Bharat Health Index 2023: Bharat Spends An Average of 15-20% of Household Income on Medical Expenses; 32% Interested in Telemedicine Consultation

On the occasion of India’s 76th Independence Day, PayNearby releases its first edition of ‘Bharat Health Index’ - a study of healthcare awareness in Bharat

• 15-20% of yearly income spent on medical expenses in Bharat households
• 55% of those surveyed have never heard of insurance
• 70% did not have a health insurance cover
• 23% relied on informal loans or borrowing to take care of hospital expenses
• 45% travelled more than 10 kms to avail doctor services
• 35% of respondents expressed interest in online medical purchases
• 32% have shown interest on telemedicine consultation

Only 25% of the semi-rural and rural population in India have access to modern healthcare within their localities, highlighted a survey titled Bharat Health Index (BHI) 2023, released by PayNearby, India's largest branchless banking and digital network. The accessibility index saw a major dip as one moved from urban to rural India, with only 10% of the rural respondents citing that they had access to healthcare within a 10km radius.

These findings are based on survey responses of 10,000+ retailers across semi-rural and rural India over a month.

Lack of skilled healthcare providers at the last mile pose a significant challenge for accessibility. Only 15% of respondents confirmed having a doctor's clinic or healthcare facility within a 5 km radius. In terms of medical practitioners available, while 25% had access to general physicians in their area, 92% lacked specialised doctors, such as cardiologists, gynaecologists or paediatricians, impacting medical care.

For specialised treatment such as cancer, neurological or blood disorders, 90% needed to travel to a different location for treatment. 5% reported loss of a loved one due to unavailability of specialist doctors at the local healthcare facility. The survey also evaluated the accessibility and convenience of medical stores at the last mile. A notable 52% of respondents had a pharmacy within 5 km radius of their residence, making essential medicines relatively accessible. However, 85% of the respondents had to travel more than 10 kms to obtain specialised medicines, indicating potential challenges for those with specific medical needs.

Interestingly, 47% of the respondents possessed a thermometer at home, while only 7% had instruments to check blood pressure and blood sugar, suggesting room for improved self- monitoring and prevention.

The survey also examined the funding mechanism for medical expenses and how affordability could be improved at the last mile. The report indicated that an average household in Bharat spent approximately 15-20% of their yearly income on medical expenses. 23% relied on informal loans or borrowing for hospital expenses, while 6% resorted to selling assets to pay off their medical bills. A significant 53% utilised some form of savings to cover these expenses.

Given the dependence on out-of-pocket expenses for medical costs, the survey emphasized the urgent need for setting up a financial funding mechanism to address the escalating medical expenses at the last mile. The penetration of financial products such as insurance emerged as crucial for enhancing healthcare affordability and accessibility. However, the report highlighted the abysmally low insurance awareness among Bharat’s last mile. A substantial 55% of the respondents had never heard of insurance. Among those aware of insurance, only 32% had opted for insurance at some point, with a mere 28% possessing health insurance for themselves or their families. Among those with insurance, 88% obtained it from government or state sponsored schemes, while less than 10% obtained it from private insurance providers.

For those without insurance, reasons varied. A substantial 38% cited affordability as a major hindrance, while others mentioned uncertainty about where to buy insurance (36%) or its benefits (24%). Respondents identified limited availability of health insurance providers and lack of information (32%) as the primary challenge. This was closely followed by high premiums (28%), complex documentation processes (15%), limited coverage for specific healthcare needs (18%), and language or literacy barriers (7%).

To improve overall accessibility of healthcare services, the survey also evaluated the affinity for online medicine purchase and teleconsultation among this population. 35% expressed interest in online medical purchases, 32% favoured telemedicine consultations, and 32% showed keenness for online awareness programs and diagnostics/lab tests- online appointments. The encouraging response towards digital adoption highlights the need for tech-led innovations and distribution models to broaden healthcare reach across the country.

Commenting on the findings, Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “Over 70% of India resides in rural and semi-rural regions. This survey reinforces the urgent need to scale healthcare services for the masses. More than 80% of doctors, 75% of dispensaries, 60% of hospitals are concentrated in urban India, leaving out marginalised population in SURU to fend for themselves. While infrastructure scaling takes times, leveraging technology for distribution breakthroughs is crucial to cater to a wider audience. Reliable tele-consultation platforms and easy to use online pharmacy modules can greatly contribute. Our recently launched Health Correspondent program, is a step in that direction. Together with our retailers, the mission is to spread medical awareness and create local health hubs, ensuring the reach of critical primary health services through technology."

The survey also highlights the low penetration of insurance among our populace. To address this, more dialogue and action are needed to facilitate better insurance penetration in the country. This Independence Day, PayNearby has introduced Risk se Freedom Pao campaign, to not only build awareness but also eliminate roadblocks that keep people from availing insurance products. It’s critical that people perceive health insurance in the right light for a safer, better future for themselves and their families."

Commenting on the report findings, Jayatri Dasgupta, CMO, PayNearby, said, “As India celebrates its 76th Independence Day, an important yardstick to measure the health of the nation is to understand the state of health infrastructure and awareness among the country’s last mile. Affordable and accessible healthcare is pivotal for country’s progress. PayNearby’s Bharat Health Index (BHI) 2023 initiative addresses gaps in existing healthcare infrastructure and outlines ways to enhance it. The survey highlights the need for more trained medical professionals in rural areas, a better financial support system for medical expenses, accelerated insurance penetration, and the strategic use of technology for distribution breakthroughs.”

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 50 lakh-plus micro-entrepreneurs across 20,000+ PIN codes assist 20+ crore customers across the country to the tune of more than ~7500 crores GTV per month.

