Archives: Media

Second leg of ‘Pragati Mahotsav’ campaign aims to inspire and onboard women entrepreneurs

Mumbai, 12 August, 2022: On the occasion of the 75^th Independence Day, PayNearby, India’s leading branchless banking and digital network, has announced the launch of ‘zero investment plan’ for women entrepreneurs at the last mile, across 20,000+ PIN codes. This comes as an extension of its Independence Day campaign, Pragati Mahotsav, which celebrated the contribution of its retail partners. In addition to accelerating the national vision of financial inclusion for all, this initiative aims to build financial independence among rural women of India by waiving off business account opening fees and thereby inspiring women at the last mile to join the nation building movement. The company aims to on-board 10 lakh+ women entrepreneurs by FY23-24.

With Sashakt Naari, Sashakt Samaaj, Sashakt Desh at its core, the Women Sustainable Employment campaign looks to ensure that every household in India has a woman financially capable of taking care of her family and thus create an empowered society and an empowered nation. PayNearby’s ‘zidd’ is to upskill all women and bring them up the employment curve so that they contribute equally to the growth of the economy, to build a more inclusive and sustainable society.

Commenting on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “A country progresses when its women become equal participants in the progress. While the pathway to women’s enablement are many, one of the most important facilitators is financial empowerment. It is important women have access to digital and financial tools that give them better control over their earnings and savings. With women as our partners, it will ensure seamless delivery of accessible banking services to every section of the society while uplifting their social standing.

The path that we have undertaken towards the Sashakt Naari, Sashakt Samaaj, Sashakt Desh mission is challenging. But then, the path to a greater good is always riddled with challenges. We believe that women are key to social change and PayNearby is extremely honored to be driving this Sustainable Employment campaign to help them realize their potential in creating a sustainable future. We would like to welcome all Self-Help-Groups and other like-minded institutions to join us in this journey, so that we can maximize the reach of this campaign and empower as many women as possible. We want to empower at least 10 lakh+ women within the next 1 year with steady income opportunities so that they become the harbingers of change, and we are giving them the tools to make India an inclusive and stronger nation. PayNearby, Zidd Aage Badhne Ki!”

Speaking about the campaign, Jayatri Dasgupta, Chief Marketing Officer, PayNearby said, “While Pragati Mahotsav was an ode to PayNearby’s retail partners who are persevering to make Bharat a financially and digitally inclusive nation, the ‘Women Sustainable Employment’ campaign serves as its perfect finale.  In India, close to 48% of the rural population is female[1]. However, owing to societal construct and low literacy rate, they have very little or no access to any form of financial services or employment. Today, only 27% of women in India are employed, out of which women running small businesses account for only 13%[2]. For India to progress, women need to come forward and participate. In such a scenario, the importance of financial and digital education for women at the last-mile becomes very important.

The distribution of Free Business Accounts/banking IDs will allow women, in the rural hinterlands, to easily become the banking and digital points of their areas so that essential financial services can reach every home. With PayNearby, women will learn about cash management, savings, banking, insurance and other financial services that will, in turn, bridge the gender gap at the last mile. As aware banking sakhis, these women will play a crucial role in acquainting people with financial services while furthering the cause of financial inclusion across the country and bringing all into the formal financial fold. The campaign is geared towards giving every woman in the country a new identity, a sustainable livelihood, and an opportunity to become self-reliant, a true reflection of our brand promise, Zidd Aage Badhne Ki,” she added.

The Women Sustainable Employment commitment which is the final leg of the Pragati Mahotsav is aimed to bring women from the confines of the home to the forefront of the economy. In the 75^th year of India’s Independence, PayNearby hopes to build an equal opportunity platform for them to come ahead and contribute to its One Nation One Service ideology and take Bharat to the next level of growth and inclusion. Towards this purpose, the company is waiving the cost of the Business Account, currently priced at ₹1000, required to create and maintain the account. However, women partners will have to pay a bare minimum cost for the KYC completion.

This is one among a series of initiatives that the company will roll out over the next few months to create a more empowered society. Very soon, PayNearby aims to partner with leading banks in the country and launch savings and current bank accounts at a store nearby for last mile SMEs and customers. This will ensure every household in the country, including its women folks have easy access to opening and operating a bank account, something crucial to the financial well-being at the last mile. The company is on a mission to double its commitment to create a more inclusive and empowered nation.

