PayNearby launches NeoDukaan; aims to modernize 100 MN retailers by 2025

(LtoR James A. Raphael, Anand Kumar Bajaj, Praveena Rai)

   One-stop-shop platform empowering retailers to modernize trade and accelerate digital adoption

   Aims to offer host of tech-enabled trade offerings to drive mass acceptance

   To offer an all-inclusive digital payment hub that ensures easy acceptance across different form factors, simplified for both retailers and customers

   A store management tool to offer one-click process to take stores online, digital ledger for better credit management and unified platform offering wholesale procurement options

   Eyes to digitize millions of largely underserved MSMEs as well as bring a new set of retailers into the PayNearby fold

In its bid to mass modernize the retail sector across the country, PayNearby, India’s leading branchless banking and digital payments network, has associated with Retailers Association’s Skill Council of India (RASCI) to launch “PayNearby NeoDukaan” to digitally upgrade its retail partners and gear them towards a better livelihood. PayNearby NeoDukaan is a first-of-its-kind holistic store management tool aimed at digitizing the retail stores and accelerating digital adoption at the last mile. With multiple digital payment options, digital ledger for credit management and online wholesale procurement options, PayNearby NeoDukaan looks to create a thriving ecosystem for its retail partners by empowering them digitally and bringing them at par with the current times.

In India, retail is evolving, retailers are not. Retail is India’s largest industry, accounting for over 10% of the country’s GDP and 8% of employment, however, despite its large size, the sector has remained predominantly unorganized due to the presence of local stores and vendors. To win in this changing landscape, the local retailers need to change too. To be indispensable to the consumer, local retailers must constantly update to accommodate their various needs. And, PayNearby is completely transforming the retail outlets and making them future-ready. The company has enabled more than 38+ lakh retailers across 17, 600+ PIN codes to have a strong online presence and ensures that small and local shops are not left behind in the transforming digital world.

Echoing this sentiment is PayNearby’s latest business vertical – the NeoDukaan app. This store management package is an end-to-end comprehensive suite that exclusively focuses on helping retailers modernize their stores, simplify their lives and bring them at par with the times. With this app, PayNearby intends to make retailers future-proof and take them to the level where they can compete with the e-commerce giants and large format superstores. PayNearby NeoDukaan enables stores to go online with a single click and service customers in their neighborhood and beyond to avail the digital store at their convenience. With this platform, PayNearby aims to digitally empower the local retailers in India whilst enhancing their efficiency and opportunities to serve their customers better.

Today, it is crucial for all stores to have digital formats of digital payments. This all-new platform will enable retailers to offer wide-ranging payment options such as UPI QR, Aadhaar Pay, mPOS and SoftPOS to the customers in the local community. Besides being cost-effective and easily implementable, retailers will not lose customers due to limited payment options and will be able to offer digital financial services seamlessly. PayNearby NeoDukaan will help retailers provide a slew of choices to their customers and will help accelerate digital adoption in the country, especially among the underbanked spectrum, reducing the demand for cash and cash-led transactions. Besides, in the wake of COVID, it will enable customers to make safe, contactless payments too. NeoDukaan, thus, aims to democratize digital payments, ensuring the availability of form factor agnostic transactions at the last mile such that digital payments become as seamless as exchanging cash.

In the majority of Tier II, Tier III cities and beyond, most of the daily businesses run on credit. Retailers end up breaking their backs to maintain a physical ledger and spending long hours on reconciliation. While retailers are used to traditional bookkeeping by maintaining bahi-khatas, NeoDukaan will help them manage customer credits more efficiently with ‘Customer Khata’ – a digital ledger. Besides offering enhanced security, Customer Khata will help retailers to go digital, streamline their accounts and reconcile better. With Customer Khata, retailers can record all transactions digitally, set automatic payment reminders for customers – so that they can collect the dues on time, and view customized reports too.

Moreover, many small businesses do not have a good supply management. They often end up shelling out exorbitant prices for supplies that are way beyond the wholesale rates, incurring losses. To help with this, PayNearby NeoDukaan will also function as an aggregator platform, whereby retailers can easily access various wholesale procurement alternatives such as Big Basket, ITC, Unnati etc. all in one spot. Currently, no other player offers multiple wholesale procurement options on a unified platform. Besides operational efficiency, the app will enable retailers to digitally procure goods timely and at competitive prices.

Commenting on this occasion, Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, remarked, “We are thrilled to present the PayNearby NeoDukaan app to help our retail partners grow non-stop in life. 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 retailers are given the necessary support and tools to stay relevant in the fast-evolving economy. PayNearby NeoDukaan is one such effort committed to enabling financial inclusiveness and the economic wellbeing of the retailers.

