technologies Pvt. Ltd.:

Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focused on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.

It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech start-up, partnering with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).

• Severe cash crunch in rural India with just 25,000 ATMs across 6.5 lakh villages
• Ensure unrestricted cash flow to BCs’ to ensure effective servicing
• Enable ‘Business Correspondent’ (BC) network to offer essential financial services seamlessly
• Relief incentive worth 5k for 3 months to BCs’ as a stimulus
• Better cooperation from local authorities and police department, so that BCs on ground can carry out their duties, without getting harassed during transit or at shop

The Business Correspondent Federation of India (BCFI), a body representing fintech companies today called for action as they discussed challenges and key measures to offer India a robust infrastructure to access essential financial services in the wake of the Covid-19 lockdown. The body primarily discussed the challenge of cash crunch the nation was facing especially in rural India.

On the eve of 25^th March 2020, honorable PM imposed a nationwide lockdown with effect from midnight for a period of 21 days. The new stay-at-home rule resulted in not just panicked grocery orders it also rendered a big question mark on access to essential financial services. The situation is even worse in rural India with limited access to primary banking services such as – cash withdrawal, money transfer etc.

In India more than 70% population reside in rural areas representing the real Bharat. However only 5% of rural India which is 30k of the 6.5 lakh villages have access to ATMs. This poses a huge threat to easy access to essential financial services during the lockdown.

Honorable Finance Minister Nirmala Sitharam announced a relief of 1.7 lakh crore relief package for the economically weaker sections of the society. However, ensuring this package reaches the beneficiaries and they are able to access this relief cash is a huge concern in the current scenario. The digital press meet discussed the progression of how business correspondents can help the rural population get access to this money where digital infrastructure like ATMs are scarce, and the measures that can be taken to provide easy access to essential financial services in these circumstances.

Spread across more than 17,000 PIN codes in India, through more than 10 lakh+ retail shops, BC Agents (retails outlets such as kirana stores, medical stores etc.) are the lifeline ensuring the common man has access to basic banking services such as cash deposit or cash withdrawal during this hour of need. This is truer in rural India, and the interiors of urban centre, where the Agent Banking outlets are the only point of access for people to access their money and other immediate financial needs. However, the BCs’ are currently facing a huge cash crunch which is acting as headwind in their ability to serve as an active cash disbursal point.  Also, there are sometimes considerable challenges that these agents are facing from local authorities and police, either during transit or while operating their shops.

BCFI has appealed to banks and other stakeholders in the ecosystem to help agents have safe and easy access to cash from their local banks, so that they can continue unhindered providing essential services to the common man. Also, the federation has requested for more cooperation and support from local authorities in helping these foot soldiers play their part in this hour of need. BCFI also would like to appeal to the government for a relief package of Rs. 5000 for the next three months, which is less than 0.5% of the 1.75 lakh crore package announced to motivate the BC eco-system to offer uninterrupted services and ensure the benefits of the relief package reach the intended and they can access the cash.

The media was addressed by :

1. Sasidhar Thumuluri, MD & CEO – Basix Sub-K Itransactions Limited | Chairman BCFI
2. Ms Seema Prem, FIA Technologoy Services
3. Amit Jain, Chief – Business Operations – Fino Payments Bank | Board Member BCFI
4. Sunil Kulkarni, Chief Business Mentor – Oxigen Services India Private Limited | Board Member BCFI
5. Mr Vijay Pratap Singh Aditya, CEO, Ekagon Technologies
6. Anand Kumar Bajaj, MD & CEO – PayNearby | Board Member BCFI

Speaking at the press meet, one of the spokesperson from the federation said, “In these seriously challenging times, to ensure that that the relief package reaches the intended, and beneficiaries are able to access the cash, along with the banking systems, our banking mitras or Business Correspondents are the frontline warriors, who are braving the situation in every nook and corner of the country, especially in rural areas and urban interiors, so that people can access this relief cash.

Most of India’s population lives in villages, and while we are extremely grateful for the government’s prompt response towards relief measures, it is imperative that there is a robust network in place, both digital and assisted, to allow the beneficiaries to avail them. The existing geographical challenges which have aggravated further in the wake of the pandemic has impeded accessibility to financial services in many areas, and this is where business correspondents step in. They are playing a pivotal role in ensuring that the last mile has access to resources to tide this pandemic. The BCs are the pillars that harmonize the delivery of critical financial services like cash deposit and DBT, while risking their lives. It is thus our humble appeal to the government to ensure that the services run smoothly, and they are motivated and able to carry out their operations without any difficulty.”