Pan-India campaign to showcase inspiring stories of small retailers connecting Bharat to India at the last mile

Mumbai, 04 August, 2022: On India’s 75^th year of Independence, PayNearby, India’s leading branchless banking and digital network, has unveiled a new campaign to celebrate the unparalleled contribution of its retailer partners to India’s growth story. Named “Pragati Mahotsav,” the campaign pays homage to the last mile unsung heroes who are working hard to make India a financially and digitally inclusive nation. As India celebrates ‘Azadi ka Amrit Mahotsav’, the campaign is an ode to these grassroot troopers, whose perseverance and tenacity can inspire and instill the zidd in each of us, to do better for ourselves and our fellow citizens.

Speaking on the campaign, Jayatri Dasgupta, CMO, PayNearby said “In the 75^th year of Indian Independence, it gives us great pleasure as a brand to celebrate those who are helping the nation stay future-forward and inclusive. While there are many heroes and legends that we are all aware of, there are some unlikely, untold tales of resilience and bravery that are worth telling.

‘Pragati Mahotsav’ celebrates those unsung/inspiring grass root stories, that go beyond the call of duty to make the country a progressive nation. These are tales of our familiar neighborhood stores who go largely faceless and thankless, but have silently ensured that come rain or sunshine, all basic services are available to everyone. Their role in ensuring sustainability of life and livelihood during the pandemic is especially worth mentioning. Doubling up as agent banking network, these torchbearers of inclusivity are laboring on ground to bridge the gap between Bharat and India and make the dream of an inclusive nation come true.

Pragati Mahotsav is a celebration of their hard work, a documentation and recognition of their immense contribution to a One Nation One Service ideology.

Through the campaign, PayNearby will highlight 15 such individuals from across the country, whose courage and determination to grow individually and collectively, sets a template of growth for everyone. Through crisp, snackable content formats and relevant media distribution, our efforts will be to ensure that more and more kirana stores in the country see these stories, and realize the immense potential that they have to be positive changemakers while securing their families future too. We look to motivate and influence newer agents to join the movement to take Bharat to the next level of growth and inclusion.

And we are happy to share the early success of our campaign that went live yesterday with the success stories of Om Prakash from Jharkhand and Tanveer Bano from Sitapur. Their stories of inclusivity and courage have not only garnered huge highballs in-app and our WhatsApp channels, but have registered more than 100,000+ views and 6000+ engagements on social media (Facebook, Twitter & LinkedIn) within a day of launch,” commented Jayatri Dasgupta, CMO, PayNearby.

PayNearby’s retailers have played a titular role in serving the unserved and reaching the unreached across 17,600+ PIN codes. They are breaking barriers and providing greater access to essential financial and digital services to areas as remote as Sela Pass, Tawang in Arunachal Pradesh on the Indo-China border and Lakhpat in Gujarat on the Indo-Pakistan border, and as critical as Jammu & Kashmir, along with the red corridor (Naxal-affected areas) in Jharkhand and Chhattisgarh. Their participation in facilitating uninterrupted access to DBT and relief packages for the masses during the pandemic and the ravaging floods in Assam and Bihar has been extraordinary. They form a significant part of the rural and urban-interior value chain and an important touchpoint to reach the intended.

Speaking on the campaign, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “Pragati Mahotsav is an ode to our retail partners who are making Bharat financially and digitally inclusive. They are the foot soldiers who are fighting against all odds to serve the citizens unabated at all times. Through this campaign, we are recognizing the efforts of our 50+ lakh retail partners who are contributing to the financial upliftment of Bharat and retelling their stories which will inspire more and more people to join this nation-building movement. Our retailers, are an embodiment of our ‘Zidd Aage Badhne Ki’ spirit. They are the driving force who are motivating us every day to keep our commitment towards building a stronger nation. On our journey to see an empowered Bharat, resting on the shoulders of our able retail partners, we envision painting all retail stores in India with PayNearby’s colors in the coming years. During Amrit Kaal, while our government aims to achieve the vision for India@100, we pledge to make India an inclusive nation. And, we have our retailers to be our force drivers.”