As the word ‘neo’ denotes transformation, PayNearby NeoDukaan will be a game-changer for the mass retail community offering them opportunities to acquire new customers, engage better with existing customers and reduce the cost of operations. This will further accelerate the growth of the digital economy even across hinterlands and remote towns whilst making ‘Digital India’ a closer reality. PayNearby NeoDukaan will transform every shop in the country into a shop ready for a new era.

As an organization, PayNearby acknowledges the deep symbiotic relationship it has with the retailer community, and with PayNearby NeoDukaan, we want to assure the progress of our retailers. Our association with RASCI will ensure that our retail partners have all they need to get ahead in life. This is our ‘Zidd Aage Badhne Ki’. A ‘Zidd’ to make every shop in Bharat modern, digitally-empowered and future-ready.”

On the occasion, James A. Raphael Executive Head – Retailers Association’s Skill Council of India (RASCI) and Joint Central Apprenticeship Adviser – Ministry of Skill Development & Entrepreneurship (GOI) said, “PayNearby is paving the way to bridge the gulf of Bharat and India.  NeoDukaan is a committed stride towards the digital empowerment of local retail at the last mile. It will position Indian retailers at the forefront of a new consumption economy whilst offering a huge stimulus to the ‘Digital India’ movement. This digital transition will usher in a new era of commerce, transform ‘job seekers’ into ‘job creators’ and will create millions of livelihood opportunities in the hinterlands and small towns thereby driving economic growth and social upliftment in the real Bharat.”

Additionally, the company has set an ambitious target of onboarding 100 million retailers by 2025. PayNearby NeoDukaan is designed to bring a completely new set of retailers into the PayNearby fold.

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement 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 startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, 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 (NPCI).

For more details, contact:
Siva Subramanian
PayNearby
M: +91 9820848303
E: siva.subramanian@paynearby.in

PayNearby partners with Visa and RBL Bank to launch SoftPoS and mPOS for its 15,00,000+ strong retail network

⇑ Aims to democratize digital payments and reduce cash transactions at the last mile by offering an all-inclusive payment acceptance infrastructure at retail touch points

  Transform everyday smartphones into merchant terminals (SoftPoS) at no additional cost

  Enable 2-in-1 Micro ATM devices, that double up as payment acceptance (mPOS) and cash withdrawal at very affordable pricing

  Offer merchants, an all-inclusive digital payment hub that ensures easy acceptance across different form factors and simplifies both merchant and customer experience

  With QR code payment, Aadhaar Pay, UPI, Online Payment Gateway and now Card Payments through mPOS and contactless payment through cards/tokenized mobile on SoftPoS, PayNearby becomes India’s leading company to consolidate form-factor agnostic digital payments in retail

  Aims to proliferate digital payment acceptance among the largely underserved 30 million plus Indian MSMEs

  In the wake of COVID, enable customers to make safe, contactless payments at the last mile

  The low cost, simplicity and choice of the different form factors will drive easy acceptance among tech shy Indians, thus accelerating digital adoption in the country

In a bid to create a digitally one nation, PayNearby, India’s leading branchless banking and digital payments network, has partnered with Visa and RBL Bank to launch SoftPoS and mPOS for its 15,00,000+ retail network. With the addition of these options, PayNearby becomes the first company to launch an all-inclusive digital package for retailers that is form factor agnostic and provides a wide choice to end consumers. PayNearby’s upgraded digital payment package now supports QR code payment, UPI payment, Aadhaar Pay, SMS payment, Card payment (debit/credit/contactless) and payment through mobile tokenization.

While SoftPoS allows merchants to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on NFC-enabled smartphones, PayNearby’s 2-in-1 Micro ATM + MPOS machine allows easy acceptance of debit/credit cards at the last mile. Customers can use any physical card (debit/credit/contactless) or mobile with tokenization and pay easily by using the above options. Aiding PayNearby in this initiative is processing partner, PayNext and SoftPoS solution partner, Uvik.

A majority of India’s population is still tech-shy, dependent on cash and lying outside the folds of financial inclusion. One of the reasons for digital payments taking a back seat in the country is that smaller merchants do not have the money to invest in infrastructure. According to a cross country dataset released by RBI recently, the density of population dependent on a POS terminal is 358 in India, as against about 20 in neighbouring China, 10 in Brazil, Turkey, Netherlands and Italy. The dataset comparing 22 countries, showcases India to have the lowest POS density per person*.

However, the pandemic has amplified the need for contactless payments to reduce the risk of transmission. This has given a major boost to digital payment adoption in the country and is also helping in promoting new form factors and experiences in this sector. To make digital payments pervasive in the country, it has to be as seamless as accepting cash both on the merchant and the consumer side.

With the SoftPoS and mPOS offering, PayNearby aims to address the national challenge of inadequate payments infrastructure and eliminate barriers to seamless digital adoption. On the acceptance side, merchants do not have to spend a lot of money to lay down the foundation of digital acceptance and expand their customer base and sales. With SoftPoS, the ubiquitous smartphone can be converted into a digital acceptance device. The 2-in-1 micro ATM + mPOS machine drives value at very affordable pricing and allows easy acceptance of debit and credit card payments. With these innovations, local stores even in the remotest areas will now be able to process digital payments on their smartphones and Micro ATM devices. On the consumer side, the solution is as easy, secure and quick as exchanging cash.

