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Aligning with the Government’s Lakhpati Didi agenda, PayNearby’s Digital Naari initiative has set a target to empower 1 million women in rural and semi-urban areas across India over the next three years. The Digital Naari initiative of PayNearby, India’s leading branchless banking and digital network, is designed to provide additional income generation opportunities to women, thereby creating long-term self-employment. The larger goal of the program is to reach over 100 million households by FY28 across Bharat, enabling access to financial, digital, and social services through this women-led network.

Recognizing the role of women as equal contributors in the nation’s growth, the Digital Naari initiative helps women business owners, single women, and women with literacy challenges to have sustainable livelihood opportunities while enhancing their financial well-being and fostering self-reliance.

Since the program’s launch, over 1.5 lakh women have been empowered across 10,000+ PIN codes. These women have facilitated banking services worth ₹10,000 crore annually, significantly expanding access to essential financial tools like savings, credit, and insurance in their communities. Over 60% of these women are first-time entrepreneurs and earning an average of ₹3,500 to ₹5,000 per month. They offer a comprehensive suite of offerings, including banking (ATM, account opening, deposits, withdrawals), insurance, credit, mutual funds, healthcare (telemedicine, e-clinics), hygiene products, and government advisory services.

Jayatri Dasgupta, PayNearby’s CMO and Program Director of Digital Naari, said, “This initiative is built to bridge critical service gaps in underserved communities while unlocking livelihood opportunities for women at the last mile. The program closely aligns with the government’s objectives for promoting inclusive growth and empowering women economically. We are committed to building a women-led entrepreneurial ecosystem that is scalable, sustainable, and impactful.”

To drive the growth via this program, PayNearby has partnered with government agencies, NGOs, Self-Help Groups (SHGs), microfinance institutions, and State Rural Livelihood Missions. The company has partnered with organisations like the Uttar Pradesh State Rural Livelihood Mission (UPSRLM), Rajasthan Grameen Aajeevika Vikas Parishad (Rajeevika), and Grameen Foundation India—leveraging their networks to identify, train, and support Digital Naaris. The company aims to expand this network to maximize the reach of its program.

Most recently, the company partnered with M-Swasth as part of the Digital Naari initiative to deliver affordable primary healthcare through 3,800+ e-clinics, extending critical health services to remote communities.

• UPI leads digital payments at 48%, Aadhaar banking preferred by 42% women
• Smartphones, primary business device at 71%; among women, it’s even higher at 84%
• 79% women reported positive digital business impact
• 26% of MSMEs have attended training to build digital skills
• 38% women respondents prefer regional language smartphone interface
• 7% of respondents are exploring AI-powered tools

The digital backbone of Bharat’s economy is strengthening. The third edition of the MSME Digital Index Report, released today by PayNearby, India’s leading branchless banking and digital network, reveals that over 73% of small businesses across semi-urban and rural India have seen increased income or improved operational efficiency as a result of adopting digital tools. With smartphones becoming the dominant mode of business management and UPI emerging as the most preferred transaction method, the findings indicate a deeper, more confident shift towards digital enablement at the last mile.

The third edition of the MSME Digital Index 2025 showcases digital consumption, tech awareness, behavioural patterns, and business transformation among micro-entrepreneurs, with a focus on gender representation. The insights were gathered through a nationwide survey conducted among 10,000 individuals and MSMEs in retail-focused segments such as kirana stores, mobile recharge outlets, medical shops, customer service points (CSPs), and travel agencies.

Smartphone usage remains central to their operations, with 71% of respondents citing it as their primary business device. Among women entrepreneurs, this number is significantly higher at 84%, indicating rising comfort with mobile-led infrastructure in driving customer engagement. Daily internet usage continues to rise, with 69% respondents consuming between 2GB to 5GB of data, largely supported by mobile hotspots, with 86% spending around ₹500–₹1,000 per month on internet usage.

Digital payments continue to gain strong acceptance among MSMEs, with UPI emerging as the most preferred mode of transaction at 48%, followed by Aadhaar-enabled banking at 39%. Among women entrepreneurs, Aadhaar banking saw even higher preference at 42%, reflecting increasing trust in secure, tech-enabled services such as fingerprint and face authentication. These channels offer transaction efficiency and payment convenience, while also helping them build digital credibility for improved access to formal credit in the future.

The impact of going digital is becoming more tangible for small businesses. Of those reporting benefits from digital adoption, 33% cited improved operational efficiency. These insights point to a growing realisation among MSMEs that digital tools are not just convenient but critical for scaling businesses sustainably in a competitive market.

As digital tools become more embedded in daily business, the role of language and ease of use becomes increasingly important. 56% of respondents prefer English for understanding and navigating platforms, followed by Hindi at 25%. Among women entrepreneurs, 38% expressed a preference for vernacular interfaces, highlighting the continued need for regionally localised, intuitive tech platforms that better reflect how Bharat operates.

A small but notable 7% of respondents have begun exploring automated or AI-powered tools, including inventory apps, automated billing systems, and customer engagement platforms, mostly through third-party solutions. This emerging trend is reflected in the growing use of structured digital workflows such as transaction reports, WhatsApp-based follow-ups, and service-wise earnings tracking. It marks a shift toward more efficient, process-driven ways of working. These early signals point to rising curiosity and readiness among small businesses to explore advanced tools, as solutions become simpler to understand and use.

