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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:

1. Siva Subramanian
2. M: +91 9820848303
3. 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

⇑ Aims to democratize digital payments and reduce cash transactions at the last mile by offering an all-inclusive payment acceptance infrastructure at retail touch points

  Transform everyday smartphones into merchant terminals (SoftPoS) at no additional cost

  Enable 2-in-1 Micro ATM devices, that double up as payment acceptance (mPOS) and cash withdrawal at very affordable pricing

  Offer merchants, an all-inclusive digital payment hub that ensures easy acceptance across different form factors and simplifies both merchant and customer experience

  With QR code payment, Aadhaar Pay, UPI, Online Payment Gateway and now Card Payments through mPOS and contactless payment through cards/tokenized mobile on SoftPoS, PayNearby becomes India’s leading company to consolidate form-factor agnostic digital payments in retail

  Aims to proliferate digital payment acceptance among the largely underserved 30 million plus Indian MSMEs

  In the wake of COVID, enable customers to make safe, contactless payments at the last mile

  The low cost, simplicity and choice of the different form factors will drive easy acceptance among tech shy Indians, thus accelerating digital adoption in the country

In a bid to create a digitally one nation, PayNearby, India’s leading branchless banking and digital payments network, has partnered with Visa and RBL Bank to launch SoftPoS and mPOS for its 15,00,000+ retail network. With the addition of these options, PayNearby becomes the first company to launch an all-inclusive digital package for retailers that is form factor agnostic and provides a wide choice to end consumers. PayNearby’s upgraded digital payment package now supports QR code payment, UPI payment, Aadhaar Pay, SMS payment, Card payment (debit/credit/contactless) and payment through mobile tokenization.

While SoftPoS allows merchants to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on NFC-enabled smartphones, PayNearby’s 2-in-1 Micro ATM + MPOS machine allows easy acceptance of debit/credit cards at the last mile. Customers can use any physical card (debit/credit/contactless) or mobile with tokenization and pay easily by using the above options. Aiding PayNearby in this initiative is processing partner, PayNext and SoftPoS solution partner, Uvik.

A majority of India’s population is still tech-shy, dependent on cash and lying outside the folds of financial inclusion. One of the reasons for digital payments taking a back seat in the country is that smaller merchants do not have the money to invest in infrastructure. According to a cross country dataset released by RBI recently, the density of population dependent on a POS terminal is 358 in India, as against about 20 in neighbouring China, 10 in Brazil, Turkey, Netherlands and Italy. The dataset comparing 22 countries, showcases India to have the lowest POS density per person*.

However, the pandemic has amplified the need for contactless payments to reduce the risk of transmission. This has given a major boost to digital payment adoption in the country and is also helping in promoting new form factors and experiences in this sector. To make digital payments pervasive in the country, it has to be as seamless as accepting cash both on the merchant and the consumer side.

With the SoftPoS and mPOS offering, PayNearby aims to address the national challenge of inadequate payments infrastructure and eliminate barriers to seamless digital adoption. On the acceptance side, merchants do not have to spend a lot of money to lay down the foundation of digital acceptance and expand their customer base and sales. With SoftPoS, the ubiquitous smartphone can be converted into a digital acceptance device. The 2-in-1 micro ATM + mPOS machine drives value at very affordable pricing and allows easy acceptance of debit and credit card payments. With these innovations, local stores even in the remotest areas will now be able to process digital payments on their smartphones and Micro ATM devices. On the consumer side, the solution is as easy, secure and quick as exchanging cash.

Commenting on the occasion, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “As India moves towards rapid digital growth, PayNearby is committed to simplifying high-end technology for the bottom of the pyramid so that benefits of digital payments and digital banking can reach the masses. Through our SoftPoS and mPOS solutions, in partnership with Visa and RBL Bank, we wish to build an ecosystem by adding to the number of acceptance points for easy and fast digital payments. In the wake of COVID, this is vital for both our retail partners and their consumers.