Commenting on the occasion, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “As India moves towards rapid digital growth, PayNearby is committed to simplifying high-end technology for the bottom of the pyramid so that benefits of digital payments and digital banking can reach the masses. Through our SoftPoS and mPOS solutions, in partnership with Visa and RBL Bank, we wish to build an ecosystem by adding to the number of acceptance points for easy and fast digital payments. In the wake of COVID, this is vital for both our retail partners and their consumers.

Along with our existing solutions, introduction of SoftPoS and mPOS to our product portfolio enables us to offer a complete digital payment solution to Bharat. We are confident that the addition of SoftPoS to the JAM (Jan-Aadhaar- Mobile) trinity graduates Bharat to JAMS (Jan-Aadhaar-Mobile-SoftPoS), which will pave the way for a digital economy, and provide stimulus to communities at the grass root level. This will make ‘Digital India’ a closer reality, even at the remotest locations in Bharat.

We are extremely honored to partner with RBL Bank and Visa in these initiatives. Our partners bring with them demonstrated expertise in banking and digital payment products and lend credence and proficiency to the offering. We also thank PayNext and Uvik for joining us in this journey. At PayNearby, we will continue to innovate every single day to democratize digital solutions and make the dream of an equal Digital India come true.”

Rajeev Ahuja, Executive Director RBL Bank said, “Payment platforms have been disrupted the most owing to the ever-evolving preferences in the financial ecosystem. We are delighted to partner with PayNearby to build and offer an innovative and secure payment solutions for the Indian MSMEs, the backbone of our economy. With this association, we look forward to empower the customers and retailers with a simple and seamless digital platform. It enables us to onboard merchants from various geographies and deepen the penetration of digital infrastructure in the country.”

Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said “As the country opens up slowly, it is critical to focus on the recovery of small merchants, the backbone of our economy. This sizeable segment has lagged in accepting digital payments due to notions of cost and infrastructure.

We’re delighted to partner with PayNearby to bring solutions like SoftPoS to merchants, and enable low cost, safe and simple Tap to Phone payments across the country at scale. Visa has committed to empowering and digitizing small businesses worldwide and in India, and partnering with fintechs like PayNearby is a definite step towards achieving that objective.

*Data source:

 

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement 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 startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, 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 (NPCI).

For more details, contact:
Siva Subramanian
PayNearby
M: +91 9820848303
E: siva.subramanian@paynearby.in

PayNearby bags the ‘Dream Company to Work For’ award at the 19th Asian HR Leadership Awards 2021

The company was chosen in the Organizational Awards category for its commitment to the development of PayNearby’s family

PayNearby, India’s leading branchless banking and digital payments network, has been awarded as the ‘Dream Company to Work For‘ at the prestigious 19th Asian HR Leadership Awards, 2021. The awards were presented at a virtual ceremony held on June 2021, attended by representatives from leading corporations, celebrating the achievements of all the winners. The Asian Leadership Awards recognize outstanding business leaders and organizations for their commitment to excellence, developing best practices, and innovative strategies.

PayNearby, through its trusted network of 15+ lakh retailers across 17, 500+ PIN codes, has been instrumental in ensuring undisrupted financial services to the masses, bridging the urban-rural divide. Their BC network, known as ‘Digital Pradhan’, bring essential financial services at the last mile without which the population would have been left on the fringes of the society. Aiding PayNearby in this inspiring journey are its people. With about 72% of its colleagues belonging in the age group of 21 – 35 years of age, PayNearby is a young company driven by the passion for creating a change by driving the agenda of financial inclusion in the country.

PayNearby was evaluated and awarded based on the organization’s operational performance, innovative technology and commitment to the development of its people. PayNearby is an equal opportunity workplace that thrives on merit and rewarding performance. The company facilitates inclusive interactions, objective decision making and creates equal opportunities for everyone. Additionally, the company empowers its women leaders equally and is known for its diversity and inclusion that prospers on merit and performance. PayNearby is devoted to ensuring that its people have fun while they go about scaling new heights and achieving new milestones.

To top it all, PayNearby’s efforts to ensure the wellbeing of its people during the pandemic, focus on nurturing an inclusive workplace, digitalization of HR services, and a unique approach in fostering a learning culture and upskilling effort were highly commended. The HR has been consistently playing a critical role in driving workplace culture by practicing humility and empathy towards the development of the teams, connecting diverse people to a common purpose, adapting to uncertainty, and fostering trusting relationships within and beyond teams. In the post COVID-19 era, where there was an increasing need to engage its people online and offline, PayNearby designed various wellness programmes, counselling, awareness and digitalized services to empower its people in every way.