A growing number of respondents, both men and women, are actively building their skills to use these tools more effectively. Around 26% of respondents reported attending some form of training, whether through local community programs, online tutorials, or partner-led workshops. This reflects a shift from passive adoption to active learning, with small businesses showing increasing interest in building digital skills for long-term success.

Among women respondents, 79% reported that digital adoption had a measurable positive impact on their business performance. Nearly half said that access to digital services enabled them to contribute more actively to household finances, make independent decisions, or expand their customer base. Beyond financial gains, many also cited improved confidence in managing their businesses digitally, marking an early but important shift in long-term behavioural and social change.

The use of business software among MSMEs continues to evolve. Accounting tools are now used by 30% of respondents, followed by 18% using point-of-sale (POS) systems and 13% adopting customer relationship management (CRM) platforms. POS usage among women respondents has shown a notable increase, with 22% reporting adoption.

YouTube continues to be the most preferred entertainment platform, with 70% of respondents using it during leisure hours. Beyond entertainment, it is also widely accessed for learning, how-to videos, and brand-related content. WhatsApp and WhatsApp Business remain the most commonly used communication tools for business purposes across both male and female respondents, supporting activities such as product promotions, customer engagement, and order coordination. While the social and entertainment app landscape continues to evolve, the choice of platforms increasingly reflects business intent.

Commenting on the report findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “The MSME sector is the backbone of Bharat’s economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking, and emerging AI workflows is proof that this segment is embracing modernisation. What stands out is not just usage, but growing digital confidence across the country. That confidence is enabling entrepreneurs to operate more efficiently and tap into formal financial systems with ease and transparency.”

“At PayNearby, our mission is to empower these change-makers by making technology intuitive, affordable, and focused on solving real business problems. From enabling banking at local retail touchpoints to opening access to credit through our partnerships, we are committed to equipping every retailer, entrepreneur, and household with the tools they need to prosper in a connected future.”

Commenting on the MSME Digital Index, Jayatri Dasgupta, CMO, PayNearby and Program Director, Digital Naari, said, “This year’s report highlights the growing participation of women in the digital economy, particularly across financial services and customer engagement. As more women take on entrepreneurial roles, it becomes essential to design solutions that are localised, easy to use, and built for convenience. Their engagement is creating tangible outcomes not just for their businesses but for their communities, accelerating change where it is needed most.”

“Women respondents, who accounted for 34% of this year’s sample, are demonstrating greater confidence in managing their business digitally. Through the Digital Naari programme, we continue to support the momentum by equipping women with the knowledge, tools, and support needed to become financially self-reliant and active contributors to Bharat’s digital progress.”

The MSME Digital Index 2025 reaffirms a clear message. As technology becomes integral to income generation, financial security, and enterprise growth, the need for cross-sector collaboration is more crucial than ever. Fintechs, policymakers, corporates, and community institutions must come together to remove residual barriers and build a digitally resilient MSME economy.

PayNearby, India’s leading branchless banking and digital network, today announced that it has recorded 12 consecutive quarters of profitability, underscoring a sustained period of strong financial performance. In FY25, the company reported an EBITDA of approximately ₹17 crore, with profit momentum accelerating in the last four quarters. Over its nine-year journey, PayNearby has remained profitable in seven out of nine years.

Over the past three years, PayNearby has delivered consistent year-on-year growth, driven by robust revenue generation from existing business lines, disciplined cost optimization, and the launch of new high-return business verticals. Strategic initiatives around operational efficiency, productivity enhancement, and regional-level unit economics have played a crucial role in enabling sustainable profitability.

The company’s performance has been supported by a well-diversified portfolio spanning transaction banking, enterprise solutions, payments, and value-added services. PayNearby plans to further expand its national footprint by adding 5 lakh retailers over the next two years. As of March 2025, the company employs approximately 850+ people, with plans to hire an additional 300 to 400 team members by March 2026 to support the next phase of growth.

Key segments have shown strong growth, including credit services such as gold loan lead generation, which witnessed a 7x increase in volumes over the previous year. Value-added services registered 18 percent year-on-year growth, with a five-year compound annual growth rate of 20 percent. Insurance has also emerged as a high-potential vertical, with the company introducing new product-led innovations and partnerships to scale this line of business.

Looking ahead, PayNearby will invest $50–60 million over the next three years through internal accruals to scale its offerings and deepen its market presence. This investment will focus on strengthening platform capabilities, expanding reach, and accelerating UPI-led adoption aimed at onboarding 500 million users across India.

The company’s flagship Digital Naari program, which empowers women entrepreneurs to offer financial and digital services at the last mile, has also contributed significantly to community engagement. This model has driven strong traction in health, hygiene, savings, and insurance services delivered by women partners across Bharat.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, profitability has never been an afterthought; it has always been a fundamental part of our growth strategy. Over the past 12 quarters, our focus on operational excellence, strong unit economics, and business agility has ensured consistent profitability, even in dynamic market conditions. As we mark this milestone, our growth plans remain centered on expanding our reach and impact across Bharat. In our next phase, we aim to become the third-largest UPI player in the country.”

“We aim to onboard the next 500 million citizens through our Distribution-as-a-Service (DaaS) model. This will be achieved by deepening our presence in semi-urban and rural markets and scaling our UPI offering to the last mile,” he added.

With over 13 lakh retail partners and 1.5 lakh Digital Naaris across 20,000+ PIN codes, PayNearby continues to play a pivotal role in driving access to essential financial and digital services across underserved regions of the country.