 

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

Mumbai, 06 July 2022: In a big relief effort, the residents of flood-devastated Assam have now received a lifeline as Business Correspondents (BCs) of PayNearby, India’s leading digital payments and largest branchless banking network, are now sailing on boats to offer essential banking and financial services to the population of the flood-stricken villages. With the aid of Micro ATM and Aadhaar ATM, they are helping citizens across 265 flood-hit villages to avail cash withdrawal services.

For a population of over three crores, the floods have considerably impacted the economy of Assam, affecting more than 31.54 lakhs in 26 districts. During these times, the citizens have little to no access to services or even cash on hand to consider buying necessities. In difficult times, the BC network in India, a large percentage of which is registered with PayNearby, has been crucial in ensuring that the general public’s access to essential financial services is not interrupted and made available at their doorsteps.

PayNearby’s network of over 20,000+ retail partners in Assam is putting its best foot forward to serve as the cash disbursal points. These retailers commute on foot or in small boats, converting them into cash points, equipped with AePS biometric devices and Micro ATMs to provide cash to the underprivileged in the affected areas.

Speaking on the relief work, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “It is a tough time for the citizens of Assam. Reaching out to their doorsteps and aiding them with cash is the need of the hour. Our retail partners are at the forefront, ensuring that people in these areas have uninterrupted access to cash to endure the flood and its aftermath. More than 40,000 villagers have used the service, withdrawing around 20 crores.”

“As an organization founded on the principle of service backed by cutting-edge technology and innovation, we have always believed in utilizing technology for addressing the unmet needs of the last mile. The relief work done by our foot soldiers in Assam against all odds is in sync with our motto to serve unabated at all times. We feel privileged to be able to contribute towards the relief efforts and are working hard to make sure that all transactions are completed successfully. Our commitment to stand with the country and bring last mile uninterrupted service to all remains stronger than ever.”

About PayNearby:

Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital payments network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.

Today, PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 50 lakh plus microentrepreneurs across 17,600+ PIN codes assist 20+ crore customers across the country to the tune of more than ~7000 crores GTV per month.

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

New Delhi, Jul 26 (PTI) Fintech startup PayNearby will start a facility of inward cross-border remittance by October, allowing beneficiaries to withdraw the amount as per their requirement rather than taking the whole amount in one go.

“The Reserve Bank has granted us the approval under the second cohort for cross-border remittance. India gets about USD 80 billion as remittance every year which either comes in cash or in bank account,” Anand Kumar Bajaj, Founder, MD & CEO, PayNearby told PTI.

“People from rural areas and urban areas can withdraw from various forex exchange providers situated at district headquarters or talukas. However, there are only 50,000-60,000 such forex providers.”

“What we showed to the Reserve Bank that instead of one time cash-in-cash-out mechanism, one can use the Rupee Drawing Arrangement (RDA) which can directly go to the bank account of the receiver and the money can be remitted to Aadhaar number (linked account),” Bajaj said.

PayNearby has created a dedicated IFSC code which will act as the router to deposit the money to the Aadhaar-linked bank account of the receiver.

He said it took the company about 6-7 months in the testing phase and refinement of the product is still in the process. PayNearby will be able to launch this service in about a quarter’s time or by October, Bajaj added.

“Users can go to BC (business correspondent) agents anywhere in their village or gram panchayat and give their thumb impression to match with the Aadhaar ID. And one can withdraw as little as 10 per cent, 5 per cent or 2 per cent of the remittance money unlike earlier where one had to withdraw the full amount in one go,” he explained.

This will benefit the users in a great way as they can earn interest on the rest of the money by keeping it in their bank accounts, Bajaj said.

In September last year, the Reserve Bank of India (RBI) allowed PayNearby to test the facility of routing inward cross-border remittance to the beneficiary’s Aadhaar number as a virtual bank account using existing RDA mechanism in accordance with its Second Cohort under Regulatory Sandbox for Cross Border Payments.

PayNearby completed the test phase earlier this month.

Besides, he said the company is also working towards launching financial products for the users living in rural and semi-urban areas.

“These services are for the mass 90 per cent citizens who save money. People do want to save in a fixed deposit or a recurring deposit, you can make them invest in a property… We want them to invest that money,” he said.

Bajaj said as much as Rs 1.5 trillion money dispensed under Direct Benefit Transfer (DBT) has been lying unwithdrawn in the bank accounts of the beneficiaries which is “curtailing consumption artificially”.

