India’s largest agent banking platform, PayNearby is happy to formally announce its partnership with Sub-K Impact Solutions Ltd (Sub-K), a leading player facilitating loans, savings and payments to underbanked households and micro-enterprises. The partnership will work towards enhancing shared goals of the two organizations, who are committed to enabling financial inclusiveness and economic wellbeing of the country’s masses. Partnership with PayNearby will help Sub-K harness an additional network of 10 lakh+ retail agent outlets, adding scale and efficiency in their lending and cash collection businesses.

Retail customers and collection staff of Sub-K can walk into any PayNearby outlet, spread across 17,000 plus PIN codes in the country and deposit cash hassle free. The partnership will allow customers of the low-income cohort, who often find it difficult to deposit low denomination transactions, now to do so at a store nearby. Physical cash deposited by customers and staff will be digitally converted and settlement processed even after banking hours, every day of the week. Quick settlement and a single unified cash collection dashboard offered by PayNearby will help Sub-K drive efficiency and cost optimization in the collection processes.

Commenting on this partnership, Mr. Anand Kumar Bajaj, MD & CEO, PayNearby said, “We are happy to partner with Sub-K in this journey. Both organizations share a similar ideology of improving financial health of the country’s underserved by making financial services accessible at the last mile. We hope our efforts into simplifying high end technology, so that it is widely usable and a growing network of PayNearby Digital Pradhans, will add efficiency and scale to Sub-K’s businesses.”

Commenting on this occasion, Mr. Sasidhar N. Thumuluri, MD & CEO, Sub-K IMPACT Solutions said, “We are very delighted to join hands with PayNearby in our combined journey towards a financially included India. We believe that this partnership has the potential to greatly release cash management stress from our microfinance operations. This promises to bring greater efficiencies in our business while offering additional revenue line for PayNearby’s distribution network, making it a win-win model for both.”

About Nearby Technologies Pvt. Ltd.:

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 focused 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 the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech start-up, partnering 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).

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