As PayNearby enters its next phase of growth, its continued commitment to responsible scaling, financial discipline, and meaningful community impact reinforces its position as a key enabler of Bharat’s digital economy.

Strengthening healthcare inclusion alongside financial and digital access at the last mile

PayNearby, India’s leading branchless banking and digital network, has partnered with M-Swasth, a digital healthcare company, to deliver affordable and quality healthcare to underserved communities through a network of over 3,800 specialised e-clinics. As part of PayNearby’s Digital Naari initiative, this collaboration will enable families to access 24×7 digital OPD consultations, unlimited video tele-checkups, and direct access to 22 specialist doctors, ensuring continuous and comprehensive medical support.

The initiative also includes free prescribed medicines at M-Swasth e-clinics and offers healthcare coverage for up to six family members for one year. By making essential medical services more accessible and cost-effective, this partnership strengthens last-mile healthcare delivery, ensuring timely care.

With the introduction of these healthcare services, PayNearby’s Digital Naari initiative will further empower women entrepreneurs across Bharat, enhancing their income opportunities and expanding access to essential services for underserved communities. It also strengthens healthcare inclusion alongside financial and digital access at the last mile, creating a more holistic impact. Currently, over 75,000 women are actively transacting across 10,000+ PIN codes, playing a pivotal role in transforming financial and digital access for women across the country.

Over 60% of Digital Naaris are first-time entrepreneurs, earning ₹3,000–5,000 per month while often balancing responsibilities like farming or running small family businesses. Through strategic partnerships, Digital Naari is equipping women with tools to deliver banking, digital, and now healthcare services—enabling them to drive meaningful financial and social transformation in underserved communities.

Commenting on the launch, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, our mission has always been to make essential services available to everyone, everywhere. With the integration of M-Swasth into our Digital Naari platform, we are now bringing quality and affordable healthcare to the doorstep of Bharat. This partnership allows us to extend medical support through a network of 3,800 specialised e-clinics, ensuring families receive timely care. It’s a powerful step forward in creating a healthier, more empowered society, driven by women entrepreneurs at the last mile.”

Adding to this, Jayatri Dasgupta, CMO, PayNearby and Program Director, Digital Naari said, “At Digital Naari, we believe that when women are empowered with the right tools, they uplift not just their households, but entire communities. Our partnership with M-Swasth brings affordable, quality healthcare within reach for families across Bharat, further strengthening the role of Digital Naaris as trusted community influencers. By offering essential healthcare services alongside financial and digital access, this integration enables them to expand their service portfolio, drive well-being and resilience at the grassroots, and enhance their income opportunities. With each doorstep reached and life touched, they are shaping a stronger, healthier Bharat. As the initiative grows, we remain committed to empowering their journey through ongoing training, partnerships, and opportunities to lead with confidence and pride.”

Commenting on the development, Neeraj Maheshwari, CEO & Co-Founder, M-Swasth added, “We are excited to collaborate with PayNearby, this will enable M-Swasth in further extending our reach across Bharat for timely and reliable, quality healthcare to underserved families. By integrating our telemedicine and e-clinic services with the trusted Digital Naari network, we are making healthcare more accessible, especially in areas where access is often limited. Our model ensures that patients receive guided consultations.

Our model ensures that our patients receive guided consultations from minimum MBBS qualified doctors and assisted by pharmacists and qualified nurses ANM/GNM/BSc, on the ground – along with free prescribed medicines and follow-up support.  Together, we are enabling a sustainable delivery model that brings primary healthcare to the doorstep and supports improved health outcomes at the grassroots.”

Launches New Services at Sakhi Milan Event in Azamgarh to Boost Income for BC Sakhis & Women Entrepreneurs

PayNearby, India’s leading branchless banking and digital network, expanded its Digital Naari initiative at the Sakhi Milan event in Azamgarh, held in collaboration with the Grameen Foundation for Social Impact. The event introduced new services to enable BC Sakhis and women entrepreneurs across Bharat, enhancing their income opportunities and access to essential financial and digital solutions. These enhanced offerings—savings accounts, healthcare, and hygiene solutions—will boost income opportunities while improving access to essential services for underserved women.

With over 60,000 women actively transacting across 10,000+ PIN codes, Digital Naari is transforming financial and digital access for Bharat’s women. More than 60% of them are first-time entrepreneurs, earning around ₹3,000–5,000 per month, many balancing this work with farming or small family businesses. Around 25–30% have even set up dedicated Digital Service Kendras. Impressively, 65% of these women continue to scale their businesses beyond the first year, showing that the program is creating long term sustainability and impact.

The Digital Naari initiative is dedicated to supporting women with sustainable livelihoods while extending access to banking and essential services in underserved communities. Through strategic partnerships, PayNearby Digital Naari is broadening its service portfolio, equipping women entrepreneurs with the tools to drive greater financial and social transformation.

To drive financial inclusion, Digital Naari has partnered with NSDL Payments Bank to enable women to seamlessly open Savings Accounts, creating a win-win opportunity for both women agents and customers. While women customers benefit from secure savings, habitual banking practices, and interest earnings, women agents can expand their service offerings, attract more customers, and generate additional income by facilitating account openings within their communities. This initiative not only strengthens financial security but also enhances the economic independence of women across Bharat.