Last month, PayNearby joined hands with Protean eGov Technologies Ltd (formerly NSDL e-Governance Infrastructure Ltd) to offer PAN card-related services for its retail partners through Aadhaar and biometric or SMS-based OTP authentication for their customers.

Protean eGov Technologies is a universal, citizen centric and population scale e-governance solutions provider.

PayNearby offers branchless banking and other financial services to the mass segment of the country by enabling the local neighbourhood kirana merchants commonly known as ‘Digital Pradhans‘.

PayNearby’s 50 lakh plus micro entrepreneurs across over 19,000 PIN codes assist more than 20 crore customers across the country.

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

New Delhi, Jul 24 (PTI): Should a high subscription fee stop those living in rural India from enjoying Netflix shows? Not really! A “sachet subscription” for Rs 10 per movie can play all the trick, says fintech firm PayNearby.

Internet data consumption for chatting, content and social media is alike in urban and rural areas. However, it is skewed in favour of the urban population for shopping, education, job searches, medicine and mobile banking, among others as compared to those living in rural and semi-urban areas, said Anand Kumar Bajaj, Founder MD & CEO, PayNearby.

“Today there is availability of easy credit, easy insurance, easy content and many other services. As per BCG data, in urban and rural areas, people are mostly using data for chat and content on social media whereas for shopping they use it less in rural and more in urban areas.

“Imagine if I start selling one movie on Netflix at Rs 10 in cash, it is going to crash down their servers. So to cater to this mass segment which we call Bharat… we are in talks with Netflix already,” Bajaj told PTI in an interview.

PayNearby is a fintech startup which offers branchless banking and other financial services to the mass segment of the country by enabling the local neighbourhood kirana merchants commonly known as ‘Digital Pradhans‘.

Citing data from global consulting firm BCG, he said the internet data consumption for free OTT (Over-The-Top) content platforms is 39 per cent in rural areas, whereas zero per cent for paid subscription.

“I want to change that in the next five years. We can take it to 20 per cent for paid OTT subscriptions in rural areas in five years from now,” Bajaj said.

PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75 per cent of India with services like cash withdrawal, remittance, Aadhaar banking, bill payment and recharges, savings, travel, digital payments and insurance.

A former banker with ICICI Bank and Yes Bank, Bajaj said there is India and there is Bharat.

“The 10 per cent is the digital savvy, value seeking while the 90 per cent segment is what we call Bharat. The digitised segment has all kinds of facilities and services like banking, debit card, credit card, shopping. All the big techs are pouring services to them only, besides offering them cashbacks.

“And there is this 90 per cent marginalised, subsidised segment on the other hand for which the government is making efforts. If we wish to integrate Bharat with India, this can be accomplished faster with digitisation,” Bajaj said.

He said it will not be viable to take the distribution supply chain to the masses through physical means only. But if you make that physical digitally powered, the phygital model, you can deliver credit, content, consumption, insurance, payments, education among others. So you can relay everything digitally provided you have included digital payment in that.

Bajaj said as much as Rs 1.5 lakh crore dispensed under Direct Benefit Transfer (DBT) has been lying unwithdrawn in the bank accounts of the beneficiaries, which is “curtailing consumption artificially“.

“People have money in their accounts, bank is there, but no banking. There are 32,000 bank branches in India around 6 lakh villages, which are not enough to cater to their needs. The government has fulfilled its responsibility by crediting that money to the users’ accounts, but how do the citizens use or access that money, that is where enablers like us come to the play. It needs to be done through what we are doing.”

He said ‘Har Dukan Digital Pradhan’ is the motto where every shop will be a digital enabler.

A micro entrepreneur can bring the high-end technology in a simplified sachetised manner to every citizen. One can go to a shop to buy 1 kg potato, 1 kg pulses, one OTT recharge, one insurance installment payment — it is like all at one stop, he said, adding this has also helped boost the sales of the kirana merchant.

“Every month, we are able to dispense Rs 7,500 crore worth of sachetised financial services to Bharat which respects the services. These merchants were the enablers who helped disburse the government subsidy to people during the lockdown and their trust factor has augmented to a great extent,” Bajaj said.

Akin to the name, the PayNearby founder said the company wants to bring everything nearby to a consumer.

“We want to do retail sashaktikaran (empowerment). This is a journey which will help in the transition of India and Bharat from an assisted service to self service model and we will be responsible for that as well,” Bajaj added.

