PayNearby opens over 1 lakh current and savings accounts from domestic semi-urban and rural retail counters

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 over the past six months in an effort to provide easy access to active bank accounts and bring everyone at the last mile into the formal financial fold. Customers may visit their nearby stores and effortlessly create new accounts using Aadhaar-based KYC (eKYC) thanks to this initiative with India's largest private bank. 

Due to poor formal financial infrastructure penetration and low levels of financial literacy, most of these regions have extremely few individuals with active bank accounts. PayNearby offers active bank accounts and the ability to use them in a smooth, aided manner to citizens of India through its quick and safe Distribution-as-a-Service (DaaS) network. More convenience for the general public, who frequently face difficulties including paperwork issues, drawn-out procedures, technology, a lack of nearby facilities, and apprehension about official settings, has been secured by this. It's interesting to note that 75% of all new accounts were for savings accounts.

This confirms the demand for and needs for savings products at adjacent retailers and highlights how saving habits are getting better at the final mile. By the end of this year, the company seeks to further up its efforts and make it easier for Indians to create over half a million Current and Savings bank accounts.

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.”

He further added that “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!.”

PayNearby, India's leading branchless banking and digital payments network, was established in April 2016 and has received the DPIIT certification. Today, PayNearby provides services including cash withdrawal, remittance, Aadhar Banking, bill payment and recharges, savings, travel, digital payments, insurance, and more across 75% of India through its tech-driven DaaS (Distribution as a Service) network. Currently, PayNearby's 50 lakh plus microentrepreneurs serve 20 crore+ customers nationwide to the extent of more than 7500 crores GTV per month over 20,000+ PIN codes.