To know more: www.paynearby.in

PayNearby Extends Digital Payment and Banking Services to Indo-China and Indo-Pak Borders

Retailers on PayNearby network offering digital services in Jammu & Kashmir

Brings micro-ATM and QR payments to kirana stores of far-flung areas in Jammu & Kashmir, Sela Pass in Tawang and Lakhpat in Kachchh

In continuation with its commitment to financially and digitally empower the last mile across the length and breadth of the country, PayNearby, India’s leading digital payments company and largest branchless banking network, today announced that it is now available in Jammu & Kashmir along with Sela Pass in Arunachal Pradesh on the Indo-China border and Lakhpat in Gujarat on the Indo-Pakistan border. PayNearby has enabled QR codes and Micro ATMs at local shops to upgrade their shops and make them digital-savvy to cater to both locals and tourists. This step is to further strengthen PayNearby’s presence in locations where accessibility of financial and digital services is limited for the underbanked and unbanked population of Bharat while accelerating the democratization of digital payments in the country.

India is a population of 1.3 billion people, most of which lives in its 664,369 villages with little or no access to formal financial solutions. The situation becomes even more crucial if these villages are on the borders or in sensitive areas. These areas are high-security zones that have their own peculiarities like remoteness, unusual terrain and erratic weather conditions, making it difficult for financial services to reach the masses. As a result, inhabitants have to face challenges in accessing cash or payment services and are deprived of the benefits of even the government-sponsored schemes. 

With the non-availability of digital banking due to inconsistent internet connectivity and the absence of steady transportation, villagers often end up investing a day and spending considerable money to travel to a nearby town just to withdraw or deposit cash. So, it is imperative that there is a robust network in place, both digital and assisted, to allow the beneficiaries to avail them.

For a more inclusive growth, it is important to create an ecosystem that serves the large unbanked population in these areas in a format that the masses can easily access, trust and consume. PayNearby is trying to solve this problem by turning the nearby trusted local stores into efficient digital touchpoints offering essential banking services. The company is porting this local trust and layering it with the right tools, training and technology to universalize digital payments in India. In sync with this, PayNearby’s micro-entrepreneurs are now serving in the neighbourhoods of Jammu & Kashmir, in Sela Pass – one of the highest military and civilian operational fields on the India-China border and at Lakhpat – India’s last village on the India-Pakistan border to bring essential financial services to the areas.

Speaking on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, "PayNearby is on a mission to make financial and digital services available to everyone, everywhere. Our retail partners in the hinterlands are a step in the direction of our commitment towards the agenda of financial empowerment at the last mile in the country. In remote areas, the number of ATMs is often far and few. PayNearby’s entry into these areas will ensure that the local population gets cash withdrawal and other basic banking services near their house through our retail partners. For example, as per the PMJDY, J&K has more than 25 lakh beneficiaries of which more than 21 lakhs reside in rural and semi-urban areas[1]. Now, people in these areas wouldn’t have to travel long distances or stand in a queue at a bank branch to avail of these government benefits.”

“At PayNearby, we believe that financial empowerment is only as successful as its remotest citizen and we are delighted that today PayNearby is present in every terrain from 42°C in Lakhpat, Kachchh to - 10°C in Sela Pass, Tawang to the remote areas of J&K. We will continue this endeavour to include more and more villages in our network till every village in Bharat is connected. PayNearby, Zidd Aage Badhne Ki," Mr. Bajaj added.

Retailer on PayNearby network offering digital services in Jammu & Kashmir

Currently, have already signed up 200 partners locally who will work with us for the last mile advancement of Kashmir. PayNearby, through its tech-backed DaaS (Distribution as a Service) network of 50+ lakh micro-entrepreneurs, serves 75% of India across 17,600+ PIN codes and enables services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more, at a store nearby. Through retailer empowerment, the company ensures that each and every citizen finds financial and digital services in their locality, gets on the digital payment bandwagon and gradually on the path to uncash India.

Retailer on PayNearby network offering digital services in Jammu & Kashmir

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 50 lakh plus microentrepreneurs across 17,600+ PIN codes assist 20+ crore customers across the country to the tune of more than ~6000 crores GTV per month.

Paynearby Sets Up 1 Lakh MATMs Across India; Witnesses ₹500+ Crores Worth of Cash Withdrawal Every Month

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. According to RBI, the number of traditional ATMs in the country stands at 2.41 lakh 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 worth of ATM withdrawal 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. 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.

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. 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!”

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).

PayNearby Partners with Visa and RBL Bank to Launch SoftPoS and mPOS

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

Mumbai, 16 August, 2021: 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."

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 details, please visit https://www.paynearby.in

Empowering and Upskilling MSMEs with Financial Literacy, Paynearby University Aims to Educate and Handhold Its Retailers

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

Mumbai, 26 July, 2021: 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.”

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).

Amidst pandemic, PayNearby Aadhaar ATMs see a surge in withdrawals and crosses Rs. 40,000 Cr in FY 20-21

Amidst pandemic, PayNearby Aadhaar ATMs see a surge in withdrawals and crosses Rs. 40,000 Cr in FY 20-21

• Overall value of assisted digital financial transactions at PayNearby retail stores stood at ~Rs. 54,000 Cr (USD 7.5Billion) in FY 20-21
• On an average, PayNearby disbursed Rs. 3,000+ Crore of AePS withdrawals per month in FY 20-21
• After an initial drop, resurgence of remittance in the second half of the year, combined with increased offtake in insurance, digital payments, Micro ATM, recharges and bill payment contributed to the growth
• New categories, including flexi savings product, Bachat Khata saw a growing offtake in the second half of the year
• Online offline convergence, where ecommerce companies, online education and video streaming providers made their services available through PayNearby retail stores, was another rising category
• Assisted financial transactions were registered across 17,500 PIN codes in the country, with a new milestone of 50 Lakh app downloads achieved
• PayNearby generated ~Rs. 290 Crores (USD 40 Million) of revenue for its banking agents, and about ~Rs. 40 Crores (USD 6 Million) of fee was paid to its banking partners in the last financial year

Mumbai, 11th May 2021: PayNearby, India's leading branchless banking and digital payments network today announced that it has recorded Gross Transaction Value (GTV) worth Rs. 54,000 Crores in FY 20-21, with an exit month GTV 32% higher than the average monthly GTV booked in FY 19-20. The company generated ~Rs. 290 Crores of revenue for its retail partners and about ~Rs. 40 Crores of fee for its banking partners in the same financial year. Amidst the pandemic, the generation of stable income opportunities for its partnering retail community ensured steady livelihood across lakhs of household across the country.