According to PayNearby, its 50 lakh-plus micro-entrepreneurs across over 19,000 PIN codes assist more than 20 crore customers across the country.

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

Mumbai, June 20, 2022: Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited), a market leader in universal, citizen centric and population scale e-governance solutions and PayNearby, India’s leading digital payments and largest branchless banking network today announced a strategic partnership to offer PAN-related services for PayNearby’s retail partners through Aadhaar and biometric or SMS-based OTP authentication for their customers.

The partnership will help improve service delivery for millions of citizens as they enter the formal financial sector. It will facilitate quick and easy access to online PAN services in neighbourhood stores at affordable rates, thus eliminating the submission of physical applications and supporting documents. Once the online application form is submitted, a digital copy of the ePAN will be generated within couple of hours while a physical copy will be delivered to the customers at their chosen address in 4-5 working days.

Protean, which accepts and processes PAN applications on behalf of the Income Tax Department, Government of India, has played a pioneering role in laying down the basic e-governance infrastructure for the nation and providing citizen-centric services to the masses. Under the collaboration, PayNearby will work as the PAN Service Agency (PSA) of Protean.

PayNearby’s goal has been to simplify technology for consumption during the last-mile delivery and ensure the democratization of financial and digital services. With PayNearby serving nearly 75% of the Indian market, retailers can now accept PAN applications in paperless mode, while Protean will be able to further expand the coverage of PAN services across the country, especially to remote locations, through a PayNearby store.

Anand Kumar Bajaj, Founder, Managing Director and CEO, PayNearby, said, “We are happy and proud that Protean eGov Technologies Limited has chosen us as their partner for their PAN card services. We have been continuously working on innovation-led partnership models to offer easy access to financial and digital solutions for everyone, everywhere. With this association, we look to offer all the citizens of the country the availability of PAN card services at a neighborhood store. This will enhance its uptake and make this unique identification popular amongst all at the last mile. With this partnership, we continue to expand the bouquet of services available at our retail stores while providing Protean with the reach it needs to the inaccessible hinterlands of the country. Our partnership with Protean solidifies our determination to bring each and every citizen in the country into the formal financial fold so that the gap between India and Bharat is bridged forever.”

Suresh Sethi, Managing Director and CEO, Protean eGov Technologies, said, “We are delighted to partner with PayNearby as part of our strategy to contribute to a financial ecosystem that offers socio-economic benefits across all strata of the society. Our partnership will help to advance our shared vision of an inclusive and empowered India. This initiative is aligned with our mission to leave no citizen behind and bring the digitally excluded into the fold of formal financial economy.”

Over the course of the last 25 years, Protean has played a pioneering role in laying out the e-governance infrastructure for the nation. It has provided citizen centric services at population scale. Access and inclusion lie at the heart of any e-governance initiative and towards that the company has adopted and established a “Phygital” (Physical+Digital) model to ensure a truly inclusive service delivery paradigm. This partnership is designed to make the entire process seamless, hassle-free and accessible across 17,600+ PIN codes in the country through PayNearby’s DaaS (Distribution as a Service) network of 50+ lakh micro-entrepreneurs.

The partnership will bring the underbanked and unbanked segments of the population within the tax fold through trusted local touchpoints, add to the country’s tax kitty and provide micro-entrepreneurs with an additional source of revenue.

About PayNearby

Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital payments network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.

Today, PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 50 lakh plus microentrepreneurs across 17,600+ PIN codes assist 20+ crore customers across the country to the tune of more than ~6500 crores GTV per month.

To know more visit: https://www.paynearby.in/

About Protean eGov Technologies Limited

Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited) is a key IT enabled service provider engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions. The company has collaborated with the government in creating digital public infrastructure and developing innovative citizen centric e-governance solutions. The company’s core strength lies in not just enabling technology, but also providing the necessary interventions for ecosystem creation and adoption of disruptive technologies.

In these two-and-a-half decades, the company has created strong e-governance interventions impacting multiple sectors of the Indian economy and provided various IT-enabled solutions such as modernizing the direct tax infrastructure, providing a tax identity to citizens and corporates (PAN card issuance), strengthening the old-age social security infrastructure (National Pension System [NPS] & Atal Pension Yojna [APY]), promoting financial inclusion by contributing to the India Stack by enrolling citizens for National Identity and enabling the BFSI sector by providing online PAN verification, Aadhaar-based identity authentication and e-Sign services. Over the years, Protean has implemented and managed 18 projects spread across seven ministries and autonomous bodies, ushering a positive change in delivery of public services.