With M-Swasth, Digital Naari is bringing affordable and quality healthcare to underserved communities through a network of 3,000+ specialized e-clinics. Families can now access 24×7 digital OPD consultations, unlimited video tele-checkups, and direct access to 22 specialist doctors, ensuring continuous medical support. Additionally, the initiative provides free prescribed medicines at M-Swasth e-clinics and offers healthcare coverage for up to six family members for one year. By making essential healthcare services more accessible and cost-effective, this partnership strengthens last-mile healthcare delivery, ensuring timely medical attention for those who need it most.

In collaboration with Miry, PayNearby is making menstrual hygiene products more accessible and affordable. By providing cost-effective sanitary pads, this initiative ensures better health and promotes overall well-being. It also creates an additional income stream for women agents, reinforcing their financial independence. By integrating hygiene solutions into the Digital Naari platform, PayNearby is addressing a critical social need while supporting women entrepreneurs.

Commenting on the launch, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we believe that true financial inclusion goes beyond banking—it’s about creating sustainable livelihood opportunities. Through Digital Naari, we are not just providing services but empowering women to become economic catalysts in their communities. These new offerings will enable BC Sakhis and women entrepreneurs across Bharat to expand their businesses, improve earnings, and uplift those around them. Our goal is to ensure that every woman, no matter where she is, has the resources and confidence to be financially independent.”

Adding to this, Jayatri Dasgupta, CMO, PayNearby & Program Director, Digital Naari, said, “Women are the backbone of our economy, and through Digital Naari, we are ensuring that they have access to opportunities that enable them to lead a better life. Surveys have shown time and again, that more than 90% of women prefer financial guidance from other women, reinforcing the need for strong female community influencers. By integrating savings, healthcare, and hygiene services into our platform, we are not just expanding the income streams for our Digital Naaris, but also enabling them to drive change at the grassroots level. The future of Bharat’s economy is deeply tied to the success of its women, and we are committed to accelerating this movement.”

Bharati Joshi, CEO, Grameen Foundation for Social Impact”said “At Grameen Foundation for Social Impact, we understand that financial inclusion is about more than just access—it’s about agency, opportunity, and respect. To ensure full financial inclusion, we need to change the system and not the women, while investing in HER power. Through our collaboration with PayNearby and the expansion of the Digital Naari initiative, we are enabling spaces and creating opportunities for women to exercise their energy as financial agents of change in their communities. By innovative integration of savings, healthcare, and hygiene solutions into their service offerings, women are not only enhancing their earning potential but also reinforcing their ability to drive social transformation at the grassroots level. Women are key to unlocking Bharat’s economic future, and together, we are building pathways for millions to thrive.”

Through Digital Naari, PayNearby is building a sustainable micro-entrepreneurial ecosystem, where women influencers are trained and equipped to offer essential financial and digital services in their communities. With the flexibility to operate from home or a store, these women can choose services based on local demand, ensuring both livelihood generation for themselves and greater financial inclusion for the women they serve. By expanding its portfolio with savings, healthcare, and hygiene solutions, PayNearby remains committed to powering 2+ crore Lakhpati Didis by 2030, strengthening Bharat’s digital and financial landscape in the process.

A detailed analysis of women’s financial and digital consumption in 2024-25

• 58% surge in demand for savings accounts with easy account opening options, as more women seek accessible financial solutions
• Insurance adoption sees 22% growth, driven by increased awareness and stronger facilitation by women agents
• 90% of women visit women agents and retail stores primarily for cash withdrawals, with the most common withdrawal amount ranging between ₹1000-2500
• 65% of women are open to formal credit, with loans being sought for medical expenses, home repairs, education, and agricultural investments
• Among top financial goals, ‘child education’ ranks first, followed by ‘medical emergencies’ and ‘buying household electronic items’, reflecting women’s long-term financial planning priorities
• Swasth (health services) and sanitary hygiene adoption increases, with 38% growth in sanitary pad distribution by women service providers

Mumbai, March 06, 2025: PayNearby, India’s leading branchless banking and digital network with over 12 lakh retail partners, unveils the fifth edition of the PayNearby Women Financial Index (PWFI) 2025. The report highlights that 40% women use AePS (Aadhaar Enabled Payment System) Face authentication for cash withdrawals. Additionally, it highlighted a growing shift in women’s financial participation across Bharat, with 65% of women aspiring to become entrepreneurs offering financial and digital services. The findings reveal that women agents are outperforming in their role in providing services such as – dispensing banking, insurance, credit, and digital services, fostering greater economic empowerment and last-mile accessibility.

The survey was conducted across 10,000 agents in the country, recording financial transactions of women consumers. The study finds that women in the 18-30 and 31-40 age groups demonstrate higher digital adoption, showcasing a rising familiarity with tech-enabled financial services. A significant 90% of women visit women agents and retail stores primarily for cash withdrawals, with the most common withdrawal amount ranging between ₹1000-2500. Beyond cash transactions, women frequently avail EMI payments, investment options like RD and savings account, and a growing demand for SheCommerce (e-commerce) products was observed, reflecting increased participation of women in digital and financial services.

Women Agents Leading Banking, Insurance and Credit Growth

With women increasingly seeking secure financial solutions, women agents are proving to be more effective in delivering banking and credit services at the last mile. The demand for savings accounts with easy account opening options has surged by 58%, with women customers actively seeking structured financial products such as goal-based savings accounts and flexible deposit options. Among key financial goals, ‘child education’ remains the top priority, followed by ‘medical emergencies’ and ‘buying household electronic items’, reflecting a strong focus on securing a stable future. When opening a savings product, the top 3 drivers indicated by women include flexibility in deposits, ability to withdraw when required and ease of operations.

