Axis Bank, partner of PayNearby to extend banking services to rural areas

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Axis Bank, partner of PayNearby to extend banking services to rural areas

Axis Bank recently formed a partnership with PayNearby, India’s leading branchless banking and digital services network, to simplify the creation of savings and checking accounts for rural banking customers and last-mile merchants. Setting up these bank accounts at a nearby local business would provide easy access, added convenience and a hassle-free procedure for rural customers through Aadhaar-based authentication (eKYC). With the help of this alliance, Axis Bank and PayNearby will be able to connect with potential customers in remote rural areas and solve their common problems, including paperwork burden, lengthy procedures, outdated technology, lack of nearby locations and apprehension of formal settings.

Through this collaboration, PayNearby’s distribution-as-a-service (DaaS) network, consisting of more than 50 lakh micro-entrepreneurs covering 20,000 PINs, will be made available to Axis Bank, ensuring that reliable financial solutions and easy to access are accessible anywhere in the world. nation. Retail store owners and individual customers will find banking easier and won’t have to travel long distances to access their accounts.

Elaboration on development, Munish Sharda, Group Director and Head – Bharat Banking, Axis Bank said, “To provide our customers with a value proposition specifically created to meet their needs, we have consistently worked on innovation-driven collaboration models. Through our relationship with PayNearby, we will be able to offer a wide range of facilities in addition to opening bank accounts to a large customer base in semi-rural and rural areas. Meaningful progress in India will be spurred by financial inclusion and this relationship is a further step towards advancing our goal towards Bharat (rural India is often referred to as Bharat in economic communications which is also the official name in Hindi from the country).

Promote the partnership Anand Kumar Bajaj, Founder, Managing Director and CEO, PayNearby said, “Rural retailers must be given the resources they need to grow if India is to achieve the last mile of financial and digital empowerment. PayNearby is committed to improving the personal and professional lives of its merchant partners. Our partners will have more financial control through this simple checking account option with Axis Bank. We appreciate Axis Bank for bringing e-KYC enabled biometric account opening to our network and making the process so simple and hassle-free. This will contribute significantly to the success and maintenance of sound financial practices for our retailers.

“By partnering with Axis Bank and providing banking services, we intend to make the savings account option available to every household in the country, enabling them to manage an active bank account. The process will be simple , safe and simple to use thanks to Axis Bank’s operational best practices and local network trust. It will accelerate adoption across the country. We want to quickly integrate Bharat into the formal banking system and teach the general public how to save money,” Bajaj added.

Local SMEs that have partnered with PayNearby will now have easy access to Axis Bank services and be able to update their business transactions efficiently. The availability of this service at nearby outlets will boost the use of the last mile of Axis Bank’s current account. This approach will take advantage of PayNearby’s current infrastructure and high-end technology to make banking services accessible to everyone in a diverse geography like India, where the cost of acquisition and service often becomes unsustainable.

Read more: Mahindra Rural Housing Finance to provide affordable housing finance in Kerala

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