PayNearby believes that success is delivered as a team and the people are its most valuable assets. With growing operations across the country and PayNearby becoming a pure-play digital and financial services operator at the last mile, the company looks to be led by talent best positioned to become its enablers. PayNearby aims to nurture a pool of future leaders with a strong understanding of the industry landscape along with in-depth functional skills.

Acknowledging the win, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “We, at PayNearby, are grateful and honoured that we received the 19th Asian HR Leadership Award to become a ‘Dream Company to Work for’. This is a proud moment for us as we continue to innovate our HR practices to attract and retain the right talent and create an outstanding work environment for all. We live by the philosophy that culture eats strategy for breakfast any day. And, we are committed to creating an engaging culture for our people to ensure that life at PayNearby is always fun and fulfilling. At PayNearby, no voice is unheard, no suggestions are ignored.

Our people are our most valuable assets and we pledge to go the extra mile to ensure their growth and progress. Even during the pandemic which posed the ultimate test of resilience for business organizations globally, our HR team was dedicated to delivering the highest level of service to the PayNearby family so that they could serve our retailers and customers better. PayNearby is humbled by this prestigious award and for the recognition it signifies. The award means that we are doing the right thing at the right time in the right way in sync with our Zidd Aage Badhne Ki.”

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement 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 startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, 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 (NPCI).

For more details, contact:
Siva Subramanian
PayNearby
M: +91 9820848303
E: siva.subramanian@paynearby.in

Empowering MSMEs Towards Financial Wellbeing Through Technology

The micro, small and medium enterprises (MSME) sector in India is often referred to as the ‘engine of growth’ which contributes significantly to employment generation, exports, innovation, inclusive growth and the socio-economic development of the country. The entrepreneurial growth and development they contribute are not limited to the urban areas only. Of the 63 million MSMEs, 51 per cent are based in rural India. This increasingly growing sector contributes 30 per cent to the country’s GDP and 48 per cent to exports. Notably, the MSME sector creates around 1.3 million jobs per annum which employs over 120 million people and is undeniably very valuable to the Indian economy.

Over the past year, because of the COVID-19 headwinds, the sector has been valiantly trying to hold its ground. Several reports show that disruptions caused by the pandemic have impacted MSME earnings by 20-50 per cent. Micro and small enterprises have faced the maximum heat, mainly due to the liquidity crunch and drying up of consumer demand. This has impacted around 82 per cent of small businesses. To overcome these challenges, various tech-led companies have come forward to help MSMEs with innovative solutions.

India has a lot of catching up to do when it comes to digital maturity in the small and medium businesses segment; digitisation of SMEs is far more challenging than it seems due to several issues like lack of skills, tech-shyness, access to talent, lack of business-specific technologies among various others. Many fintechs have come forward and are partnering with MSMEs to solve for these challenges. From easy access to banking products, like account creation, credit management, cash flow management to assisted modules that help enterprises walk up the tech maturity curve, the examples are many.

The advantage of working with tech-led new-age platforms is the nimble footedness and flexibility they allow, which enable MSMEs to adopt solutions based on individual tech readiness and life-cycle requirements. Business critical solutions like improving the loan application process, aiding merchants to accept digital payments, seamless repayment options through digital pathways—which are vital to any business today—have been efficiently accomplished because of the MSME-fintech partnerships.

Among the many used cases it has solved for, the advent of technology and greater participation of private financial organisations has helped bridge the gap of credit requirements in this sector. Access to working capital for enterprises with thin credit files have been made possible through the intersection of technology and newer business models offered by fintech organizations.

At present, the MSME credit gap is pegged at around $240 billion (INR 17 lakh crore). By collaborating with digital fintech organizations, which are equipped with technology-enabled systems and algorithms, MSMEs can access capital at a much lower cost. The speed and agility offered by online market places and digital solutions not only aid in better discovery and information assimilation, but also help MSMEs adopt most cost effective solutions based on individual requirement. Digital lenders rely on alternate data acquired through social listening, intuitive tools and predictive algorithms and are able to offer enhanced customisations with greater flexibility suited to the borrowers’ needs, even without a credit history. Timely access to credit is the lifeblood of any business. Enabling MSMEs to gain easy access to credit is thus an important milestone in MSME-Fintech partnership.

Besides easy access to credit, empowering MSMEs with the latest digital payment solutions is another important area where we have seen much progress over the last few years. Digital payments help merchants not only service a wider range of customers, but also bring ease and efficiency to business operations by eliminating cash based transactions, which are expensive and fraught with security challenges. From form agnostic payment solutions which enable merchants to accept payments over easy tap and pay on mobile, to QR codes and payments through biometric authentication, this space has seen incredible innovation over the last few years. In addition, solutions like digitizing customer ledger allowing enterprises to better manage cash flows, along with better vendor management and workforce management tools are helping small and medium businesses to organize themselves better and get maximum output from available resources in these challenging times.