Along with our existing solutions, introduction of SoftPoS and mPOS to our product portfolio enables us to offer a complete digital payment solution to Bharat. We are confident that the addition of SoftPoS to the JAM (Jan-Aadhaar- Mobile) trinity graduates Bharat to JAMS (Jan-Aadhaar-Mobile-SoftPoS), which will pave the way for a digital economy, and provide stimulus to communities at the grass root level. This will make ‘Digital India’ a closer reality, even at the remotest locations in Bharat.

We are extremely honored to partner with RBL Bank and Visa in these initiatives. Our partners bring with them demonstrated expertise in banking and digital payment products and lend credence and proficiency to the offering. We also thank PayNext and Uvik for joining us in this journey. At PayNearby, we will continue to innovate every single day to democratize digital solutions and make the dream of an equal Digital India come true.”

Rajeev Ahuja, Executive Director RBL Bank said, “Payment platforms have been disrupted the most owing to the ever-evolving preferences in the financial ecosystem. We are delighted to partner with PayNearby to build and offer an innovative and secure payment solutions for the Indian MSMEs, the backbone of our economy. With this association, we look forward to empower the customers and retailers with a simple and seamless digital platform. It enables us to onboard merchants from various geographies and deepen the penetration of digital infrastructure in the country.”

Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said “As the country opens up slowly, it is critical to focus on the recovery of small merchants, the backbone of our economy. This sizeable segment has lagged in accepting digital payments due to notions of cost and infrastructure.

We’re delighted to partner with PayNearby to bring solutions like SoftPoS to merchants, and enable low cost, safe and simple Tap to Phone payments across the country at scale. Visa has committed to empowering and digitizing small businesses worldwide and in India, and partnering with fintechs like PayNearby is a definite step towards achieving that objective.

*Data source:

• Deccan Herald: https://www.deccanherald.com/national/digital-drawback-only-one-pos-terminal-in-india-for-every-358-people-808112.html

• Financial Express: https://www.financialexpress.com/industry/banking-finance/stuck-in-long-queue-to-pay-after-billing-people-per-pos-highest-in-india-even-as-digital-payments-rise/1878310/

 

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

The micro, small and medium enterprises (MSME) sector in India is often referred to as the ‘engine of growth’ which contributes significantly to employment generation, exports, innovation, inclusive growth and the socio-economic development of the country. The entrepreneurial growth and development they contribute are not limited to the urban areas only. Of the 63 million MSMEs, 51 per cent are based in rural India. This increasingly growing sector contributes 30 per cent to the country’s GDP and 48 per cent to exports. Notably, the MSME sector creates around 1.3 million jobs per annum which employs over 120 million people and is undeniably very valuable to the Indian economy.

Over the past year, because of the COVID-19 headwinds, the sector has been valiantly trying to hold its ground. Several reports show that disruptions caused by the pandemic have impacted MSME earnings by 20-50 per cent. Micro and small enterprises have faced the maximum heat, mainly due to the liquidity crunch and drying up of consumer demand. This has impacted around 82 per cent of small businesses. To overcome these challenges, various tech-led companies have come forward to help MSMEs with innovative solutions.

India has a lot of catching up to do when it comes to digital maturity in the small and medium businesses segment; digitisation of SMEs is far more challenging than it seems due to several issues like lack of skills, tech-shyness, access to talent, lack of business-specific technologies among various others. Many fintechs have come forward and are partnering with MSMEs to solve for these challenges. From easy access to banking products, like account creation, credit management, cash flow management to assisted modules that help enterprises walk up the tech maturity curve, the examples are many.

The advantage of working with tech-led new-age platforms is the nimble footedness and flexibility they allow, which enable MSMEs to adopt solutions based on individual tech readiness and life-cycle requirements. Business critical solutions like improving the loan application process, aiding merchants to accept digital payments, seamless repayment options through digital pathways—which are vital to any business today—have been efficiently accomplished because of the MSME-fintech partnerships.

Among the many used cases it has solved for, the advent of technology and greater participation of private financial organisations has helped bridge the gap of credit requirements in this sector. Access to working capital for enterprises with thin credit files have been made possible through the intersection of technology and newer business models offered by fintech organizations.