FY 20-21 saw irreparable loss both in lives and livelihoods among many, and agent banking network played a crucial role in ensuring relief disbursements reach the hands of the intended. Aadhaar ATM, which is the backbone for disbursing DBT to citizens, saw a huge surge across PayNearby retail stores, primarily led by increased adoption in rural, semi urban and tier 2 towns. The company reported AePS withdrawals worth Rs. 10,000 Crores in Q4 FY 2021 as against Rs. 7,650 Crores for the same quarter last year.

 The overall value of AePS transactions in FY20-21 stood at approximately Rs. 40,000 Crore as against Rs. 31,500 Crore in FY19-20, thereby registering a Y-o-Y growth of 27%. In terms of volume, the company registered 18 crore (180 million) transactions in FY20-21 as against 12.5 crore (125 million) in FY19-20, registering a Y-o-Y growth of 46%. The growth all through FY20-21 included various relief funds disbursed by the Government to support citizens during the pandemic in addition to the normal ATM withdrawals that were assisted by the Agent network.

When the economic crisis intensified during the lockdown phase, the country witnessed a mass movement of the migrant community from metros to their respective hometowns. During this period, Domestic Money Transfer (DMT), or the amount of money sent home by migrant workers, saw a sharp decline of more than 85% in the first two months, and started picking up again by late July. With the advent of the unlock phase, remittance business saw a V shaped recovery and registered a growth of 106% and 100% in value and volume respectively vis-à-vis lockdown. The company reported a Gross Transactional Value of Rs. 12,000 Crores in its money remittance business for FY 20-21 with a gross monthly average of Rs. 1,300+ Crores in the last 6 months, similar to its run rate in the second half of FY 19-20.

Overall value of assisted digital transactions at PayNearby retail stores for Q4 FY2021 stood at Rs. 15,200 Crores as against Rs. 11,700 Crores for the same quarter last year, representing a growth of close to 30%. In addition to growth in AePS transactions, newer product categories like flexi savings instrument (Bachat Khata), COVID insurance, increase in digital payments offtake including mPOS, UPI QR, AadharPay and Payment Gateway services led to the growth. The company's efforts to democratize digital services and make ecommerce, online education and online video streaming available to every citizen in the country also saw good acceptance among its retail partners and is one of the rising categories in its portfolio. EMI collection service for 33 leading FIs, NBFCs and Micro Finance companies came as a savior to many of these partners, whose customers wanted to pay EMIs but the collection teams couldn't reach them during this pandemic. Cash collection for online delivery partners and EMI collection services witnessed 2x growth in FY 2021.

The total numbers of transactions stood at 7+ crore in Q4 FY2021 vis-à-vis 5 crore for the same period last year, thus registering a growth of over 45%. The company further stated that it served financial transactions worth Rs. 280 Crore ($40 million) on multiple days in FY 21, with an average of Rs. 150 Crore on a daily basis.

Speaking on the progress, Anand Kumar Bajaj, Founder, MD & CEO said, "Our assisted digital distribution services ensures low cost delivery of accessible banking services to every section of the society without discrimination. Tech savvy and oblivious segments both access our Agents for ATM withdrawals, digital payments, bike insurance, small value savings and booking travel tickets. The steep rise in volume and values across our platforms are a testimony to a burgeoning revolution within the digital banking ecosystem. The numbers are a clear reflection that real Bharat in tier-II cities and beyond are adopting digital services through their trusted local stores nearby. We need to port this local trust and layer it with the right tools, training and technology to universalize digital payments and digital banking in India.

At 50 Lakh app downloads and an annual transaction processing of ~Rs.54,000 Crores of digital financial services, we are still at the tip of the iceberg. There is a large unexplored, underserviced market which 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 form factor agnostic digital payments and digital banking services reach the masses. As we yet again enter the second wave of the pandemic, it is critical to cement financial architecture to ensure seamless access to financial services in the hinterlands of the country."

Anand further added, "We also feel extremely fortunate to be able to provide stable income opportunities for our Digital Pradhans. It has ensured families across the country had the means to sustain this economic turmoil. Our focus on our Digital Pradhan's growth and sustainable livelihood will always remain a priority objective at PayNearby."

The company represents the country's largest retail merchant network today with more than 2 Crore customers serviced monthly.

PayNearby 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.

The company recently celebrated a new milestone with more than 5 million PayNearby app downloads by retailers. Besides enabling financial access and payment digitization at the last mile, the company has been empowering small merchants, SMEs and local businesses to adopt contactless payments and digitize themselves. The company also launched PayNearby app in 10 local languages for seamless communication across semi-urban and rural markets.

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).

PayNearby Partners with NPCI to Launch ‘PayNearby Shopping Card’ powered by RuPay for Retailers

Representative Only

Catalyst to digitize cash for mass market customers to enable them to enjoy benefits of digital commerce

Mumbai, December 3rd: PayNearby, India's largest hyperlocal fintech startup, has partnered with YES Bank and National Payments Corporation of India (NPCI) to launch PayNearby Shopping Card, enabling its retail partners to derive maximum benefits of digital commerce in the mass market category. The new offering aims to enable PayNearby retailers to seamlessly consume a range of digital services, like ecommerce, e-learning, online gaming, online music and videos, monthly recharges and utility payments in a secure, risk free mode. 