Insurance has seen an impressive 22% growth, with more women opting for health, life, and accident coverage, a significant shift from previous years. Notably, women agents are playing a key role in bridging the insurance gap, as 30% of them actively facilitate insurance services, making financial security more accessible for their communities. Unlike before, where insurance adoption was slow, the steady rise in women agents has resulted in stronger uptake, with more women now securing coverage for themselves and their families.

Additionally, 65% of women are open to formal credit, with loans being sought for medical expenses, home repairs, education, and agricultural investments. The findings indicate that women agents are more efficient in credit facilitation for other women in their communities, ensuring financial assistance reach beneficiaries through structured lending solutions.

Women Agents Powering Assisted Commerce and Digital Transactions

Beyond financial services, women agents are actively enabling digital commerce, providing access to essential products and services that were previously difficult to access. Assisted e-commerce is growing, with 32% of women purchasing daily groceries and household items, followed by clothing & accessories (26%) and home & kitchen items (27%). Additionally, the adoption of online entertainment (23%) is increasing, further reinforcing women’s growing participation in the digital economy. More women are now leveraging their financial & digital service points for assisted commerce, bridging the gap between digital aspirations and accessibility.

As women embrace these services more actively, they are also expanding their role in health and hygiene consumption. Swasth (health services) is gaining momentum, with more women opting for affordable health solutions, telehealth consultations, sanitary pads, and hygiene products through assisted models. The uptake of sanitary products at financial service points has increased by 38%, showcasing a shift in awareness and accessibility around menstrual health and hygiene.

Commenting on the findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “Women in Bharat are stepping into leadership roles as financial and digital service providers, not only securing their own financial future but also transforming their communities. The rapid increase in insurance adoption, savings participation, and formal credit uptake reflects a fundamental shift in women’s financial behavior. Women are the GDP reserve of our nation, holding the potential to drive social and economic progress at the last mile. As women embrace banking, credit, and insurance services, they are reshaping the financial ecosystem at the grassroots. PayNearby remains committed to ensuring that every woman in Bharat has access to secure and sustainable financial solutions, bringing the nation closer to financial empowerment for all.”

Jayatri Dasgupta, CMO, PayNearby & Program Director, Digital Naari, added, “The role of women agents is proving to be transformative in last-mile financial access, as women clearly show preference for transacting through a trusted female service provider. We are witnessing a strong shift in how women engage with financial services, with savings, credit, insurance, and assisted commerce seeing unprecedented growth. Women agents are outperforming in dispensing insurance and driving higher financial adoption rates, reinforcing their role as community influencers and financial facilitators. As multi-utility points women agents show to be significantly more effective than their male counterparts, with higher customer engagement and retention, further strengthening their role in enabling financial empowerment at the last mile. The demand for savings accounts, mutual fund investments, and affordable insurance plans has surged, demonstrating the importance of gender-led financial accessibility. As more women take on these roles, they are not only strengthening the financial ecosystem but also paving the way for a more equitable and financially inclusive society.”

With women agents bridging the gender gap and leading the financial services revolution, Bharat is experiencing a transformative shift in women’s financial behavior. As women become more financially independent, adopt digital solutions, and explore entrepreneurship, their impact on rural and semi-urban economies will continue to grow. Insurance and savings have become the key drivers of financial security, and women agents are playing a pivotal role in making these services accessible to every household across Bharat.

PayNearby, India’s leading branchless banking and digital network, has made a significant impact at the Mahakumbh Mela 2025, enabling seamless financial and digital services for millions of yatris. PayNearby’s cash withdrawal services through AEPS and MATM witnessed an impressive 19% growth during the duration of the Mela as compared to the previous month, reflecting the increasing demand for accessible and secure banking solutions during the event.

In addition to the surge in cash withdrawal services, other offerings also experienced notable growth. Aadhaar Pay services grew by 66%, highlighting the convenience and trust users place in biometric-based digital payments. Mobile recharge services saw a 32% increase, ensuring that attendees stayed connected with their loved ones. Insurance services experienced an 8% rise, underscoring the importance of financial security even during festive occasions. Money transfer services saw a significant 47% growth, ensuring that devotees could transfer funds with ease.

PayNearby set up assisted counters for essential financial and digital services at Jan Sahayata centers and through its 15,000+ multi-utility retail touchpoints across Prayagraj.

Speaking about the achievement, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “The Maha Kumbh Mela 2025 is a momentous gathering that brings together faith, culture, and community on an unparalleled scale. Ensuring financial accessibility at such an event is both an opportunity and a responsibility. Our network has enabled seamless cash withdrawals, money transfers, and Aadhaar Pay transactions, with significant growth in usage, reinforcing the trust in digital financial services. The 66% rise in Aadhaar Pay and the 47% increase in money transfers highlight the critical role of assisted digital transactions in high-footfall environments. By empowering local retailers as digital enablers, we are strengthening Bharat’s financial ecosystem and making essential services more accessible when they are needed most.”

With a network of over 12 lakh retail partners, PayNearby continues to drive financial empowerment across Bharat, making every transaction seamless, secure, and accessible.

