PayNearby is one of India’s leading digital financial service platforms, providing easy access to banking and financial services across the country, especially in rural and semi-urban areas. Founded in 2016 by Anand Kumar Bajaj, PayNearby empowers small retailers to offer essential services to their customers through its robust and user-friendly technology platform.
Company Overview
Paynearby Logo:
Name: NEARBY TECHNOLOGIES PRIVATE LIMITED
Founded: 2016
Founder: Anand Kumar Bajaj
Headquarters: Mumbai, Maharashtra
Website: www.paynearby.in
PayNearby aims to make financial services accessible to everyone, especially in areas where banking infrastructure is limited. The company enables small kirana (grocery) stores, mobile recharge shops, and other local retailers to act as mini-banks or service points for their customers.
Core Services Offered by PayNearby
PayNearby offers a wide range of financial and non-financial services through its digital platform, which local retailers use to provide services to the public. These services include:
- Aadhaar Enabled Payment System (AePS)
PayNearby enables cash withdrawals and balance inquiries through the Aadhaar-enabled payment system. People can easily access their bank accounts using their Aadhaar numbers and biometrics, making banking more accessible in remote areas. - Money Transfer Service (Domestic Remittance Service)
The platform allows people to transfer money to any bank account across the country. This service is especially useful for migrant workers who need to send money back to their families in rural areas. - Bill Payments and Mobile Recharges
PayNearby allows users to pay utility bills, including electricity, water, gas, and DTH, as well as recharge mobile phones, all in one place. - Micro ATM
Retailers can provide cash withdrawal services using the PayNearby Micro ATM, which connects with banks to enable convenient cash dispensing. - Insurance Services
PayNearby also offers insurance products like health insurance, life insurance, and accident coverage. This helps people in underserved areas get access to affordable insurance. - Digital Payments
PayNearby promotes digital transactions by enabling AePS, QR codes, Aadhar Pay, and other forms of cashless payments. This is crucial for creating a cashless economy, especially in rural India. - PAN Card Services
Retailers using PayNearby can also help customers apply for a PAN card, which is essential for financial transactions and tax purposes in India. - Lending and Microcredit
In collaboration with financial institutions, PayNearby also offers microloans to small businesses and individuals who need financial assistance.
How PayNearby Works
PayNearby’s model is simple yet impactful. The company partners with local retailers who become “Digital Pradhans.” These retailers act as the point of contact between PayNearby and the public. Customers can walk into any PayNearby retailer outlet and access a variety of financial services without having to visit a bank or government office.
Retailers use the PayNearby app, available on Android, to process transactions. The app is designed to be user-friendly and can be operated easily with minimal technical knowledge. PayNearby offers training and support to its Digital Pradhans, ensuring they can deliver the best service to their customers.
Reach and Impact
PayNearby has grown rapidly since its inception, with a vast network of over 50 lakh (5 million) retailers spread across more than 17,000 pin codes in India. The platform processes millions of transactions daily, helping people access financial services in some of the most remote parts of the country.
Awards and Recognition
- 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 more financially inclusive India by empowering retailers to become the bridge between the unbanked population and formal banking services. The company’s mission is to drive digital and financial inclusion for every Indian, ensuring that everyone has access to essential financial services, no matter where they live.
Conclusion
PayNearby is playing a critical role in India’s journey toward digital and financial inclusion. By providing easy access to banking, insurance, and payment services, the company is helping millions of people manage their finances more effectively. Through its network of local retailers, PayNearby is creating a more connected and financially empowered India.
