Press release: PayNearby awarded ‘DigiDhan Mission FinTech Award’ by MeitY

Press release: PayNearby awarded ‘DigiDhan Mission FinTech Award’ by MeitY

PayNearby awarded ‘DigiDhan Mission FinTech Award’ by MeitY

Market leader in AEPS (Aadhar enabled payment services) and holds the world’s largest assisted agent banking network with 7.5 lakh+ touchpoints

Mumbai, October 30, 2019: PayNearby, India’s fastest growing hyperlocal FinTech startup, has been awarded ‘The DigiDhan Mission FinTech Award’ for Promotion of Digital Payments 2018-19 by the Ministry of Electronics and Information Technology (MeitY), Government of India. The award has been conferred as part of recognizing the company’s efforts towards building innovation in the Digital Payments Acceptance Infrastructure in Rural India.

The award was presented to Mr. Anand Kumar Bajaj Founder & CEO PayNearby by Mr. Ravi Shankar Prasad, Union Minister for Law and Justice, Electronics and IT.

PayNearby which owns the world’s largest assisted agent banking network has so far successfully digitized more than 7.5 lakh+ retail stores. 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, bank savings, insurance, access to government schemes and many more.

According to a report by NITI Aayog, India’s digital payments industry is estimated to grow to $1 Tn by 2023. According to the policy think tank, while 44% of urban customers have taken up digital payment channels, rural customers are a distant second, at only 16%.

The company is digitally empowering local shopkeepers and allowing customers to be privy to a host of financial and non-financial services in the first mile. It facilitates multiple technologically-advanced payment methods that can boost India’s progression towards becoming a cashless economy.

The company is ceaselessly adding on to its touchpoints thus creating a penetrative digital ecosystem across the country inclusive of tier I, II and rural towns. A deeply entrenched network has helped the company enjoy a niche thereby offering over-the-top banking services to the bottom of the pyramid.

Commenting on the win, Mr. Bajaj said, “We are deeply honored to receive the illustrious ‘DigiDhan Mission FinTech Award for Promotion of Digital Payments’ for our work in rural India. While digital payments are expected to grow by leaps and bounds, there is still a significant proportion of the population in rural India that is yet to jump on the bandwagon. This recognition encourages us further to work aggressively towards the country’s vision for financial inclusion and a less-cash economy. Powered by multiple offerings and ease of user interface PayNearby is completely focused on transforming the trusted Kirana store in your vicinity into a one-stop destination for all your financial services thereby helping the respective communities to evolve.”

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).