Archives: Media

Offers digital identities through ‘Pehchaan ID’ to retail partners

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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