PayNearby Aims to Facilitate 30 Million PAN Cards by FY 2025

 PayNearby, India's leading branchless banking and digital network, achieves a significant milestone by processing over 10 lakh PAN card applications through rural and semi-urban retail counters including Kirana stores, mobile recharge stores, medical shops, travel agents etc. This effort aims to provide valid proof of identity and bring everyone at the last mile into the formal financial fold.

The achievement marks a significant breakthrough in making PAN card services easily accessible through neighbourhood stores, enabling citizens to conveniently avail essential financial documents. Leveraging PayNearby's Distribution as a Service (DaaS) network, Bharat now has access to a wide range of financial and digital services, including in previously underpenetrated markets. With over 12+ lakh microentrepreneurs operating across 22,000+ PIN codes, PayNearby is at the forefront of driving financial accessibility across the nation.

Going forward, the company aims to double down its efforts and facilitate over 30 million PAN cards for Bharat by FY 2025.

Customers can easily enrol their PAN card using their Aadhaar and biometric or SMS-based OTP authentication. PayNearby retail partners assist citizens in creating their financial identities through quick, hassle-free, seamless, and paperless PAN card issuance and correction. Once the application form is submitted, a digital copy of the e-PAN is generated in just two hours. PayNearby aims to simplify technology for consumption at the last mile and ensure the democratisation of financial and digital services.

Commenting on the milestone, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “Surpassing the milestone of 10 lakh PAN cards fills us with immense pride, spurring our nation-building initiative to provide every citizen with a formal identity. The easy availability of PAN card services at a local retail shop has accelerated the uptake of this unique identification. Today, from daily wage earners to low-income farmers, all can get their PAN cards created at their nearest stores. In our PWFI 2024 report, we observed a notable increase in PAN service consumption among women, representing the growing awareness among them to become self-reliant and financially independent. We are committed to making financial & digital services available for everyone, everywhere. We will continue to expand the bouquet of services at our retail stores so that every citizen at the last mile has equitable access to all services as their urban counterparts.”