India has a large underbanked, un-carded, digitally shy population who still transact in cash. Mass market penetration of digital services in India is challenged because of the limited adoption of digital money. The launch of PayNearby Shopping Card powered by RuPay is aimed to enable mass market adoption, so that cash digitization options are available at grass root levels.

The PayNearby Shopping Card will offer our retailers a safe and simple payment instrument to fulfil their digital commerce requirements. The card is easy to use and is enabled across 10 lakh plus PayNearby retail touch points, across 17,000 plus PIN codes in the country. The retailers can avail the card by completing the KYC. The maximum wallet balance at any point in time can be Rs. 1 Lakh and users can transact upto Rs. 5 lakh monthly and Rs. 25 lakhs annually.

PayNearby is committed to uplifting the technology shy population and taking them up the digital curve so that benefits of digital advancements can be more widespread. Active usage of these cards will be promoted through tailored campaign for both retailers and consumers. The new offering aims to boost online transactions across platform in ecommerce purchase, monthly utility payments, mobile recharges, online education subscriptions and more. In post COVID era, when contactless payments and digital commerce have become so significant to avail services, PayNearby aims to enable masses to access these benefits through PayNearby Shopping Card powered by RuPay.

The prepaid card is a secured payment instrument and mitigates the risk of cyber fraud, especially in case of high-volume transactions. While it operates very similar to a debit card, unlike the latter, the PayNearby Shopping Card is linked to a PayNearby wallet rather than a bank account. Users can load as much or as little money as they are comfortable with, thus minimizing risks while securing payments. Fraud protection mechanisms put in place ensure transactions are secure and there is no data compromise.

One of the most salient features of the offering is that it enables the user to seamlessly lock/unlock the card digitally while also offering a summary of the transaction statement which in turn helps users to keep their spending under check.

Commenting on the announcement, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby stated, "We are delighted to partner with NPCI to launch the PayNearby Shopping Card powered by RuPay, a virtual prepaid instrument that ensures secure transactions. Our Digital Pradhan network has been at the forefront of the pandemic, serving as corona warriors and providing seamless banking at the grassroots level. We have been processing over Rs. 100 crore transactions daily since the lockdown, and handling large volumes.

The launch of PayNearby Shopping Card powered by RuPay will act as a catalyst in our cash digitization efforts and help us uplift local communities by enabling access to a lot of digital services, which were earlier limited to 10% of India's population who had access to digital money. It is our duty to ensure that our retailers and our customers get the maximum benefit of digital advancements in these challenging times, while assuaging any concerns of misuse and cyber frauds.

PayNearby retailers offer a host of non-financial services such as travel ticket booking, utility bill payment and mobile recharges among others to the local population which requires digital mode of payments. Additionally, where cash on delivery (COD) is not available it becomes a challenge for a customer to avail ecommerce and other services as they are required to pay digitally in advance. These customers are unbanked and underbanked and do not have access to digital payment instruments. The virtual prepaid card can play the role of an enabler offering access to assisted agent banking as the retailer can seamlessly pay for the customer using the PayNearby Shopping Card."

Praveena Rai, COO, NPCI said, "We are pleased to partner with PayNearby and launch the PayNearby Shopping Card. Through this strategic partnership, we endeavor to deepen the financial inclusivity in the country and empower the underbanked population with seamless digital payments facility for their day to day transactions. This initiative enables small scale local retailers to upgrade and add value to their businesses with digital commerce facility, this will also act as a driving force for local retailers to onboard into the digital payment ecosystem. We believe this collaboration is a step ahead towards realizing our vision of digital payments for all."

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, Insure Nearby, 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 startup, 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). For more information, visit: https://paynearby.in/

About RuPay:

RuPay, first-of-its-kind India's indigenous Debit and Credit payment network, was launched by National Payments Corporation of India (NPCI). It has been designed to address the evolving needs of Indian consumers, merchants and banks.

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and merchants.

NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India's aspiration to be a fully digital society. For more information, visit: https://www.npci.org.in/

To Enable Access to Loan Repayment Options PayNearby partners with Sub-K Impact Solutions

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).

PayNearby's Insurance arm partners with IndiaFirst Life to Offer Insurance Khata Plan to Low-Income Brackets

IndiaFirst Life Insurance partners with country’s largest POS certified agent network “InsureNearby” to disseminate Insurance Khata Plan to the masses

InsureNearby, the insurance arm of PayNearby, India’s largest hyperlocal fintech network, partners with IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, to endorse a unique insurance product called “Insurance Khata Plan”. Specifically designed to serve the low-income bracket, the product not only secures the insured and their family's needs in case of an untimely demise, but also provides a flexible deposit plan that allows them to save and fulfil their dreams. The plan allows complete flexibility to the buyers in choosing the frequency and tenure besides allowing them to pay the premiums as per their convenience. It also functions as an excellent saving product as the beneficiary gets the entire money back at the maturity of the policy. 

With more than 82% of India's workforce engaged in the unorganised sector, over 39 crore workers and their families live under the constant threat of financial setbacks. Lack of a constant income source plays a huge hindrance in paying fixed annual or monthly premiums regularly. This results in an insufficient or non-existent insurance coverage, which often prods them into an inevitable poverty cycle. This set of economically weaker population has unique insurance needs and hence require a customised product that offers flexibility, ease of access and a frequency that adapts to their erratic earnings while providing the security of an insurance cover.

