PayNearby Opens Over 1 Lakh Bank Accounts

In its bid to offer seamless access to active bank accounts and bring all at the last mile into the formal financial fold, PayNearby, India’s largest branchless banking and digital network, has successfully opened 100,000+ Current and Savings Accounts from semi-urban and rural retail counters in the country, within the last six months. Launched in association with India’s leading private bank, customers can visit their nearby stores and get their accounts easily opened through Aadhaar-based KYC (eKYC).

This milestone is crucial as most of these regions have very less active bank account holders due to low penetration of formal financial infrastructure and the lack of financial literacy. With its fast and secure, tech-backed Distribution-as-a-Service (DaaS) network, PayNearby is providing citizens in Bharat with an active bank account and the ease to operate it in a seamless and assisted mode. This has ensured greater convenience for the masses who are often fraught with challenges like documentation hassles, long processes, technology, lack of proximity and fear of a formal environment. Interestingly, of the total accounts opened, Savings Accounts saw a major uptake with 75%. This ratifies the need and demand for savings products at nearby stores and reiterates the fact that the savings behaviour is improving at the last mile. The company aims to double down on its efforts and facilitate the opening of over half a million Current and Savings bank accounts from Bharat by the end of this year.

Commenting on the milestone, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we have been continuously working on innovation-led partnership models to offer financial solutions to all in Bharat. With more than one lakh Current and Savings Accounts opened, we feel encouraged that our commitment to re-bank India with ‘Har Ghar Bank Khata’ is finally happening. The easy availability of bank account openings at a local retail shop has accelerated the uptake of this service.

With the simplified Current Account option, we are giving retailers and customers better control over their money, allowing them to maintain healthy financial practices and help their businesses thrive. With the Savings Account offering, we hope to get Bharat integrated into the formal economy at an accelerated pace and inculcate a savings behaviour among the masses. We are committed to making financial services and products available for everyone, everywhere. We will continue to make these best-in-class services accessible at our retail stores so that each and every citizen in the country has access to all services and the Bharat-India divide is bridged forever. PayNearby, Zidd Aage Badhne Ki!”

The company’s goal has constantly been to simplify technology for consumption at the last mile and ensure that there is a democratisation of financial and digital services for all.