PayNearby

PayNearby is a prominent digital financial service platform in India, founded in 2016 by Anand Kumar Bajaj. The company is headquartered in Mumbai and operates under the name Nearby Technologies Private Limited. PayNearby aims to enhance financial inclusion by providing easy access to banking and financial services, particularly in rural and semi-urban areas where traditional banking infrastructure is limited.

Key Features and Services

• Branchless Banking Model: PayNearby enables small retailers, such as kirana (grocery) stores and mobile recharge shops, to act as mini-banks or service points for their customers. This model allows local retailers to offer essential services without the need for a physical bank branch.

• Core Services Offered:

• Aadhaar Enabled Payment System (AePS): Facilitates cash withdrawals and balance inquiries using Aadhaar numbers and biometrics.

• Money Transfer Services: Allows users to transfer money to any bank account across India, beneficial for migrant workers.

• Bill Payments and Mobile Recharges: Users can pay utility bills and recharge mobile phones conveniently.

• Micro ATM Services: Retailers can provide cash withdrawal services through PayNearby's micro ATM solutions.

• Insurance Products: Offers various insurance options, including health and life insurance.

• Digital Payments: Promotes cashless transactions through QR codes, Aadhaar Pay, and other digital payment methods.

• Lending and Microcredit: Collaborates with financial institutions to provide microloans to individuals and small businesses.

Reach and Impact

PayNearby has established a vast network of over 5 million retailers across more than 20,000 PIN codes in India, servicing over 30 crore customers. The platform processes substantial transaction volumes, with a Gross Transaction Value (GTV) exceeding ₹7,000 crores monthly. This extensive reach enables PayNearby to significantly contribute to financial inclusion efforts in underserved regions.

Awards and Recognition

The company has received several accolades for its contributions to the fintech sector, including:

• Best Fintech Company at the India FinTech Awards (2019)

• Best Use of Payments Technology at the IAMAI India Digital Awards (2020)

• Fastest Growing Fintech Company by Economic Times BFSI Awards (2020)

Vision and Mission

PayNearby's vision is to create a financially inclusive India by empowering local retailers to serve as the bridge between unbanked populations and formal banking services. The company's mission focuses on ensuring that everyone has access to essential financial services, regardless of their location.

Overall, PayNearby stands out as a transformative force in India's financial landscape, leveraging technology to provide critical services that enhance the lives of millions across the country.