PayNearby, India’s largest hyperlocal FinTech network has won the ‘Best Fintech Innovation in Financial Inclusion’ award for offering last mile access to consumers in the underbanked sectors across the country. PayNearby was selected based on the organization’s operational performance over the last year, innovative technology & commitment to the development of the underserved of the country. The India Finance Inclusive Awards was presented by Mr. Krishnamurthy Subramanian Chief Economic Advisor – Government of India at Access Assist event in New Delhi, to recognize the company’s dedicated work in driving innovation at the last mile and creating a financially inclusive economy.
Incepted in April 2016 by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha, and Rajesh Jha, Nearby Technologies offers financial or non-financial services to the underbanked and unbanked segments. The company’s flagship brand, PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.
PayNearby has successfully enabled the availability of essential services including financial inclusion products PAN India with the help of its ‘Digital Pradhans’ spread across the country.’ The Digital Pradhans are equipped with the tools and technology that allow them to expand their business and transient from just a retail store to much more. The company aims to create a pervasive network that will granulize, sachetize and universalize financial services and make it available to every Indian. Through their assisted tech led modules, the company offers a bouquet of services including Aadhaar banking, bank savings, domestic remittances, bill payments, card payments, granular investment and insurance among others.
The company has close to 8 lakh retail touchpoints across 16,772 pin codes in 28 states & 9 union territories, servicing 98 million customers with a monthly transactional value of INR 40 billion and upwards.
The award was conferred by India Finance Inclusive Awards on behalf of ACCESS, a national livelihoods support organization that focuses on incubating innovations for sustainable livelihoods of the poor. PayNearby has been selected on the basis of their operational performance and unwavering commitment towards financial inclusion.
Commenting on the win, Mr. Anand Kumar Bajaj, MD & CEO of PayNearby said, “This award is a huge recognition for us and is a true testimony to PayNearby’s unwavering dedication towards bridging the digital divide among the masses and creating an egalitarian society. With the highest levels of innovation backed by cutting edge technology and design, we have been touching the lives of millions of Indians who have otherwise been left out of the Digital India race. It is our privilege to receive this prestigious award and we thank everyone who have contributed to our journey.”
Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focussed on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.
It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in banking, payments and financial sector. A DIPP-certified FinTech startup, has partnered with various 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 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 (NCPI).