IndiaFirst Life’s Insurance Khata Plan is a non-linked, non-participating, term assurance with return of premium plan. The product has been designed to offer financial protection in the form of a life cover to the family besides offering the provision of returning more than the premium paid in total when unclaimed at the end of the policy term. 

Comprising of 72% of total population of the country, rural India is largely uninsured and unprotected. Through InsureNearby’s 45,000 POS agents, the product will now be made easily available to the country’s masses. InsureNearby will embark on a journey to train their vast network of 8.5+ lakh retail agents, registered under its sister organization PayNearby, to upscale them as credible POS agents. The geographical reach of these last mile retail outlets will enable the company to provide insurance to marginalized customers in the most far flung towns and villages across the country. The unique offering thus creates a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to insure India and make protection available for all.

Commenting on the association, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “With around 3% insurance penetration, Indians have largely been left unprotected to life’s vagaries. Our motto has always been to make safe and secure financial solutions available to our masses and help them move ahead in life. In accordance with our motto, Zidd Surakshit Aage Badhne Ki, this partnership with IndiaFirst allows us to provide a unique life insurance policy to our customers, that not only protects their families in case of a demise, but also provides them the flexibility to gradually plan and build their savings to meet their evolving life goals. We are excited about this partnership and am confident that our distribution capability along with their product innovation will create a force multiplier that will help bridge the huge gap in protection coverage for our citizens. A unique life insurance policy that not only protects their families in case of demise, but also provides a flexible deposit platform for fulfilling their dreams.”

Commenting on the strategic alliance, Rushabh Gandhi, Deputy Chief Executive Officer, IndiaFirst Life Insurance Co Ltd said, “Our alliance, with a like-minded and dynamic institution as, InsureNearby is a strategic leap in line with IndiaFirst Life’s vision to provide life insurance cover at affordable rates to last mile customers in India. Technology and micro products have enabled IndiaFirst Life to reach out to the unorganized, underserved and the under penetrated regions in the country. We have 45,000 qualified retail agents of PayNearby who are certified as POS agents with InsureNearby to sell IndiaFirst Life’s Insurance Khata Plan. For us, this is just the beginning. Together, we are keen to offer more such embedded solutions, which will inculcate the ‘long-term savings and insurance’ culture in India.”

Commenting on this occasion, Murali Iyer, CEO and Principal Officer, InsureNearby remarked, “Our aim has always been to strive for complete inclusivity. We want to gather actionable insights to address the evolving needs of the various types of insurance buyers, especially those in the low income segment, thus offering them the opportunity to lead their lives with as little impact as possible in case of a sudden demise. With Insurance Khata, we aim to bridge the void of accessible life insurance at affordable rates. The product also addresses the savings needs of our target audience, who are looking for safe, flexible deposit plans.”

Nearby Insurance Broking Services Pvt. Ltd., with an aim and aspiration to “Insure India,” serve the unserved bringing in an era of true financial inclusion through its brand, “InsureNearby”. The company provides simple insurance products pre-underwritten and delivered instantly through mobile app and web services. The cutting edge proprietary technology provides Assisted Insurance Sales and service to crores of Indians in a fast and reliable manner. A subsidiary of Nearby Technologies, a fintech company offering assisted financial/non-financial services to the underbanked and unbanked segment, Nearby Insurance Broking Services seeks to make insurance products accessible at the last mile. 

Previously known as We Care Insurance Broking, Murali Iyer is the CEO and Principal Officer of Nearby Insurance Broking Services, since July 2019. Having almost 30 years of insurance sales experience, Murali is a revered figure in the country’s insurance segment, having been one of the core group members of the team that set up Birla Sun Life Insurance.

PayNearby partners with IndusInd Bank for Contactless Payments at 2 Lakh+ Kirana Stores

In its bid to simplify ordering, payments and delivery of essentials during the lockdown, PayNearby, India’s fastest growing hyperlocal FinTech startup has now expanded its hyper local discovery and purchase application ‘BuyNearby’ for Pan India operations with IndusInd Bank as digital payment partner.

The app has helped over 2 lakh kirana shops across the country take their stores online. Besides local kiranas, the platform hosts a wide range of retailers including – grocery stores, pharmacies, sweet stores, supermarkets, milk & dairy products, branded specialty stores, gift shops, and meat shops, among others thus catering to a wide range of customer needs. This app, in addition to helping order from nearby retail stores, will also enable the citizens to make UPI, BHIM Aadhaar and other Digital payments on the platform built by PayNearby in partnership with IndusInd Bank.

In the wake of the lockdown, with social distancing being the new norm, access to daily essentials has been a huge challenge across the country. With BuyNearby, customers can now identify their nearest local kirana store and conveniently order anything while choosing from a wide range of products. Besides easy access to daily essentials, the interactive app allows customers to pre-order and pre-schedule deliveries, with the option to pay digitally, thus helping observe social distancing and also championing honorable Prime Minister’s vision for going local.

The offering which was initially introduced in Mumbai and Chennai on a pilot basis has now been expanded across over 2 lakh retail touch point’s Pan-India. BuyNearby aims to ramp up its presence significantly at a rapid scale in the near future.

Besides easy product discovery, it also offers 24X7 ordering facility whereby one can place an order on the BuyNearby app anytime even if the shop is closed. The tech enabled platform will also help customers to track their order and discover substitutes if the required item is not available. Digital payments come naturally on the backdrop of huge success of UPI since with help of “Intent Call” for all UPI Apps in the customers mobile, one can choose the option from where it is most convenient to pay.

Additionally, the platform enables consumers to confirm selection and changes before placing an order whilst supporting digital payments at the time of delivery or in advance. With a wide range of retailers on the platform, BuyNearby seeks to cater to the needs of variety of customer demands.