At present, the MSME credit gap is pegged at around $240 billion (INR 17 lakh crore). By collaborating with digital fintech organizations, which are equipped with technology-enabled systems and algorithms, MSMEs can access capital at a much lower cost. The speed and agility offered by online market places and digital solutions not only aid in better discovery and information assimilation, but also help MSMEs adopt most cost effective solutions based on individual requirement. Digital lenders rely on alternate data acquired through social listening, intuitive tools and predictive algorithms and are able to offer enhanced customisations with greater flexibility suited to the borrowers’ needs, even without a credit history. Timely access to credit is the lifeblood of any business. Enabling MSMEs to gain easy access to credit is thus an important milestone in MSME-Fintech partnership.

Besides easy access to credit, empowering MSMEs with the latest digital payment solutions is another important area where we have seen much progress over the last few years. Digital payments help merchants not only service a wider range of customers, but also bring ease and efficiency to business operations by eliminating cash based transactions, which are expensive and fraught with security challenges. From form agnostic payment solutions which enable merchants to accept payments over easy tap and pay on mobile, to QR codes and payments through biometric authentication, this space has seen incredible innovation over the last few years. In addition, solutions like digitizing customer ledger allowing enterprises to better manage cash flows, along with better vendor management and workforce management tools are helping small and medium businesses to organize themselves better and get maximum output from available resources in these challenging times.

Another important area where technology participation has led to visible growth in the MSME sector is the opening up of newer revenue streams for small and medium businesses on the innovative, tech led platforms offered by fintechs. A local retailer, whether it is a kirana store or a pharmacy, can today augment his income by servicing his local community with basic banking and digital products from his store. In the advent of ecommerce and super markets, this allows small and medium businesses to stay relevant and deflect the challenges that come with the evolving economy. From opening a savings account to instant remittances or cash withdrawal points, technology innovations offered by fintech organizations have helped local retailers go beyond their organic business, and double up as the area’s banker, ensuring not only more business but more loyalty from existing customers. This digital empowerment also helps drive the bigger agenda of financial inclusion in the country.

As MSMEs continue to evolve and we see more participation from tech led platforms to augment this evolution, this space is bound to see more innovation in the coming years. The need of the hour is to continue strengthening the sector with the latest advancements and sector friendly policies, so that we are able to create an enriching atmosphere for entrepreneurial growth and an exciting and efficient MSME ecosystem.

Aims to create a thriving ecosystem for its retail partners by helping them utilize PayNearby’s platform extensively to earn more

In continuation with its brand ethos ‘Zidd Aage Badhne Ki’, PayNearby, India’s leading branchless banking and digital payments network, has launched “PayNearby University” under its trade app to educate and handhold its retail partners towards a better livelihood and a sustainable life for themselves and their families. Available in 10 regional languages for an engaging learning experience, PayNearby University is designed to empower retailers by utilizing the full potential of the platform and help create a thriving ecosystem for the retail community.

PayNearby was built to educate, engage and push a wide range of assisted financial and digital services including basic banking services like cash withdrawal, domestic remittance, goal-based savings and insurance to the last mile. Today, more than 15+ lakh retailers use the PayNearby platform to service close to 15 crore Indians on a wide range of products and services. The success of the model lies not only in the 10+ lakh transactions that it clocks daily or the monthly GTV of ~5500 crores plus, but in the social reach of the platform across 17,500+ PIN codes in the country, helping uplift both the retail community and consumers in those areas, thereby helping access to the Government’s DBT disbursements in an easy manner. The company’s constant commitment has been to empower local retailers who are building the nation ground-up while driving financial inclusion at the last mile, thus creating a digitally forward and financially inclusive India.

Reiterating this commitment is PayNearby University, where retailers can acquire knowledge about the financial product and services the company offers, learn how to use these services, and how to efficiently utilize the platform to earn more. PayNearby University ensures that retailers can upskill themselves and are able to deliver financial products seamlessly to the customers at the last mile. It also trains retailers on the best practices in investments and how to manage their finances better in order to take care of themselves and their families’ future. PayNearby University enables bite-sized learning videos which are easy to consume along with financial and insurance consultation and career guidance, in turn, creating more aware, engaged and empowered retailers.

