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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 kiranastore owners, termed as ‘Digital Pradhans’, while facilitating mass scalefinancial 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 ‘HarDukaan Digital Pradhan’ initiative, the platform trains its retailers to fulfil daily transactionsfor 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 2,686crores, 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 renditionof 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.