Retailers on the other hand can receive orders on their apps, and in turn, place bulk orders to their distributors from time to time, on the basis of prompts in the App for stock out possibility, creating a seamless supply chain connectivity. Since Retailers will be able to accept digital payments, they will be able to pay to their distributors digitally on the new age technology platform built by Nearby Technologies with IndusInd Bank. This will increase efficiency and enable them for digital commerce. The platform offers multiple payment options, allowing them to cater a wide range of customers and increase their consumer base. In cases where the Retailer intends to maintain Khata for credit to customers, the retail can use the Customer Khata feature in the App seamlessly with the orders. Customers coming to the store will also have an option to avail a wide range of financial services generating additional income for the retailers. Also, with the amount of transaction data generated for the Retailer, they will be able to avail loans from platform and partner Bank and NBFCs.

Distributors, too, receive real-time orders from retailers, further improving the delivery network, while the interface helps improve stock visibility. It also allows them to view team movement, analyze sales data and track stock with ease. Key benefit is that the app clubs all orders from a particular area so that aggregated orders can be delivered with ease of logistics, rather than delivering them separately, thereby saving on time and travel costs.

Mr. Anand Kumar Bajaj, MD & CEO, PayNearby said, “The kirana store has been a crucial part of the Indian economy as well as the social fabric. It enjoys a very high level of trust and familiarity for the citizen. Even through the pandemic lockdown, the humble kiranas in the neighborhood has stood tall offering seamless access to daily essentials like on National Duty. BuyNearby aims to empower our local kirana stores, by blending easy to use digital technology with last-mile connectivity. With the initiative we also aim to diligently drive our honorable PM’s vision of ‘Aatma-Nirbharta’ and his call for ‘local’ by supporting local businesses and helping them evolve into retail powerhouses. Retailing to the power of Digital Payments is a win-win for our partner IndusInd Bank, the FMCG, Citizen and the Retailers."

PayNearby offers a host of financial and non-financial services to the underbanked and unbanked, through its 8.5 lakh retail touch points. The company for the past four years, has been working diligently to bridge the urban-rural divide in terms of accessibility to financial services. With the PM’s recent address, emphasizing on self-sufficiency and the importance of going local in the current scenario, BuyNearby is giving the local retail store a digital presence, and is all set to champion the way kirana stores are utilised in the country.

Lockdown - Withdraw DBT funds and Cash from thousands of PayNearby Outlets

The nation-wide lockdown in the wake of Covid-19, predictably, has hit the poorest sections of society the hardest, especially migrant workers and the rural population. However, now, through the help of bank mitras and Aadhaar enabled payments, customers can withdraw upto Rs. 10,000 daily simply through the use of their thumb, which is a blessing in rural areas where there is a lack of adequate financial infrastructure. PayNearby, through its 8 lakh network of banking correspondents has been seamlessly facilitating cash withdrawal and transfer in this period - conducting over 8.5 lakh transactions per day.

The ground reality is that rural regions face a severe scarcity of ATMs and POS machines, expired or non-operational debit cards and the population in these areas are less digitally savvy regarding online payments. Only 5% of rural India which is 30k of the 6.5 lakh villages have access to ATMs. Last year, the government declared over 115 million debit cards invalid since they lacked the appropriate chip and PIN mandate. In the wake of this the pandemic lockdown, the owners of these invalid cards are now left in the lurch as they are non-functional. In this case, it was PayNearby that gave people access to financial services through their BC network.

Even as the finance ministry announced ₹1.75 lakh crore will be given to “80 crore poorest Indians” under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) over three months starting April 1, there are several logistical challenges that impede their access to this relief package. Furthermore, there is a lack of awareness by the rural population themselves - 1.25 lakh crore DBT remains unwithdrawn in bank accounts. In such circumstances, it is banking correspondents who are doing the national duty of serving as disbursal points for cash withdrawal - doing over 125 crore worth transactions per day.

PayNearby has been integral in promoting AePS (Aadhar enabled Payment System) in the country. It currently has over 33% market share in AePS, with transactions more than doubling in the last month to almost 6 lakh daily. India’s unique demography is such that even as 1.1 billion people have bank accounts, a large chunk is unable to fill out official documents. Thus, India has greatly benefited from AePS for direct benefit transfer, which aids in seamless DBT deployment.

“We are extremely grateful to the government for establishing the Aadhaar system so successfully within the country. In times like these, the use of biometrics is a great equaliser in terms of financial access, as AePS resolves many operational hurdles, especially in rural areas. Currently, 93% of our retailers are dedicatedly serving in rural regions, with 1 lakh Digital Pradhans doing transactions daily, mindful of careful sanitation and social distancing. We are extremely privileged thatwe could answer to this call of National duty”, remarked Anand Kumar Bajaj, MD & CEO, PayNearby.

During these challenging times too, PayNearby’s platform and their Digital Pradhan retailers have been summoned to serve people at the last mile. Along with their banking partners and NPCI, they have been working tirelessly in severely affected areas where ATMs are non-operational or non-accessible, and even hospitals, police stations and NGOs are availing their services.

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, Insure Nearby, 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 startup, 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).

SBM Bank India & PayNearby Sign Up to Offer 'Open Banking' to the Masses

SBM Bank (India) - the first bank to receive banking licence in India through wholly owned subsidiary route, today announced a tie up with PayNearby, India’s largest hyperlocal fintech start up. Both firms signed a Memorandum of Understanding to build an “open banking” network towards delivering basic banking solutions as well as advanced financial services, to their customers. 

The partnership would enable the Bank to offer complete suite of digital and assisted banking solutions through PayNearby’s exhaustive network of micro-enterprise and retail touchpoints. Besides a win-win for the partners; the alliance will not only empower the underbanked and unbanked segments; but also enable the micro-enterprise and retail touchpoints to earn better returns on their investments. The deployment of the banking module will be done in a phased manner and will work seamlessly with the existing platforms at PayNearby outlets and touchpoints. 