Another important area where technology participation has led to visible growth in the MSME sector is the opening up of newer revenue streams for small and medium businesses on the innovative, tech led platforms offered by fintechs. A local retailer, whether it is a kirana store or a pharmacy, can today augment his income by servicing his local community with basic banking and digital products from his store. In the advent of ecommerce and super markets, this allows small and medium businesses to stay relevant and deflect the challenges that come with the evolving economy. From opening a savings account to instant remittances or cash withdrawal points, technology innovations offered by fintech organizations have helped local retailers go beyond their organic business, and double up as the area’s banker, ensuring not only more business but more loyalty from existing customers. This digital empowerment also helps drive the bigger agenda of financial inclusion in the country.

As MSMEs continue to evolve and we see more participation from tech led platforms to augment this evolution, this space is bound to see more innovation in the coming years. The need of the hour is to continue strengthening the sector with the latest advancements and sector friendly policies, so that we are able to create an enriching atmosphere for entrepreneurial growth and an exciting and efficient MSME ecosystem.

Empowering and upskilling MSMEs with financial literacy, PayNearby University aims to educate and handhold its retailers

Aims to create a thriving ecosystem for its retail partners by helping them utilize PayNearby’s platform extensively to earn more

In continuation with its brand ethos ‘Zidd Aage Badhne Ki’, PayNearby, India’s leading branchless banking and digital payments network, has launched “PayNearby University” under its trade app to educate and handhold its retail partners towards a better livelihood and a sustainable life for themselves and their families. Available in 10 regional languages for an engaging learning experience, PayNearby University is designed to empower retailers by utilizing the full potential of the platform and help create a thriving ecosystem for the retail community.

PayNearby was built to educate, engage and push a wide range of assisted financial and digital services including basic banking services like cash withdrawal, domestic remittance, goal-based savings and insurance to the last mile. Today, more than 15+ lakh retailers use the PayNearby platform to service close to 15 crore Indians on a wide range of products and services. The success of the model lies not only in the 10+ lakh transactions that it clocks daily or the monthly GTV of ~5500 crores plus, but in the social reach of the platform across 17,500+ PIN codes in the country, helping uplift both the retail community and consumers in those areas, thereby helping access to the Government’s DBT disbursements in an easy manner. The company’s constant commitment has been to empower local retailers who are building the nation ground-up while driving financial inclusion at the last mile, thus creating a digitally forward and financially inclusive India.

Reiterating this commitment is PayNearby University, where retailers can acquire knowledge about the financial product and services the company offers, learn how to use these services, and how to efficiently utilize the platform to earn more. PayNearby University ensures that retailers can upskill themselves and are able to deliver financial products seamlessly to the customers at the last mile. It also trains retailers on the best practices in investments and how to manage their finances better in order to take care of themselves and their families’ future. PayNearby University enables bite-sized learning videos which are easy to consume along with financial and insurance consultation and career guidance, in turn, creating more aware, engaged and empowered retailers.

To enhance the learning experience, PayNearby University is available in 10 regional languages to all retailers who have downloaded the app across the country. With over 250+ videos made available, the initial response has been excellent with over 3,50,000 users visiting the module with 310,000+ daily impressions. To make the learning journey more profound, completion certificates are available which can be downloaded on successful completion of assessments.

Commenting on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “Retailers are the very core of a business ecosystem and it is important for them to have all the necessary knowledge and skills to make their work easy and enhance customer engagement. As an organization, PayNearby recognizes the mutual relationship that it has with the retailer community and we want to take all possible steps to ensure the sustainable livelihood of the retailers. An important milestone in this direction is PayNearby University. PayNearby University was created with the vision to empower and upskill our retailers not just in trade skills but life skills as well and help them become financially independent and aware Digital Pradhans.

For India to thrive and grow, it is important that the retail community is given the essential support and tools to stay relevant in the fast-evolving economy. We are confident that this free-of-cost module which retailers can consume at their convenience in their own language will be a game-changer and in the long run, will help retailers across the country bridge the digital divide that exists in India. We are extremely delighted that PayNearby University is in sync with our Zidd Aage Badhne Ki.”

PayNearby to onboard 10,000 Women Business Correspondents in Uttar Pradesh

⇑ Aims to digitize transactions worth approx. 1000 crore across SHG ecosystem

  Program initiated by the State Government of Uttar Pradesh (GoUP) with the objective of – One Gram Panchayat One BC Sakhi

  PayNearby received mandate of 9 districts – Badaun, Sitapur, Etah, Ballia, Ghazipur, Behraich, Balrampur, Gonda and Azamgarh

PayNearby, India’s leading branchless banking and digital payments network, announced that it will onboard 10,000 Women BC Sakhis from Self Help Groups to offer banking services to various Gram Panchayats in Uttar Pradesh. The company thus aims to digitize transactions worth 1000 crores through the Self Help Group (SHG) ecosystem across Uttar Pradesh, while enabling BC Sakhis to earn additional revenue. The company has entered into a partnership with YES Bank to onboard BC Sakhis across 9 districts in the state.