To create a truly inclusive service delivery mechanism, Protean has established a large PAN-India network of centres to provide assisted services to the citizens who are digitally excluded. This Phygital model created by Protean keeps up with the huge and diverse demographic needs of our country.

Visit www.proteantech.in for more information.

Disclaimer:

“Protean eGov Technologies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with Securities and Exchange Board of India (“SEBI’). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited, at www.icicisecurities.com, www.equirus.com, www.iiflcap.com and www.nomuraholdings.com/company/group/asia/india/index.html respectively, and the website of BSE Limited at www.bseindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.

 

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act, “Rule 144A”) in transactions exempt from, or not subject to, registration requirements of the Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.

 

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

Brings micro-ATM and QR payments to kirana stores of far-flung areas in Jammu & Kashmir, Sela Pass in Tawang and Lakhpat in Kachchh

Mumbai, 26 May, 2022: In continuation with its commitment to financially and digitally empower the last mile across the length and breadth of the country, PayNearby, India’s leading digital payments company and largest branchless banking network, today announced that it is now available in Jammu & Kashmir along with Sela Pass in Arunachal Pradesh on the Indo-China border and Lakhpat in Gujarat on the Indo-Pakistan border. PayNearby has enabled QR codes and Micro ATMs at local shops to upgrade their shops and make them digital-savvy to cater to both locals and tourists. This step is to further strengthen PayNearby’s presence in locations where accessibility of financial and digital services is limited for the underbanked and unbanked population of Bharat while accelerating the democratization of digital payments in the country.

India is a population of 1.3 billion people, most of which lives in its 664,369 villages with little or no access to formal financial solutions. The situation becomes even more crucial if these villages are on the borders or in sensitive areas. These areas are high-security zones that have their own peculiarities like remoteness, unusual terrain and erratic weather conditions, making it difficult for financial services to reach the masses. As a result, inhabitants have to face challenges in accessing cash or payment services and are deprived of the benefits of even the government-sponsored schemes. With the non-availability of digital banking due to inconsistent internet connectivity and the absence of steady transportation, villagers often end up investing a day and spending considerable money to travel to a nearby town just to withdraw or deposit cash. So, it is imperative that there is a robust network in place, both digital and assisted, to allow the beneficiaries to avail them.

For a more inclusive growth, it is important to create an ecosystem that serves the large unbanked population in these areas in a format that the masses can easily access, trust and consume. PayNearby is trying to solve this problem by turning the nearby trusted local stores into efficient digital touchpoints offering essential banking services. The company is porting this local trust and layering it with the right tools, training and technology to universalize digital payments in India. In sync with this, PayNearby’s micro-entrepreneurs are now serving in the neighbourhoods of Jammu & Kashmir, in Sela Pass – one of the highest military and civilian operational fields on the India-China border and at Lakhpat – India’s last village on the India-Pakistan border to bring essential financial services to the areas.

Speaking on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “PayNearby is on a mission to make financial and digital services available to everyone, everywhere. Our retail partners in the hinterlands are a step in the direction of our commitment towards the agenda of financial empowerment at the last mile in the country. In remote areas, the number of ATMs is often far and few. PayNearby’s entry into these areas will ensure that the local population gets cash withdrawal and other basic banking services near their house through our retail partners. For example, as per the PMJDY, J&K has more than 25 lakh beneficiaries of which more than 21 lakhs reside in rural and semi-urban areas[1]. Now, people in these areas wouldn’t have to travel long distances or stand in a queue at a bank branch to avail of these government benefits.”

“At PayNearby, we believe that financial empowerment is only as successful as its remotest citizen and we are delighted that today PayNearby is present in every terrain from 42°C in Lakhpat, Kachchh to – 10°C in Sela Pass, Tawang to the remote areas of J&K. We will continue this endeavour to include more and more villages in our network till every village in Bharat is connected. PayNearby, Zidd Aage Badhne Ki,” Mr. Bajaj added.