The industry body also appealed to the government for financial support as these business correspondents are risking their own lives to rise to the challenge and are standing tall and feel proud to answer to this National Call of Duty. The meet also appealed to the government for relief measures for these correspondents who are struggling to keep businesses afloat among higher operation costs and low cash availability. Furthermore, the health risks involved in keeping these shops open amidst this epidemic mean they need to take adequate precautions and incur costs in terms of masks, hand sanitizers, intermittent shop sanitization to protect themselves and their customers — increasing costs further.

So, it is imperative that we have enough support system for the BC industry so that they are viable and have the motivation and resources to execute their critical role in these difficult times.

The nation-wide lockdown in the wake of Covid-19, predictably, has hit the poorest sections of society the hardest, especially migrant workers and the rural population. However, now, through the help of bank mitras and Aadhaar enabled payments, customers can withdraw upto Rs. 10,000 daily simply through the use of their thumb, which is a blessing in rural areas where there is a lack of adequate financial infrastructure. PayNearby, through its 8 lakh network of banking correspondents has been seamlessly facilitating cash withdrawal and transfer in this period – conducting over 10 lakh transactions per day.

The ground reality is that rural regions face a severe scarcity of ATMs and POS machines, expired or non-operational debit cards and the population in these areas are less digitally savvy regarding online payments. Only 5% of rural India which is 30k of the 6.5 lakh villages have access to ATMs. Last year, the government declared over 115 million debit cards invalid since they lacked the appropriate chip and PIN mandate. In the wake of this the pandemic lockdown, the owners of these invalid cards are now left in the lurch as they are non-functional. In this case, it was PayNearby that gave people access to financial services through their BC network.

Even as the finance ministry announced ₹1.75 lakh crore will be given to “80 crore poorest Indians” under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) over three months starting April 1, there are several logistical challenges that impede their access to this relief package. Furthermore, there is a lack of awareness by the rural population themselves – 1.25 lakh crore DBT remains unwithdrawn in bank accounts. In such circumstances, it is banking correspondents who are doing the national duty of serving as disbursal points for cash withdrawal – doing over 125 crore worth transactions per day.

PayNearby has been integral in promoting AePS (Aadhar enabled Payment System) in the country. It currently has over 33% market share in AePS, with transactions more than doubling in the last month to almost 6 lakh daily. India’s unique demography is such that even as 1.1 billion people have bank accounts, a large chunk is unable to fill out official documents. Thus, India has greatly benefited from AePS for direct benefit transfer, which aids in seamless DBT deployment.

“We are extremely grateful to the government for establishing the Aadhaar system so successfully within the country. In times like these, the use of biometrics is a great equaliser in terms of financial access, as AePS resolves many operational hurdles, especially in rural areas. Currently, 93% of our retailers are dedicatedly serving in rural regions, with 1 lakh Digital Pradhans doing transactions daily, mindful of careful sanitation and social distancing. We are extremely privileged thatwe could answer to this call of National duty”, remarked Anand Kumar Bajaj, MD & CEO, PayNearby.

During these challenging times too, PayNearby’s platform and their Digital Pradhan retailers have been summoned to serve people at the last mile. Along with their banking partners and NPCI, they have been working tirelessly in severely affected areas where ATMs are non-operational or non-accessible, and even hospitals, police stations and NGOs are availing their services.

PayNearby, the hyperlocal fintech network builder, has appointed Leo Burnett Orchard as their creative partner. The account was won following a multi-agency pitch and will be handled by the Leo Burnett Orchard Mumbai team. The agency will handle the integrated communications mandate for the brand.

Speaking about the win Manav Ahuja Vice President & Branch Head, Leo Burnett Orchard said “We are thrilled that PayNearby has chosen us to partner them on their journey. PayNearby is building a significant merchant network in smaller towns and empowering them with innovative solutions to make the financial transactions seamless, quick and easy. We feel the brand has huge potential and are excited to create some outstanding work together to help it achieve scale and success.”