The business processes and transactions that happen through SHGs are mostly cash-based. As of March 2019, an estimated 1,00,000 crores have been transacted within the SHG ecosystem, the bulk of it being in cash. With cash in short supply and digital payments on the rise, there is an urgent need to redesign the processes and transit from a predominantly cash transaction to a digital transaction. To aid this, as part of the Uttar Pradesh State Rural Livelihood Mission (UPSRLM) program, the Government of Uttar Pradesh (GoUP) has decided to appoint one Business Correspondent (BC) – Sakhi (BC-Sakhi) from the members of the SHGs in each of its 58,000 Gram Panchayats. In line with this directive, PayNearby has been allotted the mandate of 9 districts across Uttar Pradesh, viz.  Badaun, Sitapur, Etah, Ballia, Ghazipur, Behraich, Balrampur, Gonda and Azamgarh.

Business Correspondents have played a pivotal role in financial inclusion, especially through the COVID-19 pandemic as they acted as Direct Benefit Transfer collection points and ensured offering uninterrupted banking services to citizens across the country. As banking agents, these women are playing a crucial role in acquainting people with banking services. The project is thus aimed at improving banking access in rural UP and enhancing the household income of these women and empowering them. Post the onboarding, PayNearby will work on upskilling BC Sakhis on the usage of the digital ecosystem while also providing them digital solutions to further the cause of financial inclusion across the state and bring many to the formal banking fold.

Commenting on the development, Anand Kumar Bajaj, Founder, MD & CEO said, “Our country is going through a digital revolution and it is therefore important that we empower our women to lead this change. It is important our women have access to digital and financial tools that give them better control over their earnings and savings. While the Business Correspondent model ensures low-cost delivery of accessible banking services to every section of the society, the SHG platform has proven to be pivotal in this task, owing to its comprehensive reach and influence at the community level.

The UPSRLM program is an excellent initiative by the government of Uttar Pradesh and PayNearby is extremely honoured to be a facilitator of this program and drive empowerment. With the SHG members having the basic financial literacy and the experience of handling money, they are best suited for the role. They can play a significant part in handholding and getting the community members oriented to digital transactions while driving financial inclusion across the remotest villages and towns in the state.”

PayNearby represents the country’s largest retail merchant network today with more than 15 Crore customers. The company has played a significant role in driving digital financial services within the interiors of the country across 17,500+ PIN codes. It has bolstered easy, low-ticket transactions and created an all-inclusive acceptance framework for a less-cash India.

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement 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 startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, 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 (NPCI).

For more details, contact:
Siva Subramanian
PayNearby
M: +91 9820848303
E: siva.subramanian@paynearby.in

This Fintech Startup Is Empowering Kirana Stores

The 2016 founded PayNearby is doing a monthly transaction of over INR 5500 crores, with around 15 lakh retail stores across 17,500 PIN codes

During the pandemic one thing was conspicuous. Indians have well adapted to digital transactions and in near future don’t plan to return to cash transactions. The reason? Well for starters, it is convenient and fast and keeps a transaction history. Those who were not yet convinced were using digital payment mode regularly by the end of the last year, due to fear of contracting the fear by cash.

Though the government is advocating the concept of Digital India, retail stores or kirana stores have a pivotal role to achieve the complete digitization of India. India retail is an $883 billion market that is mostly dominated by kirana stores. Though there are players in the space digitizing these hyperlocal grocery stores in various ways, Mumbai-based PayNearby is empowering retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion.

What is PayNearby?

Founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha in 2016, PayNearby is a DIPP-certified FinTech startup that partners with neighborhood retail stores and enable them with the tools to provide assisted financial and digital commerce services to their local communities.

Anand Kumar Bajaj who is the chief executive officer and managing director of the firm wanted to create user-experience-based products that help Indian retailers to serve their customers better. Bajaj wanted to build a platform that can dole out financial and non-financial services in a matter of seconds, to millions of people by leveraging advanced analytics, artificial intelligence, and machine learning and create simple and efficient micro experiences for retailers.

“PayNearby aims to empower local kirana stores to evolve into retail powerhouses by blending easy-to-use digital technology with last-mile connectivity. There is a dire need to equip local retailers with the skills to perform a digital transaction. With our technology, we are empowering these small and medium businesses to stay relevant and deflect the challenges that come with the evolving economy,” he added.

From opening a goal-based savings account to instant remittances or cash withdrawal points, PayNearby claims to have helped local retailers go beyond their organic business, and double up.