PayNearby releases detailed analysis on ‘assisted digital transactions’ FY24, in its fourth Pan-India report titled: Retail-O-Nomics

• Insurance policy purchases and premium collections saw a 127% increase in transaction volume and a 96% growth in new customer adoption
• Credit demand at the grassroots sees a 297% growth in volume
• Cash withdrawals at Jammu and Kashmir recorded an impressive growth of 58% in value and 74% in volume
• PayNearby Mall, the e-commerce category recorded an impressive 141% growth in transaction volume and a 95% rise in value
• During PM-Kisan Samman Nidhi fund release, cash withdrawal on an average grew by 41% as compared to the rest of the year

Mumbai, December 23^rd, 2024: PayNearby, India’s largest branchless banking and digital network, has unveiled its latest data report, ‘Retail-O-Nomics’. The report highlights a 33% increase in Unified Payments Interface (UPI) transactions at retail stores, underscoring the growing adoption of digital payments beyond Tier II regions in the country. Additionally, the acceptance of mPOS services grew by 11% among new retailers, reflecting an increasing preference for advanced payment technologies.

The report highlights an impressive 297% in volume across credit products, including business loans, gold loans, personal loans, and revolving credit. This significant uptick reflects a growing awareness and demand for credit solutions at the grassroots level. These loans, aimed at supporting SMEs’ working capital needs and facilitating individual lifestyle upgrades, underscore the critical need for scalable and affordable credit solutions to drive India’s economic progress.

Insurance policy purchases and premium collections saw a 127% increase in transaction volume and a 96% growth in new customer adoption. This highlights the pivotal role digital retail stores play in overcoming the challenges of insurance penetration across Bharat. These stores are steadily evolving into multi-utility hubs, providing essential services and fostering awareness among citizens.

The insights are part of the fourth edition of the Pan-India report titled ‘Retail-O-Nomics’ released by PayNearby. The report has been prepared based on transactions conducted across a million-plus PayNearby retail touchpoints, consisting of kirana stores, mobile recharge stores, medical shops, customer service points (CSPs), travel agents, etc. throughout the country. The findings compare business data from January to November 2024 with the same period in the year 2023.

As per the report, the nationwide count of newly registered retailers grew by 5%, reflecting the retail community’s continued enthusiasm to support India’s growth by enabling assisted financial and digital transactions at neighbourhood stores. Overall, transactions remained steady and resilient, highlighting customer trust and consistent engagement across various services. These transactions include banking as well as digital services like utility payments, credit, insurance, and assisted commerce.

In 2024, Micro ATM and AePS cash withdrawals, crucial for rural and semi-urban digital counters, fell short of expected growth. Both transaction volumes and the average cash withdrawal per transaction saw slight declines, with the latter dropping from ₹2,624 in 2023 to ₹2,482 in 2024. However, AePS (Aadhaar Enabled Payment Systems) withdrawals surged by 35-45% during DBT releases, particularly under schemes like PM Kisan Yojana, compared to the rest of the year.

AePS has been instrumental in addressing infrastructure gaps in remote and hilly regions, enabling essential banking services through local shopkeepers and trusted individuals. The report highlights significant growth in cash withdrawal transactions in Northeast India, with Mizoram, Meghalaya, Nagaland, and Assam leading the way in digital financial inclusion. Jammu and Kashmir recorded impressive growth of 58% in value and 74% in volume. This preference in rural India underscores the vital role of neighbourhood retail stores in expanding access and transforming everyday banking at the last mile.

The assisted e-commerce segment, meta-commerce, witnessed remarkable growth in both the Branded Shop and PayNearby Mall (e-commerce) categories. The Brand Shop category saw a 71% increase in transactions and a 41% rise in value, while the e-commerce category recorded an impressive 141% growth in transaction volume and a 95% rise in value.

 

Notably, the Brand Shop category gained strong traction, featuring top brands in consumer electronics, mobile accessories, and kitchen appliances. Popular categories in the broader e-commerce portfolio included clothing, groceries, toys, and personal healthcare products. The average ticket size for the Branded Shop category stood at ₹2,680, while the rest of the e-commerce portfolio averaged ₹1,288.

In 2024, the total savings account balance of customers with PayNearby partner banks doubled in 2024 showing increase penetration of active bank account among rural communities.

Commenting on the report findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “The insights from the ‘Retail-O-Nomics’ report reaffirm the pivotal role of small businesses in driving Bharat’s digital and financial transformation. By equipping local retailers with tools to offer diverse services like insurance, e-commerce, and lending, we are empowering them to become key enablers of financial access and economic progress at the grassroots. The report highlights significant growth across these verticals—whether it’s the increasing adoption of insurance services, the rise in e-commerce transactions, or the growing demand for credit solutions. This progress underscores the trust placed in last-mile retail counters as essential service hubs for individuals and businesses alike.

 At PayNearby, we remain committed to supporting small businesses with simplified, user-friendly solutions that open new avenues of income and expand their ability to serve their communities. Together, we are building a resilient and inclusive ecosystem that fosters growth, innovation, and opportunity for all”

The Digital Naari initiative is making significant strides, with maximum traction in states such as Uttar Pradesh, Rajasthan, Maharashtra, Odisha, West Bengal, Tamil Nadu, Telangana, Chhattisgarh, and Himachal Pradesh. Currently, over 60,000 women actively transact on the platform across 10,000+ PIN codes, earning an average of ₹3,000–5,000 per month.

Notably, 60% of the women in the program are first-time entrepreneurs, supplementing income from agriculture or small businesses. Many operate from home or family shops, while 25–30% establish dedicated Digital Service Kendras. Notably, 65% women continue their entrepreneurial journey beyond year one.

