Published on: 22 January 2019
Just on the backdrop of Reserve Bank of India approving Tokenisation, PayNearby, India’s leading digital fintech company which empowers retailers at the first mile to offer digital financial/non-financial services to locals, has released BharatQR in its robust portfolio of payment solutions. This is the second major launch by PayNearby, after the company successfully released AePS capabilities in partnership with NPCI and YES Bank riding on the JAM trinity to advance the services to citizens under PMJDY. Through its latest release, PayNearby aims to boost cardless transactions, enabling merchants to receive payments seamlessly through technology-led methods.
With the widespread promotion of digital payment solutions across the country, India has been able to achieve 30 lakh deployments of EDC machines already and now with Bharat QR launch, it becomes easy for the reaming of the 2 Crore merchants to come on to digital payment platform with ease. By empowering the local shopkeepers to accept a payment option as ubiquitous as BharatQR, PayNearby is addressing this need-gap. All a customer needs to do is scan a code through their smartphones and make payments within seconds through their banking apps or BHIM UPI. The added convenience of BharatQR will indubitably encourage Indians to forego cash usage and further the vision of creating India’s largest hyperlocal FinTech network.
Speaking on the development, Anand Kumar Bajaj, Founder & CEO PayNearby and Chair BCFI Communications Committee, said, “PayNearby has been formed with the objective of digitally empowering local shopkeepers and allowing customers to be privy to a host of financial and non-financial services at the first mile. Our overarching goal has always been to facilitate multiple, technologically-advanced payment methods that can boost India’s progression towards becoming a cashless economy. Recent approvals from Reserve Bank of India regarding tokenization and work done by NPCI on BharatQR, both safeguards customers from skimming their cards. With our team of 488 able professionals and over 4 lakh retail partners, we are on a nation-wide mission to extend digital financial inclusion to all. BharatQR integration is a massive push in this direction, as we make greater progress towards achieving this vision.”
Commenting on this significant milestone Ritesh Pai, Chief Digital Officer at YES BANK said, “YES BANK has been a pioneer in furthering Technology-led banking innovations in India through its ART strategy – Alliances, Relationships and Technology-based partnerships. PayNearby, as one of our preferred partners, has shown deep commitment to working together to bolster digital payments ecosystem in India. We believe that the next phase of growth in payments will be a function of innovating for the merchant segment, thereby also meeting India’s twin national agenda of financial inclusion and ‘Digital India’”.
Dilip Asbe, MD & CEO National Payments Corporation of India (NPCI) on this occasion said, “NPCI is proud to host FinTech startups like PayNearby who are dedicated to the cause of inclusion and have helped take forward the mandate and technology built by NPCI along with Banks. It furthers the national agenda of digital payments. We have seen the AePS and BBPS deployment done by PayNearby and are confident of their success to promote BharatQR. With the integration of BharatQR, PayNearby will be able to further enhance the customer and merchant experience and accelerate the growth of digital payments adoption across India in the smoothest manner”.
About PayNearby: Setup 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).