PayNearby’s Impact

The 2016 founded startup is doing a monthly transaction of over INR 5500 crores, with around 15 lakh retail stores across 17,500 pin codes that offer services such as cash withdrawal, cash deposits, money transfer, savings, insurance, travel, digital payments, access to government benefits, among others.

The startup is also intertwining technologies to add other services, such as saving, lending and insurance, along with providing enterprise solutions to e-commerce companies, OTT platforms, NBFCs and financial institutions to reach the last mile.

“Today, from Muzaffarpur to Maldah, from Raichur to Rajnandgaon, and from the most backward districts of the county to Sela Pass in Tawang at 13, 700 feet, PayNearby has successfully enabled the availability of basic financial services to 15 crore citizens to become India’s largest branchless banking and digital payments network,” Bajaj explained.

As multiple startups have emerged to digitize various areas, Bajaj rightly said that staying competitive is both imperative and extremely challenging.

As per him, the company’s sole focus is on customer value and enabling user-friendliness, dependability and flexibility while solving customer needs allows PayNearby to stay competitive and thrive.

“The most important aspect is that we know how to leverage the data that is collected. Today, more data is being generated than ever before through processing billions of transactions per day, adding scale and efficiency to our business. We are transforming this big data into information, and information into intelligence to create intelligent solutions for both our retail partners and consumers,” he claimed.The startup also underlined its easy-consumable content that educates, engages, and empowers its users.

When asked about the future, Bajaj said that PayNearby aspires to empower the retail community across Tier I, II and rural towns in India.

“There is a large unexplored, underserviced market that needs to be brought up the curve by simplifying high-end technology for the bottom of the pyramid. We will continue to innovate every single day to ensure democratization of digital payments, so that form factor agnostic digital payment is available at every last mile store, and digital payments become as seamless as exchanging cash,” he said.

The startup has plans to foray into international markets such as Sri Lanka, Bangladesh, and other South Asian markets for future expansion.

PayNearby appoints Chief Technology Officer to accelerate technological innovation

The company continues to invest in strengthening its executive team with the appointment of CTO, Vivek Viswanathan

PayNearby, India’s leading branchless banking and digital payments network, today announced that Vivek Viswanathan has joined its executive team as the Chief Technology Officer. Vivek brings to the team deep technical experience – with a background in architecting, designing and building enterprise-grade products – as well as a new energy to propel PayNearby into its next phase of growth. He will work closely with the company’s product, data and analytics teams to harness the power of technology to enable seamless delivery of financial services to every Indian and drive the cause of financial inclusion and democratization of digital payments in the country.

With over two decades of rich experience, Vivek brings to PayNearby robust expertise as a leader in the technology and software space across the functional domains of fintech and supply chain. At PayNearby, he aspires to build a world-class tech organization focused on agility, efficiency and transparency through the use of technology, automation, processes and culture. Using the power of data, ML and AI, he seeks to provide our retailers and customers with the most reliable and delightful user experience with fintech products that matter to Bharat.

Vivek comes with a proven track record of having built platforms at scale and a deep understanding of the fintech industry. Prior to PayNearby, Vivek oversaw Blue Yonder as the VP- Product Development to enable digital supply chain and omnichannel commerce fulfillment. He also led the engineering division of Setu – a fintech API platform – as the CTO, building APIs to help integrate financial services into the customers’ products. In his time at Ezetap – a pioneer in the MPoS and Payments tech space, he helmed the expansion of the company as its VP-Engineering. He was also the Co-founder and CEO at Stillwater – a social media startup and is known to have built consistently high performing teams.

Speaking on the appointment, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “We are thrilled to welcome Vivek to the executive team. Vivek brings a wealth of knowledge to his new role and he will certainly be an invaluable asset to our team as we continue to advance our product architecture and solutions platform. Vivek will solidify our commitment to creating exceptional solutions for enabling financial inclusion and democratization of digital payments at the last mile. As CTO, Vivek will work with PayNearby’s executive team to create, execute and launch new offerings across the company’s product domain that will bring further support to our retail partners and customers and help us build a digitally and financially inclusive Bharat.”

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement 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 startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, 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 (NPCI).

For more details, contact:
Siva Subramanian
PayNearby
M: +91 9820848303
E: siva.subramanian@paynearby.in

PayNearby ties up with Centrum Microcredit to facilitate Unsecured Business Loans to Retailers

 End-to-end digital processes leading to disbursements within 48 hours
 First-of-its-kind proprietary score card developed to rate potential borrowers basis rich transactional data on PayNearby eco-system
 Loans ranging from ₹25k to ₹1 lakh; and tenures ranging from 6-24 months
 To facilitate access to working capital credit for small businesses
 New-to-credit borrowers are also eligible to avail the loan basis track record with PayNearby

As part of its Shop Owners Benefit Program, PayNearby, India’s leading branchless banking and digital payments network, has tied up with Centrum Microcredit Limited, the micro finance arm of the Centrum Group, to facilitate unsecured business loans to its retail partners. As part of the tie-up, loan requirements will be sourced through PayNearby’s vast network of retailers and will be disbursed by Centrum Microcredit Limited. The solution is aimed at fortifying and driving the business growth of PayNearby’s retail partners, especially in these challenging times where businesses are struggling to stay afloat due to the economic fallout of COVID 19.