Both companies are focused to build open modular architecture-led platforms, that can support plug and play APIs, ensuring highly customized environments which can expand using respective partnership approach.

Commenting on the partnership, Sidharth Rath, MD & CEO, SBM Bank (India), said, “At SBM Bank, banking has become an on-demand experience for the new age customers. Branch locations, banking hours or normal waiting time – these concepts are fast eroding. We, being a new bank, have set sights on offering a seamless experience, comprising of taking the bank to where customers prefer to be. Our partnership with Nearby Technologies is built on a commitment to facilitate financial empowerment among underbanked and unbanked segments – through the wide network comprising of the MSMEs and retail outlets. Together, we will not only make secured, digital and assisted banking accessible to these entities but also add value in their economic growth. These entities are the backbone of the Indian economy and reaching them directly with the value drivers will trigger a visible positive impact and reduce inefficiency in their economic chain.”   

PayNearby is the largest agent banking platform from Nearby Technologies – built to educate, engage and push wide range of fintech services, including basic banking facilities like account opening to more advance options like the latest ecommerce experience, the latest payment technology, including UPI, P2P payments and many more. The technology platform connects consumers via local retailers and micro enterprises, to the solution providers – thereby not only expanding their offerings, but also improving their financial viability and reach. The network of PayNearby retailers, spans across 16,700+ PIN codes in the country.

Commenting on this, Anand Kumar Bajaj, MD & CEO, PayNearby remarked, “We will have more than 20 lakh new age retail partners on ground, who will be sourced in a phased manner. They will be the first touch point to onboard customers and serve as the founding stone for the neo-banking initiative. The multi-modular, scalable architecture will allow us to easily plug and play different partner APIs and create an ecosystem where in addition to banking facilities, we are also able to offer value added services based on consumer interest. From 9 Crore customers to 50 Crore beneficiaries, we believe through our distribution strength and the banking solutions from SBM Bank, we can together realize the dream of bridging the digital gap and making essential services available for all.

"PayNearby will transition India from assisted service to self-service nation by upgrading and reskilling our partners. We are geared to actualize this goal through our trained, tooled and tested retail partners on ground. The measure of success comes from enabling customers with what they want at a time, place or mode of their choice,” said Bajaj. 

In a research conducted by Nearby Technologies, it has been observed that consumers of all genres have shown their preference for simple to use banking interfaces and are willing to adapt to new technology and services if presented accordingly. Upgrading cash into digital currency will bring about large-scale adoption of commercial digital products in this country. 

Adding his views, Neeraj Sinha, Head, Consumer & Retail Banking, SBM Bank (India)  said, “We believe a new age banking experience is built on empowering and partnering with best-in-class players who can help us solve key challenges, in our pursuit to take a superior banking experience across key markets. We are elated to partner with Nearby Technologies – a new age fintech company and together, we shall take a superior and customized banking experience to the people who need it the most.”

PayNearby, powered by SBM Bank (India) will offer all the banking solutions - ranging from account opening, banking transactions, final product sales, AEPS. Also, all payment transactions and relationship management can be executed at the outlets using the digital app or through assisted banking feature.

PayNearby wins ‘Best Fintech Innovation in Financial Inclusion’ Award

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).

PayNearby Ties with Retailers Body RASCI to Upskill India's Large Retail Segment

To ensure continued upskilling and recognition of retailers, PayNearby has joined hands with the Retailers Association’s Skill Council of India (RASCI) to certify retailers for Individual Sales Professional / Self Employed, Retailer and Distributor Salesman job roles.  The company wishes to reach out to 20 lakh retailers at the earliest through existing digital channels and help upskill and certify the retailers. Through a rigorous process of audit and training, RASCI in partnership with PayNearby conducted a pilot to assess & certify more than 24,000 retailers as of March 2019, under the national flagship skilling initiative Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

PayNearby has been working closely with retailers at the last mile to make them the torch bearers of financial inclusion at the first mile. The company’s mission to make ‘Har Dukaan Digital Pradhan’ is envisaged to empower the local retailer and create a thriving eco-system for the local community. PayNearby has successfully enabled Digital Pradhans to provide many essential services to their local communities, including Aadhaar banking, domestic deposits/remittances, insurance, access to government schemes and many more. 

Commenting on this accomplishment, Mr. Anand Kumar Bajaj, Founder & CEO, PayNearby remarked, “Retailing in India is one of the pillars of our socio-economic structure, with retailers having deep rooted relationships in the local communities. For India to thrive and grow, it is important that the owner manned small and medium shops, who form the bulk of the retail industry, are given the necessary support and tools to stay relevant in the fast evolving economy. 

It has been our mission to partner with retailer friends across the country and bridge the digital divide that exists in India. We are fortunate and extremely proud of our 8,00,000 strong and growing retailer base, who provide Bharat with all the essential financial inclusion & other services, that the masses were deprived of till date.

As an organization, PayNearby acknowledges the deep symbiotic relationship that it has with the retailer community, and the company wants to take all possible steps to ensure the health and recognition of retailers. An important milestone in this direction is the partnership with RASCI, an autonomous industry-led body under the National Skill Development Corporation. 

The partnership will enable upskilling and certification of close to 20 lakh uncertified retailers and provide them with enhanced recognition and social boost that they deserve. We look forward to working closely with RASCI to upskill and conduct certification of the retailer workforce as per the National Skill Qualification framework (NSQF).”

Commenting on this, Mr. James Raphael, Executive Head & Joint Central Apprenticeship Adviser, RASCI said, “PayNearby is pioneering great work for retailers and we are happy to partner with them in upskilling the retailer workforce leading to enhanced recognition and pride through NSQF Certification, aligned with the Skill India Mission under the aegis of the Ministry of Skill Development and Entrepreneurship. This initiative would help trigger the retailer transition from the traditional to modern way of retailing as “Job Generators” for relevantly skilled “Job Seekers”, nearby.”

