PayNearby crosses daily 1 million transactions mark

Digitalisation in India is growing in full pace after introduction of various fintech platforms. Both sellers and buyers find it easier to do a transaction that involves no cash and is convenient to use. One such fintech network platform PayNearby, which enables local retail stores to provide basic digital financial and non-financial services, has gone past daily 1 million transactions on its platform. The company provides digital financial and non-financial services such as Aadhaar ATM, SMS Payment, EMI Collection, Khata Service, Prepaid Cards to kiranastore owners, termed as ‘Digital Pradhans’, as per the company. 

Anand Kumar Bajaj, Founder and CEO, PayNearby said, “We are delighted to have crossed the mark of 1 million transactions. This is a proud moment for us at PayNearby. It has been our aim to empower local retailers across the country, especially in Tier 2 and Tier 3 cities, to leverage technology for a smoother and simpler rendition of banking and financial services to the tech oblivious segment.''

PayNearby enables local retail stores to provide basic digital financial and non-financial services such as Aadhaar ATM, SMS Payment, EMI Collection, Khata Service, Prepaid Cards and soon activating Mutual Funds, small deposits& Insurance and UPI transactions amongst others. 

The platform trains its retailers to fulfill daily transactions for its Aadhaar Banking, Bill Payments, Card Not Present or SMS payment, Domestic Money Remittance, EMI Collection, Financing Retailers, Gold, HyperLocal, Insurance (ABCDEFGHI) services. PayNearby has recorded Domestic Money Transfer (DMT) of Rs 1,437 crore and AEPS (Aadhaar ATM) monthly transactions of Rs 2,686 crore, indicating the acceptance and usage of digital services across the country.