Currently, have already signed up 200 partners locally who will work with us for the last mile advancement of Kashmir. PayNearby, through its tech-backed DaaS (Distribution as a Service) network of 50+ lakh micro-entrepreneurs, serves 75% of India across 17,600+ PIN codes and enables services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more, at a store nearby. Through retailer empowerment, the company ensures that each and every citizen finds financial and digital services in their locality, gets on the digital payment bandwagon and gradually on the path to uncash India.

About PayNearby:

Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital payments network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.

Today, PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 50 lakh plus microentrepreneurs across 17,600+ PIN codes assist 20+ crore customers across the country to the tune of more than ~6000 crores GTV per month.

[1] https://pmjdy.gov.in/statewise-statistics

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

PayNearby releases its annual ‘PayNearby Women Financial Index (PWFI)’ – a detailed analysis on ‘financial consumption by women at retail outlets’ in 2021-22

  Over 58% of women who avail basic banking services at retail stores prefer AePS to access their accounts

 Cash continues to be the king, with more than 60% women preferring to deal in cash, followed by UPI QR and cards in that order

  Most digitally adept women customers engaged in financial transactions at retail stores fall in the age group of 21-30 years

  Cash withdrawal, bill payment and mobile recharges – top three services availed by women customers at PayNearby agent outlets

  An interesting trend is the emergence of domestic money remittance by young, working women at metros and Tier I cities

  ₹1000-2500 was the most common range of withdrawal

  Micro-savings in the range of ₹500-750 each month is the trend

  For saving goals – child education is the top priority, followed by savings for medical emergency

Mumbai, March 08, 2022: PayNearby, India’s leading digital payments company and largest branchless banking network, today said that more than 58% of female customers, who availed basic banking services at PayNearby’s retail outlets preferred AePS to access their bank accounts. Cash continues to dominate the payment space among women as more than 60% preferred dealing in cash, followed by UPI QR and cards in that order.

The insight was shared as part of a detailed survey titled – ‘PayNearby Women Financial Index (PWFI)’ – an annual Pan-India report showcasing financial consumption by women at retail outlets, released by PayNearby today. The annual report, in its second edition, was prepared basis a Pan-India survey conducted by the company among 3,000+ retail stores in the country, recording financial transactions of women consumers as observed in those outlets.

According to the survey, more than 75% of the retailers mentioned that women within the age group of 21-30 years were the most digitally adept, with over 50% of this age bracket owning a smartphone and accessing digital content through it. This was immediately followed by the age group 31-40 years.

Over 60% of women customers, especially in the cash withdrawal markets, fell in the age group of 31-40 years, with assisted digital access of their accounts through AePS being the most used banking service. In urban and metro centers, which were remittance driven, 20-30 year-olds contributed to nearly 25% of women consumers, showcasing the growing trend of young women getting integrated into the workforce.

While cash still remained the most preferred mode, UPI and cards also saw adoption among women consumers, with preferences ranging from 5-15% among different age groups. Prepaid cards and digital wallets also found mention as a use case for accessing digital content/e-commerce in the digitally aware, smartphone carrying customer segment.

Cash withdrawal, mobile recharges and bill payments were the top three services availed by women customers at retail touchpoints. At urban and metro centers, money remittance also saw good adoption. The transactions were primarily conducted by young working women belonging to the age bracket of 21-30 years (45%) and 31-40 years (25%).

In the withdrawal market largely driven by Tier III and rural regions, majority of the transactions conducted by women were in the age bracket of 31-40 years (65%). Approximately 78% of women in Tier III and rural markets availed cash withdrawals. Overall, ₹1000-2500 was the most preferred range of withdrawal for women across the country.

The report further stated that while more than 75% of women-operated their bank accounts themselves, they were primarily for the purpose of cash withdrawal and cash deposits. Interestingly more than 20% of the women admitted to their husbands operating their bank accounts instead of themselves.

Post pandemic era, there was a growing awareness among women to save for medical emergencies and rainy days, with more than 40% of those surveyed indicating “Bachat” as a priority for them. Formal savings instruments though, continue to see thin adoption, with less than 15% of those surveyed aware of formal savings instruments. Penetration of evolved services such as insurance (less than 5%) also continues to be low.

Commenting on the findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “India is at the forefront of digital revolution globally. However, there is a real danger of widening the digital gap that exists today, if all segments of our society are not integrated in this journey. Whether it is our women force or the large underserved rural economy, it is important for us to measure the digital index across segments, to put in place appropriate actions wherever necessary.