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 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).

PayNearby launches Micro ATM at nearby retailer shops to address the issue of ATMs running dry

PayNearby, India’s leading hyperlocal FinTech network is on a mission of building an eco-system that will redefine access to financial services for the underbanked. As part of this mission, the company has added a critical extension to its bouquet of services with the launch of its own network of Micro ATMs. The new offering has been launched for their retail touchpoints across the country. The company has tied up with National Payments Corporation of India (NPCI) and Equitas Small Finance Bank for this initiative.

With the launch of Micro ATM business terminal, PayNearby has strengthened its product portfolio of money withdrawal services. Now along with Aadhaar enabled money withdrawals, PayNearby retailers can also offer cash withdrawals through debit cards. This has enabled a small kirana store to become a full-fledged customer touch point for ATM like services.

A customer can simply walk to his nearest PayNearby shop (say, a grocer or a mobile recharge shop) across 16,722 PIN codes in the country and withdraw cash by swiping his debit card and entering his PIN. If they don’t have a debit card, they can use their Aadhaar number and finger print to withdraw cash. On completion of the transaction, the customer receives a confirmation from their bank via SMS besides a receipt from the retailer. In addition to cash withdrawals, customers can also request balance enquiries at these retail touch points. 

A handy low cost machine, that processes card transactions seamlessly, PayNearby’s Micro ATM is a cost effective and a smart cash management tool for small retail stores and traders who deal in large chunks of cash on a daily basis. With the new offering, retailers on PayNearby’s network can efficiently use the money available in their drawer. 

The company has commenced a nation-wide launch by getting the service activated on its retail network comprising of more than ~750,000 retail touch points across the country. The company aims to add over 1 lakh POS enabled Micro ATMs in the first year of its launch. 

Commenting on the launch, Mr. Anand Kumar Bajaj, Founder & CEO PayNearby said, “Considering its USPs such as portability, affordability and low maintenance, Micro ATMs can very effectively drive financial inclusion while curbing down the infrastructure costs incurred especially in rural India where a full-fledged ATM becomes unviable. 

Considering the depth of the PayNearby network, the launch of Micro ATMs will help us play a very critical role towards the twin objective of ‘digitising cash’ and ‘giving banking access to the underbanked’. This will also enable our retail partners to earn more income.

Besides rural India, our Micro ATMs are also ideal for urban areas where a majority of ATMs are not linked with Aadhaar or don’t have access to finger print. Furthermore, it will be useful in the country’s deep interiors and states like Assam and North East where Aadhaar number penetration / onboarding are still minimal resulting in lack of AEPS offerings.” 

 

The Confederation of ATM industry (CATMi) has announced its plans to shut down nearly 50 per cent ATMs due to high maintenance cost of software and equipment upgrades. PayNearby empowers retailers at the first mile to offer digital financial/non-financial services to last mile, across its merchant points and aims to reach 50,00,000 retailers in near future. The company is currently the leader in Aadhaar Enabled Payment System (AEPS) with 33% market share. 

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 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).

Fintech Firm PayNearby forays into Insurance Broking by Acquiring 'We Care', Gets IRDA License

The IRDAI has granted insurance broking license to PayNearby, a leading hyperlocal FinTech network. Through the creation of Nearby Insurance Broking Services Pvt. Ltd., the company has forayed into the insurance sector to make affordable insurance available to the masses, at a shop nearby. PayNearby’s existing network of close to 6 lakh retailers will be a powerful engine in building a forceful new channel, where people who have never sold insurance are trained to sell to people who have never before bought the product. The aim is to Insure India and makes financial protection available for all.

As a part of the launch strategy, PayNearby has acquired We Care Insurance Broking Services, a firm with a combined experience of more than 100 years in personal risk management, set up by Mr. MuraliIyer. Murali is revered by the industry and customers for his encyclopaedic knowledge of the insurance industry. He will lead the company’s vision of taking insurance to the masses.

[caption id="attachment_131766" align="alignleft" width="296"] Anand Kumar Bajaj -Founder & CEO PayNearby[/caption]PayNearby, has seen massive traction in building a community of close to 6 lakh retailers through its “HarDukaan Digital Pradhan” campaign. Digital Pradhans, who have successfully enabled many essential services like Aadhaar based banking, domestic remittances, bill payments and access to government schemes in their local communities, will now be trained and POS certified to Insure India. The aim is to enable the largely underserviced Bharat to enjoy financial protection during life, and assurance of continuum of basics for their dependents after life.

In addition to distributing insurance through the existing POS certified PayNearby network, the company has also launched a new brand InsureNearby. The objective is to bring sharper focus while nurturing this new vertical. InsureNearby, through Murali’s able leadership, will focus on partnering with leading insurance providers and develop innovative products and distribution strategies that make insurance meaningful and available for the masses, at a shop nearby.

Commenting on this occasion, Mr. Anand Kumar Bajaj, Founder & CEO, PayNearby remarked, “IRDA license is not just permission but a responsibility on us to make insurance a ubiquitous service through our 6 Lakh and growing Digital Pradhan partners. PayNearby today enables over INR 4,000 crores worth of financial inclusion transaction every month to 5 Crore unique individuals, in-line with initiatives of NITI Aayog, DFS, CDDP and RBI’s vision document of Digital India. Given the low penetration of insurance in the country, most Indians remain vulnerable to life’s unpredictability. We hope to mitigate this by makinginsurance available through our network, in a format and construct that is easily available to all. Our acquisition of WeCare Insurance Broking Services, one of the finest new age broking firms, will help us consolidate their vertical expertise with our distribution capability to make insurance accessible to all.

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).