PayNearby extends digital banking and payment services to Indochina and Indo-Pakistan borders

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PayNearby extends digital banking and payment services to Indochina and Indo-Pakistan borders

Posted May 26, 2022

Brings micro-ATM and QR payments to kirana stores in remote areas of Jammu and Kashmir, Sela Pass in Tawang and Lakhpat in Kachchh

Bombay : Continuing its commitment to financially and digitally empowering the last mile across the country, PayNearby, India’s leading digital payments company and largest branchless banking network, today announced that it is now available at Jammu and Kashmir with Sela Pass in Arunachal Pradesh on the Indochina border and Lakhpat in Gujarat on the Indo-Pakistan border. PayNearby has enabled QR codes and micro vending machines in local stores to modernize their stores and make them digital to meet the needs of locals and tourists. This step aims to further strengthen PayNearby’s presence in places where accessibility of financial and digital services is limited for the underbanked and unbanked population of Bharat, while accelerating the democratization of digital payments in the country.

India is a population of 1.3 billion, most of whom live in its 664,369 villages with little or no access to formal financial solutions. The situation becomes even more crucial if these villages are on the border or in sensitive areas. These areas are high-security zones that have their own peculiarities like remoteness, unusual terrain, and erratic weather conditions, which make it difficult for financial services to reach the masses. As a result, residents face difficulties in accessing cash or payment services and are deprived of the benefits of even government-sponsored schemes. With the non-availability of digital banking services due to inconsistent internet connectivity and lack of stable transportation, villagers often end up investing a day and spending a lot of money to travel to a nearby town just to withdraw or deposit money. It is therefore imperative that a strong network is in place, both digital and assisted, to enable beneficiaries to benefit.

For more inclusive growth, it is important to create an ecosystem that serves the large unbanked population of these areas in a format that the masses can easily access, trust and consume. PayNearby is trying to solve this problem by transforming nearby trusted local stores into efficient digital touchpoints offering essential banking services. The company transfers this local trust and layers it with the right tools, training and technology to universalize digital payments in India. Along with this, PayNearby’s micro-entrepreneurs are now serving in neighborhoods of Jammu and Kashmir, Sela Pass – one of the highest military and civilian operational fields on the Indo-China border and Lakhpat – the latest Indian village on the India-Pakistan border to bring essential financial services to these areas.

Speaking on the development, Anand Kumar Bajaj, Founder, MD and CEO, PayNearby said“PayNearby is on a mission to make financial and digital services accessible to everyone, everywhere. Our business partners in the hinterland are a step in the direction of our commitment to the last mile financial empowerment agenda country. In remote areas, there are often few ATMs. PayNearby’s entry into these areas will ensure that local people get cash withdrawals and other basic banking services close to their home through our retail partners For example, according to the PMJDY, J&K has over 25 lakhs beneficiaries of which over 21 lakhs reside in rural and semi-urban areas[1]. Now, residents of these areas would no longer have to travel long distances or queue at a bank branch to receive these government benefits.

“At PayNearby, we believe that financial empowerment only succeeds if its most distant citizen and we are delighted that today PayNearby is present on all terrains, from 42°C in Lakhpat, Kachchh to -10°C at Sela Pass, Tawang up to the remote areas of J&K. We will continue this effort to include more and more villages in our network until every village in Bharat is connected. PayNearby, Zidd Aage Badhne Ki,” said added Mr. Bajaj.

Currently, we have already recruited 200 local partners who will work with us for the advancement of Kashmir’s last mile. PayNearby, through its technology-backed DaaS (Distribution as a Service) network of over 50 lakh micro-entrepreneurs, serves 75% of India through over 17,600 PINs and enables services such as Cash Pickup, Remittances, Aadhaar Banking, Bill Pay and Recharges, Savings, Travel, Digital Payments, Insurance and more, at a store nearby. Through the empowerment of retailers, the company ensures that every citizen finds financial and digital services in their locality, hops on the digital payment bandwagon, and gradually embarks on India’s path to liberation.

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