It is heartening to see a growing trend of young women in the age group of 20-40 years, actively consuming digital financial services across retail stores in the country. Though the journey today is largely assisted, from here to a self-service mode will require us to work harder in creating a more empowered ecosystem around them.

This means ensuring easy availability of digital content, digital education and digital banking products that can break tech and cost barriers and be easily assimilated across all segments of the society. As our youth and women get more and more integrated into the digital way of life, it will lay down the foundation for a more evolved and empowered society.”

He further added, “As more and more women start using digital payments, it will help drive up overall account ownership. Digital assistance for everyday actions, such as paying expenses or accessing digital commerce and infotainment can save women time and resources and help improve quality of life. It is our mission to enable form factor agnostic, simple-to-use digital payment alternatives at all Kirana stores in the country, so that our masses, especially our women can soon bridge the digital divide that exists in Bharat.”

“The study showed that informal savings at home still continue to be a trend, with less than 15% of women customers showing awareness for a formal savings product. Though this number is better than last year, yet, a lot more needs to be done to bring about significant change. To inculcate the habit of formal savings in every household, we require coordinated efforts from all stakeholders, and at PayNearby our commitment towards that continues unabated,” explains Mr. Bajaj.

Further, the survey indicated that almost 35% of women visiting Kiranas and retail outlets for financial transactions used smartphones and also availed WhatsApp actively. Adoption in cities was as high as 50-60%. Rural Bharat also saw a good adoption, with double-digit adoption almost everywhere in the country. This signifies a growing adoption of digital services among women consumers visiting Kirana stores for financial transactions.

When asked about their top three saving goals, child education topped the list for women, which was followed by ‘medical emergency’, ‘home purchase’ and ‘purchase of gold’. 55% of women indicated ₹500-750 as their preferred range for monthly savings.

With just 5% of women customers aware of insurance as a service, the survey highlighted the impending need to create more awareness for the same, especially across rural and semi-urban markets. However, among the cognizant respondents, life insurance followed by health were the preferred choices.

© 2022 PayNearby. All rights reserved.

About PayNearby:

Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital payments network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.

Today, PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 41 lakh plus microentrepreneurs across 17,600+ PIN codes assist 20+ crore customers across the country to the tune of more than ~6500 crores GTV per month.

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

PayNearby, India’s leading branchless banking and digital payments network, announced that Vikas Jalan has joined its executive team as the Chief Financial Officer. Vikas brings to the team demonstrated excellence in formulating and implementing financial initiatives to achieve business goals. He comes with deep financial experience pertaining to private equity, M&A and corporate strategy to propel PayNearby into its next phase of growth and drive the cause of financial and digital empowerment of all citizens of the country.

With an illustrious career spanning over two decades Vikas joins PayNearby from Omniactive Health and Lupin Limited amongst others. Vikas has worked across various industries including, financial services, automotive, and healthcare where he helped build a world-class strategic organization by driving company strategy and expansion initiatives. He is highly skilled in profitability improvement, cash flow, treasury, partnership management, and risk management. Along with this, his various core functional competencies include financial planning & analysis, operational finance, business process re-engineering, post-merger integration and due diligence, among others. At PayNearby, Vikas will be responsible for scaling the business and overseeing the direction, planning and implementation of all financial functions as the company looks to supercharge its growth in the coming years. In addition, he will also be steering the business development while advising the company on product development, corporate development and expansion strategies.

Speaking on the appointment, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “I am thrilled to welcome Vikas into the PayNearby family. Vikas will be a key player in aiding PayNearby’s growth trajectory and achieving our revenue targets while gaining more reach at the last mile. Vikas shares a deep passion for our mission and has demonstrated a strong track record of transitioning fast-growing companies to full scale, which will be crucial as we enter the next phase of our journey to make India a digitally and financially empowered nation. We have an ambitious and aggressive growth plan in the coming months, and he is the right fit to make the right impact and fuel our continued success as an industry leader. Vikas is a great addition to PayNearby’s future initiatives, and we look forward to achieving more with his expertise.”

About PayNearby:
Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital payments network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.

Today, PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 41+ microentrepreneurs across 17,600+ PIN codes assist 20+ crore customers across the country to the tune of more than ~6000 crores GTV per month.

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