Amod Dani, Executive Creative Director, Leo Burnett Orchard further adds “Leo Burnett Orchard is really excited to partner with PayNearby on brand’s growth story. We feel our new-age, digital first thinking will not only help us chart a successful narrative for the brand but also enable us push the envelope on creating some distinctive work for them.

Speaking about the association Jayatri Dasgupta, CMO, Nearby Technologies said “We are thrilled to be teaming up with Leo Burnett Orchard, an agency skilled at integrated communications and known for their impactful campaigns. As PayNearby grows and matures into one of the leading fintech brands in the country, we recognize the need to collaborate with an agency that understands our vision and core values and can help us communicate seamlessly with our partners and consumers. Leo Burnett Orchard brings exactly that to the table. They approached the opportunity with a lot of commitment and compelling strategic insights and creative ideas. We look forward to partnering with them to strengthen our brand narrative and drive relevance and adoption across all consumer segments, as we build momentum and scale higher.”

 

Drives #‘HaathBadhao, thank you keh jao’ campaign to recognize efforts of retailers

PayNearby, India’s largest hyperlocal fintech network with over 8.5 lakh retail touchpoints has partnered with Trust for Retailers & Retail Associates of India (TRRAIN), to commemorate the ‘Retail Employees’ Day’ celebrated on 12th of December. The company has launched the #‘HaathBadhao, thank you keh jao’ campaign to recognize and acknowledge the efforts for every retailer in the neighborhood.

This initiative was conceptualized to encourage people to recognize the efforts of small retailers across the country. The day aims at creating awareness and empathy for the significant role and value they add by creating convenience in the everyday of individuals.

Retailers from across the country on our network have shared videos describing how their assistance to end customers have added value to their lives, or helped them during emergency situations. The retailers generating the most influential impact will be invited from different cities of India and felicitated at the TRRAIN Awards to be held in February 2020.

Our daily lives are so dependent on the tireless efforts of these retailers, who meet our every smallest need at every nook and cranny, even in emergencies. Our relationship with the local retailer is based on the solid foundation of trust and thus, even when we find ourselves strapped for cash, their credit system comes to our aid to make our lives more seamless – they are indispensable to us.

Making employees feel valued and striving to build genuine, symbiotic relationships with them beyond a mere transactional one helps build loyalty, boost performance, morale and nurtures a positive attitude. Thus, the campaign “#HaathBadhao, thank you keh jao” was built and launched in collaboration with PayNearby’s media agency Leo Burnett, to express gratitude for their unwavering and constant support. As a part of the campaign Retailers from all over the country will be thanked for their continuous enterprise.

For PayNearby, local retailers are intrinsic, and the company has taken several steps to improve and uplift their lives. The company along with TRRAIN Circle is going to provide digital upskilling trainings to 20 lakh retailers across India through mobile-friendly content. The program will not just enable the retailers with essential skills, but will also empower them to lead a more rewarding life.

Mr. Anand Kumar Bajaj, MD & CEO, PayNearby said, “We are thrilled to be a part of this initiative which provides a platform to recognize the tireless efforts of our retailer friends. The retailers have always been a very integral part of the Indian economy; however their contribution has always gone unnoticed. It has always been our priority to empower them, and we recognise their determination that has made our work a success. As retailers form an important part of our consumer value chain among local communities, social inclusion is only possible if they are uplifted, which in turn will give an impetus to the economy.

Mr. B.S. Nagesh, Founder, TRRAIN said, “In the last 8 years ‘Retail Employees Day’ Celebration has grown multifold with millions of retail employees celebrating the day on the 12th of December every year. 2019 is very special for us with PayNearby joining the movement and celebrating the day with lacs of retailers by appreciating their work and encouraging customers to say Thank you by promoting “Haath Badhao Thank You Keh Jao”.

PayNearby, India’s largest hyperlocal FinTech network has won the ‘Best Fintech Innovation in Financial Inclusion’ award for offering last mile access to consumers in the underbanked sectors across the country.  PayNearby was selected based on the organization’s operational performance over the last year, innovative technology & commitment to the development of the underserved of the country. The India Finance Inclusive Awards was presented by Mr. Krishnamurthy Subramanian Chief Economic Advisor – Government of India at Access Assist event in New Delhi, to recognize the company’s dedicated work in driving innovation at the last mile and creating a financially inclusive economy.