Jayatri Dasgupta, CMO-PayNearby and Program Director-Digital Naari, said, “Women workforce working as Business Correspondents (BCs) are pivotal to advancing financial inclusion at the grassroots level. However, they face challenges such as limited access to credit, gaps in financial and skill development, and restrictive societal norms, which often confine their roles to the unorganized or less formalized sectors. Recognizing these challenges, PayNearby’s Digital Naari Initiative is working to bridge the gap by equipping them with financial tools, digital literacy, and entrepreneurial training. With enhanced collaboration between Government and Fintech companies, we can work towards creating inclusive ecosystems, thereby increasing their participation in formal sectors.”

 Bill payments service at local stores witnessed an increase of 21% in value and 34% in volume. On the other hand, mobile recharge, Assisted Income Tax Return (ITR) services and Travel bookings fell short of expected growth. Notably, 42% of banking transactions occurred from 3.00 pm to 9.00 pm, highlighting retail outlets’ crucial role in meeting banking and digital needs, especially within the PayNearby network.

About PayNearby

Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital 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 and digital 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, through its tech-led DaaS (Distribution as a Service) network, PayNearby enables services like cash deposits, withdrawals, ecommerce, credit, insurance, travel, utility payments, and more. Currently, PayNearby’s 12+ lakh retail partners & 1.5+ lakh Digital Naaris spread across 20,000+ PIN codes assist over 5+ crore customers across the country, facilitating 25 crores yearly transactions.

For more information, please visit www.paynearby.in

• New credit marketplace to simplify access for thin-file and new-to-credit borrowers
• Focus on small business owners with government-backed ONDC network
• Key benefits: Established local human intelligence, autonomy for buyers and sellers, data security, and transaction credibility

Mumbai, 09th Sept, 2024: In a significant move to enhance credit access, PayNearby, India’s leading branchless banking and digital network is leveraging the Open Network for Digital Commerce (ONDC) to make credit services more accessible and affordable for last-mile borrowers. This new credit marketplace is built in partnership with Protean eGov Technologies Limited.

In this integration, Protean will serve as an ONDC technology service provider, facilitating the availability of credit for last-mile borrowers across the country through PayNearby’s extensive Distribution as a Service (DaaS) network. With over 12+ lakh active PayNearby outlets, the integration aims to broaden credit access across Bharat for individuals and small business owners in remote areas. Protean will aggregate multiple Loan Service Providers (LSPs) onto a single platform, providing citizens and businesses with convenient and affordable options. By integrating smart data modelling and frameworks like the Account Aggregator (AA), the initiative will offer credit scoring and tailored solutions for thin-file and new-to-credit customers. This will significantly enhance the ability of formal institutions to extend credit to rural and underserved populations.

Commenting on the launch, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “This integration with Protean through the ONDC Network will revolutionise how credit is accessed and delivered in Bharat. By offering formal credit options and tailored products, we are committed to providing our retail partners and customers with viable financing solutions. Our goal is to streamline the lending process, ensuring quick and easy credit access for all.”

Adding to this, Mr. Suresh Sethi, Managing Director and CEO, Protean eGov Technologies Limited said, “Bharat still has a large population outside the formal credit ecosystem and we firmly believe that consent-based data sharing through Account Aggregator will digitally empower these individuals to access credit using their own transactional history. By bringing together Account Aggregator, the data DPI, and the ONDC powered open network, coupled with PayNearby’s last mile reach through physical touchpoints, we intend to enable universal access to credit for underserved borrowers. Protean has been at the forefront of building Digital Public Infrastructure (DPI) and population scale e-governance solutions for the citizens, and our collaboration with PayNearby marks another significant step in the direction of creating a more democratic and inclusive financial ecosystem.”

Commenting on the development, Thampy Koshy, Managing Director & CEO, Open Network for Digital Commerce, said, “At ONDC, we are dedicated to empowering individuals by providing accessible and affordable financial solutions. This new credit marketplace, developed in collaboration with PayNearby and Protean eGov Technologies, marks a significant advancement towards this objective. By leveraging ONDC’s open network and integrating advanced data frameworks, we are enhancing credit accessibility for underserved and rural populations. This initiative supports economic growth and promotes financial inclusion across Bharat.”

One of the main focus areas of the government-backed ONDC network is to enable loan transactions for small business owners. This initiative will support MSMEs and individuals by providing them with viable credit options, thus fostering economic growth and financial stability in underserved regions. As part of the product offering, the partnership will provide credit of up to ₹4 lakhs, available for both salaried and self-employed applicants. Applicants need to provide KYC documents along with their bank statements, and the service is open to individuals aged 21 and above.

The loans are accessible to both existing bureau customers and new-to-credit customers, ensuring wide-ranging benefits.

About PayNearby:

Incepted in April 2016, PayNearby is India’s leading branchless banking and digital 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 is enabling services like cash withdrawal, remittance, aadhaar banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 12 lakh plus microentrepreneurs across 20,000+ PIN codes assist 5+ crore customers across the country.

For more information, please visit www.paynearby.in

• 45% of women BCs value flexible working hours, higher than 38% of men
• 69% of women and 61% of men plan to scale up their BC operations within the next 3-5 years suggesting a greater acceptance from their communities
• 49% of women prefer attending workshops and seminars to stay updated, while 58% of men prefer reading industry publications for professional development.

