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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About PayNearby

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

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

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

About Protean eGov Technologies Limited

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

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

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

Visit www.proteantech.in for more information.

Disclaimer:

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

 

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

 

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

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

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

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

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

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

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

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

About PayNearby:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

© 2022 PayNearby. All rights reserved.

About PayNearby:

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

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

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

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

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

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

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

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

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

Reaches out to 17, 600+ PIN codes through its 41+ lakh microentrepreneurs ensuring the availability of micro-ATMs for the unbanked and underbanked

In a bid to strengthen the ATM infrastructure in the country and to ensure that every citizen has access to cash anytime, anywhere, PayNearby, India’s leading digital payments company and largest branchless banking network, has established a colossal network of one lakh micro-ATMs (MATMs) operating across 17, 600+ PIN codes in India. With the number of traditional ATMs in the country standing at 2.41 lakh[i] for a population of 1.3 billion, PayNearby, with its one lakh MATMs is one of the fastest-growing MATM networks in the country. The company is looking to aggressively seed these ATMs across its 41+ lakh microentrepreneurs across the country and enable easy cash withdrawal at every doorstep at the last mile. Currently, PayNearby witnesses over ₹500 crores of Micro ATM withdrawal and overall ₹4,000 crores of cash withdrawal (including Aadhaar ATM) every month.

The distribution of ATMs within India is very unbalanced, with metros having 53 ATMs per one lakh population, urban areas having 69 ATMs per one lakh population, semi-urban areas having 53 ATMs per one lakh population and the rural areas having a meagre 9 ATMs per one lakh population[ii]. When compared to its global counterparts, India is among the countries to have the lowest ATM penetration in the world. As compared to the world average of 50 ATMs per one lakh population, India is way below, at an average of 28 ATMs per one lakh population. Compared to this, China is at 98 ATMs per one lakh population and Brazil at 105 ATMs per one lakh population[iii].

Given that over 65% of the Indian population resides in rural India, yet, they account for only 20 percent of all ATMs in the country[iv]. The cost of infrastructure acquisition and servicing is one of the main reasons that formal financial institutions find it difficult to operate ATMs in rural areas. To resolve this, PayNearby partners with neighbourhood retail stores and through its tech-led distribution network ensures high-end technology is simplified for easy consumption at the last mile, and all essential banking services are available to every citizen in the country through an assisted format at a store nearby. PayNearby is enabling its microentrepreneurs with low-cost ATM devices so that the last mile has easy access to cash withdrawal.

Speaking on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we have been diligently working towards the financial and digital empowerment of all citizens of India so that they have access to essential banking services. And, establishing a one lakh-strong ATM network is a landmark for us. Considering its USPs such as portability, affordability and low maintenance, micro-ATMs have been effective in curbing the infrastructure costs incurred, especially in rural India where a full-fledged ATM becomes unviable.

PayNearby is nearly at half of the distribution of traditional ATMs in the country, and in the coming years aspires to surpass this number and set up about five lakh MATMs in the country so that every citizen in the country has easy access to cash that is lying in their accounts. We will continue expanding the micro-ATM network to all corners of India and aiding more customers with their financial needs anytime, anywhere. Zidd aage badhne ki!”

[i] HBL
[ii] HBL
[iii] HBL
[iv] CNBCTV18

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement among others.

It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. PayNearby is among the top technology providers offering Aadhaar Enabled Payment System (AEPS) and IMPS using YES Bank backend, making it among the select fintech companies hosted by the National Payments Corporation of India (NPCI).

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

Offers last-mile connectivity to NBFC, MFI, OTT, food delivery aggregators, cab aggregators, FMCG, logistics etc.

 Facilitates cash collection as a service to 50+ clients
 Hero Fincorp, Svamaan, Svatantra Microfin among key clients of an extensive portfolio spread across various sectors
 Empowers businesses with faster settlement, uninterrupted reach, reduced overhead expenses and unified cash collection dashboard resulting in better risk management & higher operational efficiency.
 Largest network digitising cash collection at the last mile through 15,00,000+ retailers, spread across 17,500+ PIN codes

PayNearby, India’s leading digital payments company and largest branchless banking network, today announced that its enterprise offering that facilitates ‘cash collection’ as a service has crossed ₹350 crores worth transactions in monthly Gross Transaction Value (GTV). The company, through its extensive last-mile connectivity, enables businesses of all sizes across industries to digitize cash collection at the last mile, thus promoting a less-cash economy. It also enables businesses to optimize their cash collection cost while helping them expand their business seamlessly.

With over 15+ lakh retailers spread across 17,500+ PIN codes, PayNearby’s vast network is ubiquitous, enabling clients to harness the company’s last-mile connectivity and offer services despite consumers’ remote locations. Through its uninterrupted network across the country, PayNearby seamlessly enables semi-urban and rural communities to access online shopping, online entertainment and food delivery, among many other digital services, through their local retail agent. On one hand, it brings financial and digital services in simplified, sachetized form to the common man and enables customers accessibility and ease to conveniently deposit cash at a store nearby. On the other hand, it aids businesses to expand their serviceable market and reach customers across geographies and different income cohorts while also helping them handle large amounts of cash effortlessly.

By partnering with PayNearby, companies gain access to the services of the largest retail network in the country whilst leveraging its hyperlocal reach. Additionally, physical cash deposited by customers and collection agents is converted into digital cash in real-time, and the settlement is processed even beyond banking hours every day of the week, enabling faster settlement. Besides seamless access, businesses can harness transaction insights easily. A single unified cash collection dashboard ensures they have the required information to make well-informed business decisions in real-time. Besides, it also helps businesses in getting collection figures daily, weekly, monthly, by region or agent type, while tracking their business performance regularly. Furthermore, it also aids businesses in reducing their overhead costs by eliminating expenses required for manual reconciliation in a traditional cash collection set-up across multiple modes of repayment.

Lastly, financial transactions require a certain level of trust and PayNearby’s time-tested systems service more than a million transactions per day while offering the highest success matrix of 99.9% uptime. The company is certified with the highest compliance standards and a high level of data security. Speaking on the achievement, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “We are thrilled to reach a milestone of ₹350 crores in cash collection through our enterprise arm. The pandemic has only bolstered the necessity and penetration of digital services across industries, and we are happy to level the playing ground in terms of accessibility for Indians beyond their location. Our retail partners have served as cash disbursal points, and are now outlets for secure cash disposal. Through our cash collection services, we are helping our clients solve the biggest challenge of timely cash collection and deposits in the remote corners of the country resolving the cash handling risk and cash management issues. While our collection process is seamless, it also gives companies deep in-roots to areas that were not serviced earlier. At PayNearby, we want holistic financial and digital services to reach the bottom of the pyramid, and we are delighted to be aiding enterprises as a constant partner in their growth trajectory.”

Currently, PayNearby offers cash collection as a service to 50+ clients across sectors such as NBFC, Microfinance (MFI), OTTs, food delivery aggregators, cab aggregators, FMCG and logistics among many other digital services. However, a large section of their current portfolio is dominated by NBFCs and MFIs. Hero Fincorp, Svamaan, Svatantra Microfin are among some of the leading brands in PayNearby’s extensive portfolio spread across various sectors that have collaborated with the company for their cash collection facilities. The company has also tie-ups with a majority of banks, inclusive of ICICI, USFB, Suryoday etc. to provide the offering.

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement among others.

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

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

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

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

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

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

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

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

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

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

About PayNearby:

Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement among others.

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

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