⇑ 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.
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/
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).
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- Source – Press Release
- Published Date – August 16, 2021