 Mumbai, November 11, 2024: In India, business correspondents (BCs) are crucial touchpoints to expanding banking & digital services in rural areas, with women BCs playing a particularly important role. According to a joint report released by PayNearby and Grameen Foundation for Social Impact, female BCs excel in engaging female customers, with their transaction values 66% higher than those handled by male agents. Women BCs also earn 24.4% more than their male counterparts while engaging with female customers, suggesting that female customers feel more comfortable conducting higher-value transactions with agents of the same gender, likely due to increased trust.

However, 60% of female BCs struggle to balance their professional and personal responsibilities. This highlights the need for systemic support and focused interventions for women BCs.

A joint report on Gender Gap in the Business Correspondent Industry, by PayNearby, India’s leading branchless banking network, and the Grameen Foundation for Social Impact (GFSI), a leading non-profit organization, highlights both the opportunities and barriers women encounter as they work towards financial independence through their BC operations.

The findings revealed that both men and women BCs are primarily motivated by financial independence and the desire to serve their communities. However, flexibility in work hours is a stronger motivator for women (45%) compared to men (38%). This finding suggests that women are more likely to seek roles that allow them to manage their household duties alongside their professional responsibilities. The data also showed that women BCs face significant challenges in balancing household duties with their professional roles, with 60% of women reporting this issue. Their struggle is further compounded by safety concerns and cultural barriers, which disproportionately affect women. The report reveals that 33% of women BCs cite safety issues while working in remote areas, and 35% face cultural and societal barriers.

The report also highlights the need for better financial assistance and professional development opportunities. While both genders seek financial support, 61% of men show a higher awareness for training and professional development opportunities while 47% of women cited the need for supportive policies. Around 50% of women are more likely to rely on family support and mentorship to overcome challenges, while men prefer external aids like training programs to overcome obstacles.

A key finding from the report is that improving management of business is a common priority for both genders, though men prioritize it more (70% vs. 59%). Confidence in computer and banking app skills is high across the board, with 91% of women and 96% of men feeling proficient—critical for effective BC performance. Men express a greater interest in enhancing technology skills (61%) and customer relationship management (50%). Notably, 69% of women and 61% of men plan to expand their BC businesses in the next 3-5 years, reflecting strong entrepreneurial ambitions.

Jayatri Dasgupta, CMO-PayNearby and Program Director-Digital Naari, said, “We have seen firsthand the transformative power of women BCs in bringing essential banking services to the last mile. This joint report serves as a critical evaluation of the gender gap within the industry and highlights actionable strategies to empower more women to succeed as BCs. By addressing these gaps and providing the right support, we can build a more inclusive financial ecosystem for all. We believe women BCs should receive fair recognition for their contributions, with clear and unbiased criteria for performance evaluation, helping mitigate gender biases and promote a more equitable professional environment.”

Bharati Joshi, CEO Grameen Foundation India (GFI) and Grameen Foundation for Social Impact (GFSI), said “The findings of this report highlight the untapped potential of women Business Correspondents in driving financial inclusion across underserved communities. While women BCs demonstrate remarkable resilience and economic impact, they face unique challenges, particularly in balancing household responsibilities with their professional roles. To fully unlock their potential, there is an urgent need for transforming the balance of power in households and communities, supportive policies, targeted financial assistance, and capacity-building programs.”

To enhance women’s participation in the BC sector, the report suggests several strategies that have been formulated in consultation with women BCs across the country. Targeted mentorship programs and networking events for women BCs can offer valuable guidance and peer support. In addition, tailored training programs should address gaps in customer care, financial product management, and technology, with a focus on cybersecurity. Moreover, increasing access to development resources, accessible online courses, and skill workshops is crucial for bridging professional development gaps. The report also highlights the need to include local community leaders at Panchayat level, for grooming and social recognition of women BCs, so that their overall acceptance and business development can be aided.

The findings of this report are derived from comprehensive survey data collected from 1,862 business correspondents across 12 Indian states. The study employs a mixed-method approach, integrating both qualitative and quantitative data. Qualitative insights were gathered through Focus Group Discussions (FGDs), in-depth interviews, and expert panels, while the quantitative component was based on a detailed survey conducted among business correspondents.

About PayNearby:

Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital 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 and digital 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, through its tech-led DaaS (Distribution as a Service) network, PayNearby enables services like cash deposits, withdrawals, ecommerce, credit, insurance, travel, utility payments, and more. Currently, PayNearby’s 12+ lakh retail partners & 1.5+ lakh Digital Naaris spread across 20,000+ PIN codes assist over 5+ crore customers across the country, facilitating 25 crores yearly transactions.

For more information, please visit www.paynearby.in

About Grameen:

Grameen Foundation for Social Impact (GFSI) is a not-for-profit organization, registered under section 25 of the Companies Act, 1956 (now known as section 8 of the Indian Companies Act 2013). Grameen leads with Gender and transforms through technology, finance and innovative partnerships. We are currently implementing programs in the areas of Agriculture and Livelihood Practices, Health and Nutrition, Innovations in Digital Finance, and Advancing Women Entrepreneurship. We focus on the most marginalized communities, particularly women, and through our work, we strive to enhance access to finance, sustainable livelihoods, and health and nutrition. Our work is defined by its focus on client-centric data-driven solutions, leveraging technology and partnerships to enable women to realize their full power and potential and move out of poverty permanently.

For more information, please visit: www.grameenfoundation.in