To enhance the learning experience, PayNearby University is available in 10 regional languages to all retailers who have downloaded the app across the country. With over 250+ videos made available, the initial response has been excellent with over 3,50,000 users visiting the module with 310,000+ daily impressions. To make the learning journey more profound, completion certificates are available which can be downloaded on successful completion of assessments.

Commenting on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “Retailers are the very core of a business ecosystem and it is important for them to have all the necessary knowledge and skills to make their work easy and enhance customer engagement. As an organization, PayNearby recognizes the mutual relationship that it has with the retailer community and we want to take all possible steps to ensure the sustainable livelihood of the retailers. An important milestone in this direction is PayNearby University. PayNearby University was created with the vision to empower and upskill our retailers not just in trade skills but life skills as well and help them become financially independent and aware Digital Pradhans.

For India to thrive and grow, it is important that the retail community is given the essential support and tools to stay relevant in the fast-evolving economy. We are confident that this free-of-cost module which retailers can consume at their convenience in their own language will be a game-changer and in the long run, will help retailers across the country bridge the digital divide that exists in India. We are extremely delighted that PayNearby University is in sync with our Zidd Aage Badhne Ki.”

⇑ Aims to digitize transactions worth approx. 1000 crore across SHG ecosystem

  Program initiated by the State Government of Uttar Pradesh (GoUP) with the objective of – One Gram Panchayat One BC Sakhi

  PayNearby received mandate of 9 districts – Badaun, Sitapur, Etah, Ballia, Ghazipur, Behraich, Balrampur, Gonda and Azamgarh

PayNearby, India’s leading branchless banking and digital payments network, announced that it will onboard 10,000 Women BC Sakhis from Self Help Groups to offer banking services to various Gram Panchayats in Uttar Pradesh. The company thus aims to digitize transactions worth ₹1000 crores through the Self Help Group (SHG) ecosystem across Uttar Pradesh, while enabling BC Sakhis to earn additional revenue. The company has entered into a partnership with YES Bank to onboard BC Sakhis across 9 districts in the state.

The business processes and transactions that happen through SHGs are mostly cash-based. As of March 2019, an estimated ₹1,00,000 crores have been transacted within the SHG ecosystem, the bulk of it being in cash. With cash in short supply and digital payments on the rise, there is an urgent need to redesign the processes and transit from a predominantly cash transaction to a digital transaction. To aid this, as part of the Uttar Pradesh State Rural Livelihood Mission (UPSRLM) program, the Government of Uttar Pradesh (GoUP) has decided to appoint one Business Correspondent (BC) – Sakhi (BC-Sakhi) from the members of the SHGs in each of its 58,000 Gram Panchayats. In line with this directive, PayNearby has been allotted the mandate of 9 districts across Uttar Pradesh, viz.  Badaun, Sitapur, Etah, Ballia, Ghazipur, Behraich, Balrampur, Gonda and Azamgarh.

Business Correspondents have played a pivotal role in financial inclusion, especially through the COVID-19 pandemic as they acted as Direct Benefit Transfer collection points and ensured offering uninterrupted banking services to citizens across the country. As banking agents, these women are playing a crucial role in acquainting people with banking services. The project is thus aimed at improving banking access in rural UP and enhancing the household income of these women and empowering them. Post the onboarding, PayNearby will work on upskilling BC Sakhis on the usage of the digital ecosystem while also providing them digital solutions to further the cause of financial inclusion across the state and bring many to the formal banking fold.

Commenting on the development, Anand Kumar Bajaj, Founder, MD & CEO said, “Our country is going through a digital revolution and it is therefore important that we empower our women to lead this change. It is important our women have access to digital and financial tools that give them better control over their earnings and savings. While the Business Correspondent model ensures low-cost delivery of accessible banking services to every section of the society, the SHG platform has proven to be pivotal in this task, owing to its comprehensive reach and influence at the community level.

The UPSRLM program is an excellent initiative by the government of Uttar Pradesh and PayNearby is extremely honoured to be a facilitator of this program and drive empowerment. With the SHG members having the basic financial literacy and the experience of handling money, they are best suited for the role. They can play a significant part in handholding and getting the community members oriented to digital transactions while driving financial inclusion across the remotest villages and towns in the state.”

