PayNearby is a new-age fintech founded by Anand Kumar Bajaj. Its platform effectively connects banking, financial, insurance and many other services from multiple providers through the retailers nearby to everyone digitally. Explains Bajaj in an interaction with Banking Frontiers: “This helps in digitizing, sachetizing, universalizing the financial services, including investment, borrowing among other services and helps a common man to access his rightful Direct Benefit Transfer also at a nearby shop rather than not being able to access at all. We work in close partnership with banks and other providers as the backbone and NPCI allowing to leverage its infrastructure for mass retail payments.”
Bajaj describes PayNearby as a digital extension of various services to consumers at their doorsteps and they are willing to pay for the same. “One will be surprised to observe that the mass population does not have access to basic services, and they are happy to avail the comfort just like any other digital savvy customer, but in assisted mode. We observed that India is a tactile economy and people here are very social. Even after so much of digital capabilities, one would interact and avail the service much happily in an assisted mode rather than everyone trying to become a pro with their devices today. We are certain that the digital revolution will help India transition from assisted service to self-service economy and we would want to be responsible for that,” he elaborates.
PayNearby offers ABCD, viz, Aadhaar ATM, Bill Payment, Card Payment and Deposits. “These are the key financial services to start the conversation and engagement. These are instant gratification-oriented services and build trust among the retailer and customers. The retailer is already a dependable partner of social ecosystem and when we bring granularized banking in sachets through the same retailer, the society is benefited. We are essentially crowd sourcing banking by generating local trust from our retailer partners,” he elaborates further.
Publication – Banking Frontiers
Published Date – May 2, 2019