Incepted in April 2016 by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha, and Rajesh Jha, Nearby Technologies offers financial or non-financial services to the underbanked and unbanked segments. The company’s flagship brand, PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.

PayNearby has successfully enabled the availability of essential services including financial inclusion products PAN India with the help of its ‘Digital Pradhans’ spread across the country.’ The Digital Pradhans are equipped with the tools and technology that allow them to expand their business and transient from just a retail store to much more. The company aims to create a pervasive network that will granulize, sachetize and universalize financial services and make it available to every Indian. Through their assisted tech led modules, the company offers a bouquet of services including Aadhaar banking, bank savings, domestic remittances, bill payments, card payments, granular investment and insurance among others.

The company has close to 8 lakh retail touchpoints across 16,772 pin codes in 28 states & 9 union territories, servicing 98 million customers with a monthly transactional value of INR 40 billion and upwards.

The award was conferred by India Finance Inclusive Awards on behalf of ACCESS, a national livelihoods support organization that focuses on incubating innovations for sustainable livelihoods of the poor. PayNearby has been selected on the basis of their operational performance and unwavering commitment towards financial inclusion.

Commenting on the win, Mr. Anand Kumar Bajaj, MD & CEO of PayNearby said, “This award is a huge recognition for us and is a true testimony to PayNearby’s unwavering dedication towards bridging the digital divide among the masses and creating an egalitarian society. With the highest levels of innovation backed by cutting edge technology and design, we have been touching the lives of millions of Indians who have otherwise been left out of the Digital India race. It is our privilege to receive this prestigious award and we thank everyone who have contributed to our journey.”

Ensure the large untapped uncertified skilled retailer workforce gets due recognition and certification

To ensure continued upskilling and recognition of retailers, PayNearby has joined hands with the Retailers Association’s Skill Council of India (RASCI) to certify retailers for Individual Sales Professional / Self Employed, Retailer and Distributor Salesman job roles.  The company wishes to reach out to 20 lakh retailers at the earliest through existing digital channels and help upskill and certify the retailers. Through a rigorous process of audit and training, RASCI in partnership with PayNearby conducted a pilot to assess & certify more than 24,000 retailers as of March 2019, under the national flagship skilling initiative Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

PayNearby has been working closely with retailers at the last mile to make them the torch bearers of financial inclusion at the first mile. The company’s mission to make ‘Har Dukaan Digital Pradhan’ is envisaged to empower the local retailer and create a thriving eco-system for the local community. PayNearby has successfully enabled Digital Pradhans to provide many essential services to their local communities, including Aadhaar banking, domestic deposits/remittances, insurance, access to government schemes and many more.

Commenting on this accomplishment, Mr. Anand Kumar Bajaj, Founder & CEO, PayNearby remarked, “Retailing in India is one of the pillars of our socio-economic structure, with retailers having deep rooted relationships in the local communities. For India to thrive and grow, it is important that the owner manned small and medium shops, who form the bulk of the retail industry, are given the necessary support and tools to stay relevant in the fast evolving economy.

It has been our mission to partner with retailer friends across the country and bridge the digital divide that exists in India. We are fortunate and extremely proud of our 8,00,000 strong and growing retailer base, who provide Bharat with all the essential financial inclusion & other services, that the masses were deprived of till date.

As an organization, PayNearby acknowledges the deep symbiotic relationship that it has with the retailer community, and the company wants to take all possible steps to ensure the health and recognition of retailers. An important milestone in this direction is the partnership with RASCI, an autonomous industry-led body under the National Skill Development Corporation.

The partnership will enable upskilling and certification of close to 20 lakh uncertified retailers and provide them with enhanced recognition and social boost that they deserve. We look forward to working closely with RASCI to upskill and conduct certification of the retailer workforce as per the National Skill Qualification framework (NSQF).”

Commenting on this, Mr. James Raphael, Executive Head & Joint Central Apprenticeship Adviser, RASCI said, “PayNearby is pioneering great work for retailers and we are happy to partner with them in upskilling the retailer workforce leading to enhanced recognition and pride through NSQF Certification, aligned with the Skill India Mission under the aegis of the Ministry of Skill Development and Entrepreneurship. This initiative would help trigger the retailer transition from the traditional to modern way of retailing as “Job Generators” for relevantly skilled “Job Seekers”, nearby.”