PayNearby represents the country’s largest retail merchant network today with more than 15 Crore customers. The company has played a significant role in driving digital financial services within the interiors of the country across 17,500+ PIN codes. It has bolstered easy, low-ticket transactions and created an all-inclusive acceptance framework for a less-cash India.

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 2016 founded PayNearby is doing a monthly transaction of over INR 5500 crores, with around 15 lakh retail stores across 17,500 PIN codes

During the pandemic one thing was conspicuous. Indians have well adapted to digital transactions and in near future don’t plan to return to cash transactions. The reason? Well for starters, it is convenient and fast and keeps a transaction history. Those who were not yet convinced were using digital payment mode regularly by the end of the last year, due to fear of contracting the fear by cash.

Though the government is advocating the concept of Digital India, retail stores or kirana stores have a pivotal role to achieve the complete digitization of India. India retail is an $883 billion market that is mostly dominated by kirana stores. Though there are players in the space digitizing these hyperlocal grocery stores in various ways, Mumbai-based PayNearby is empowering retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion.

What is PayNearby?

Founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha in 2016, PayNearby is a DIPP-certified FinTech startup that partners with neighborhood retail stores and enable them with the tools to provide assisted financial and digital commerce services to their local communities.

Anand Kumar Bajaj who is the chief executive officer and managing director of the firm wanted to create user-experience-based products that help Indian retailers to serve their customers better. Bajaj wanted to build a platform that can dole out financial and non-financial services in a matter of seconds, to millions of people by leveraging advanced analytics, artificial intelligence, and machine learning and create simple and efficient micro experiences for retailers.

“PayNearby aims to empower local kirana stores to evolve into retail powerhouses by blending easy-to-use digital technology with last-mile connectivity. There is a dire need to equip local retailers with the skills to perform a digital transaction. With our technology, we are empowering these small and medium businesses to stay relevant and deflect the challenges that come with the evolving economy,” he added.

From opening a goal-based savings account to instant remittances or cash withdrawal points, PayNearby claims to have helped local retailers go beyond their organic business, and double up.

PayNearby’s Impact

The 2016 founded startup is doing a monthly transaction of over INR 5500 crores, with around 15 lakh retail stores across 17,500 pin codes that offer services such as cash withdrawal, cash deposits, money transfer, savings, insurance, travel, digital payments, access to government benefits, among others.

The startup is also intertwining technologies to add other services, such as saving, lending and insurance, along with providing enterprise solutions to e-commerce companies, OTT platforms, NBFCs and financial institutions to reach the last mile.

“Today, from Muzaffarpur to Maldah, from Raichur to Rajnandgaon, and from the most backward districts of the county to Sela Pass in Tawang at 13, 700 feet, PayNearby has successfully enabled the availability of basic financial services to 15 crore citizens to become India’s largest branchless banking and digital payments network,” Bajaj explained.

As multiple startups have emerged to digitize various areas, Bajaj rightly said that staying competitive is both imperative and extremely challenging.

As per him, the company’s sole focus is on customer value and enabling user-friendliness, dependability and flexibility while solving customer needs allows PayNearby to stay competitive and thrive.

“The most important aspect is that we know how to leverage the data that is collected. Today, more data is being generated than ever before through processing billions of transactions per day, adding scale and efficiency to our business. We are transforming this big data into information, and information into intelligence to create intelligent solutions for both our retail partners and consumers,” he claimed.The startup also underlined its easy-consumable content that educates, engages, and empowers its users.

When asked about the future, Bajaj said that PayNearby aspires to empower the retail community across Tier I, II and rural towns in India.

“There is a large unexplored, underserviced market that needs to be brought up the curve by simplifying high-end technology for the bottom of the pyramid. We will continue to innovate every single day to ensure democratization of digital payments, so that form factor agnostic digital payment is available at every last mile store, and digital payments become as seamless as exchanging cash,” he said.

The startup has plans to foray into international markets such as Sri Lanka, Bangladesh, and other South Asian markets for future expansion.