In a remarkable feat, PayNearby, India’s leading hyperlocal FinTech network, has achieved the milestone of daily 1 million transactions on its platform. This achievement goes hand in hand with the company’s mission to empower kirana store owners, termed as ‘Digital Pradhans’, while facilitating mass scale financial inclusion in India. Since its inception in 2016, PayNearby has empowered over 527,239 retailers pan-India, enabling them to provide banking and financial services to over 4.28 crore citizens across the country.
Through its platform, PayNearby enables local retail stores to provide basic digital financial and non-financial services such as Aadhaar ATM, SMS Payment, EMI Collection, Khata Service, Prepaid Cards and soon activating Mutual Funds, small deposits & Insurance and UPI transactions amongst others. The company’s primary aim has been to enable assisted digital financial services to the masses which are tech oblivious. The company works on sachetizing, granularising and universalising the high end technology for benefit of the low income segments along with under banked or unbanked population.
With its roadmap for pre-calibrated relevant service offerings for this segment, PayNearby has made it possible for every person to utilise digital payments and banking services with ease at a nearby retailer by harnessing the new age contextual technology in an agile manner. Since this is usually carried out at the kirana store that they frequently visit, there is the added factor of trust when making the shift to this new mode of transactions and services.
Owing to the extent and scale of its ‘Har Dukaan Digital Pradhan’ initiative, the platform trains its retailers to fulfil daily transactions for its Aadhaar Banking, Bill Payments, Card Not Present or SMS payment, Domestic Money Remittance, EMI Collection, Financing Retailers, Gold, HyperLocal, Insurance (ABCDEFGHI) services. It has recorded Domestic Money Transfer (DMT) of INR 1,437 crores and AEPS (Aadhaar ATM) monthly transactions of INR 2,686 crores, further indicating the acceptance and usage of digital services across the country.
Speaking on the milestone Anand Kumar Bajaj, Founder and CEO, PayNearby said, “We are delighted to have crossed the mark of 1 million transactions. This is a proud moment for us at PayNearby. It has been our aim to empower local retailers across the country, especially in Tier 2 and Tier 3 cities, to leverage technology for a smoother and simpler rendition of banking and financial services to the tech oblivious segment.
Over the course of its existence, PayNearby has been addressing the need-gap towards financial inclusion in the country through its array of financial services and extensively expanding network. We are confident that we are heading in the right direction in order to fulfil our goal of growing this network to include 50-lakh retail partners to digitally and financially empower the common man.”
Since its inception, PayNearby has been significantly contributing towards the ‘Digital India’ movement by simplifying access to digital financial services for the masses via its network of ‘Digital Pradhans’. Crossing 1 million transactions marks another significant step towards the company’s goal of creating the world’s largest hyperlocal FinTech network in India.
Incepted in April 2016 by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha, PayNearby is a robust digital fintech company which offers digital financial/non-financial services to locals. It is registered under the Startup India initiative of the Department of Industrial Policy & Promotion (DIPP), Government of India. PayNearby works on a B2B2C model and facilitates a bouquet of financial services including aadhaar banking, domestic remittances, bill payments, card payments, granular investment and insurance assurance among others. It already has numerous technological tie-ups with financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is also the sole technology provider for 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 (NCPI).
Publication – Zee Business
Published Date – June 4, 2019