The partnership will work towards enhancing the shared goals of the two organizations, which are committed to enabling financial inclusiveness and the economic wellbeing of the retailers. Retailers often need timely and small-ticket working capital loans for short tenures to keep their businesses up and running. More often than not, due to lack of collaterals or being new-to-credit, these retailers predominantly rely on alternative options such as local moneylenders or loan sharks instead of mainstream options such as Banks or Financial Institutions. But, loans from these informal sources come at exorbitantly high interest rates, pushing them further into an inevitable vicious cycle.

This partnership will allow PayNearby to facilitate competitive lending solutions to its retailers who otherwise may not be eligible for formal lending options. PayNearby is determined to ensure that the Digital Pradhans do not face a cash crunch of any kind and continue to offer their services, thus creating a thriving ecosystem for the local community.

The partnership will help Centrum harness PayNearby’s rich data acquired through processing billions of transactions per day, adding scale and efficiency to their lending business. PayNearby has an innovative and robust technology backend platform that reaches out to the deep roots of the country using advanced analytics, AI and machine learning to score thin credit files and create simple and efficient micro lending experiences for its retailers, enabling them to secure loans at the click of a button. The loans disbursed to the merchants will be on a pre-qualified basis. To enable this, PayNearby has developed a proprietary scorecard based on the transaction data of the retailers along with a set of agreed pre-qualifying criteria of Centrum; and a credit rule engine based on which eligible retailers are shortlisted.

The partnership will give Centrum access to a deeply entrenched retailer network, with rich transactional data and hassle-free access to last-mile through PayNearby’s stable tech platform. With big data available at PayNearby and the strength of an on-ground distribution network, Centrum will provide the retailers with the right lending solutions to meet their growth and sustenance needs.

Additionally, this partnership, between Pay Nearby and Centrum Microcredit, has followed a digital-first strategy in its entire product journey. It is currently funding small-ticket, unsecured loans between ₹25,000 to ₹ 1 lakh with tenure ranging from 6 months to 24 months. The turn-around time is 48 hours even for the new-to-credit and the entire life cycle of the loan starting from origination to disbursement is completely digital. Along with the convenience of applying for a loan, the partnership will ensure that retailers build a strong credit history in this journey and at a certain stage become eligible to take bigger and longer duration loans from banks.

Announcing the tie-up, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “PayNearby as an entity has been championing the cause of financial inclusion in the country. However, the objective of financial inclusion is incomplete until our retailers get access to credit. We have given our retailers access to livelihood, access to insurance and access to savings with various products in the financial services spectrum. The only missing piece was access to credit. In our endeavour to making credit available to our retailers at affordable interest rates, we have partnered with Centrum Microcredit Limited. Along with PayNearby’s substantial data, together with Centrum, we are hopeful of addressing the issue of working capital credit for our retailers through these micro-enterprise loans.

Our Digital Pradhans are our backbone. They have shown great resilience throughout the pandemic by providing uninterrupted service to ensure citizens have access to essential financial resources. In these dire times, we are committed to fortify them in spirit and with financial backing to ensure their businesses function smoothly as ever.”

Speaking on the partnership, Prashant Thakker, Executive Director & CEO, Centrum Microcredit Limited said, “Financial inclusion is a key focus area for us. Our partnership with PayNearby adds to our vision of making a positive, social and economic impact in the lives of retailers by providing unsecured working capital credit to ensure their business functions uninterruptedly. With this initiative, we will be able to bring many small retailers into the mainstream credit fold. This will also help us to diversify our operations geographically and expand our offering in terms of tenure and repayment model of loans. We are excited to call on PayNearby’s rich data and massive retailer network to fulfill the dream of a financially inclusive India.”

Within six weeks of the launch, the company has received over 270 applications on its platform and has disbursed loans worth ₹36 lakhs to more than 60 retailers.

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement 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 startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, 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 (NPCI). For more details, please visit www.paynearby.in

About Centrum MicroCredit Limited:

Centrum Microcredit Limited (CML) is a NBFC-MFI regulated by the RBI and part of the diversified financial services Centrum Group. The company provides loans under the joint liability model to low income women entrepreneurs in urban, semi-urban and rural areas. ‘Financial Inclusion’ is the key objective, and it wishes to empower the un-served and under-served women by providing income generation loans and other relevant financial services. It aims to positively impact 3 million low income households by 2025 across India by being their financial services provider of choice. For more details, please visit www.centrummicrocredit.com

For more details, contact:
Siva Subramanian
PayNearby
M: +91 9820848303
E: siva.subramanian@paynearby.in

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