Paynearby – Bringing Financial Inclusion to the Masses

PayNearby is India’s largest branchless banking network bringing financial inclusion to the masses. Learn how the fintech startup re-invented its support operation, streamlined its WhatsApp usage, and achieved record-level business performance—all during a pandemic.

When the deadly avian flu hit in 2016, it sparked an outpouring of remittances from India’s urban centers to poor villages. But it also left many migrant workers without jobs, leading to massive losses of income.

It is a FinTech company

Paynearby is a FinTech company that was founded in April 2016 to create technology and distribution network that makes financial and non-financial services accessible to India and Bharat. It empowers retail shop owners to offer digital services to their local communities and aims to help boost digital financial inclusion in the country.

The company partners with neighborhood retail stores and through its tech-led distribution network ensures high-end technology is simplified for easy consumption at the last mile. Its mission is to democratize the use of financial and non-financial services, which will eventually result in growth for the nation.

In 2016, the company launched its hyperlocal payments network in more than 17,500 postal code areas across India. Its customers include local kirana (mom and pop) retailers, microfinance and credit agencies, food ordering and delivery services, and businesses in rural areas that are unable to get to the bank during regular hours.

Today, the company serves more than 15 crore Indians, and has a GTV of 54,000 crores. It offers a range of services including agent banking, digital payments, microSavings, microInsurance and loan enablement.

Its service includes a digital wallet that allows users to deposit cash, make remittances, and even purchase goods. In addition, it also offers an e-commerce platform that enables merchants to sell their products online.

The company has partnered with Centrum MicroCredit, which offers its retail partners access to microfinancing at affordable interest rates. Its team has extensive experience in the financial technology space and works on deep insights and understanding of payment and transaction technologies.

A Great Place to Work certified organization, Paynearby strives to excel on the 5 dimensions of a High-Trust, High-Performance Culture – Credibility, Respect, Fairness, Pride and Camaraderie. They believe in creating a positive, social and economic impact on the lives of their employees and their customers.

As the head of national sales, Vishal is tasked with expanding the company’s distribution network and helping double its footprint to offer partners the access they need to the rural heartlands. He brings 20 years of experience in telecom and retail, with expertise in strategic business planning, business network development and client and merchant relationship management.

It is a digital payments company

PayNearby is a digital payments company that provides various financial services such as cash withdrawal, remittance, Aadhaar banking, bill payment and mobile recharges to the customers. It operates on a B2B2C model and partners with neighbourhood retail stores to provide them tools to offer these services.

The company aims to reach out to people who are not accessing financial and digital services in a convenient way. It has launched a new initiative, which is called ‘NeoDukaan’, to help its retail partners modernize their businesses and make them more competitive.

In addition to offering a wide variety of payment options, the NeoDukaan platform also allows retailers to sell their goods online. This will help them to improve their business and increase their revenue.

Another important factor that makes PayNearby a great place to work is the culture that it has built around the employees. This is done by ensuring that people are engaged with the business and its goals. They are given the opportunity to develop their skills and grow with the organization.

As a result, the team is loyal to the company and they are committed to its success. This is reflected in the fact that the company has been recognized as a 10x culture company by xto10.

In addition, the company hires only the best and brightest minds to join its team. Its hiring process includes interviews and a rigorous screening procedure to ensure that the right candidate is chosen for the job.

The company also strives to create a high-trust, high-performance, and people-first workplace. This is achieved by engaging with employees on a regular basis and fostering their growth and development. This is achieved through various programs, such as monthly townhalls, skip meetings, chatbots deployment and other forums that help employees build trust in the workplace.

Lastly, the company is committed to building a culture that is inclusive and fosters objective decision making. This is done through a number of initiatives, such as the Great Place to Work certification that the company has received.

The company’s mission is to provide financial and digital services to the unbanked population of India through its network of micro-entrepreneurs. It has partnered with neighborhood stores, such as kirana shops and mobile recharge stores, to provide them the necessary tools that they need to offer their services.

It is a microfinance company

Paynearby is a microfinance company that offers a range of financial and non-financial services to the unbanked and underserved. The company was founded in April 2016 and supplies its services through a B2B2C model, with a network of retail stores located in 17,000 plus PIN codes across India.

The Company’s mission is to provide an inclusive financial system that helps people get access to basic financial services and to help them take control of their finances and build a better future for themselves. They use technology to offer services to customers and provide a personalised experience.

A team of experienced engineers and product managers work closely together to develop and enhance products for a wide range of customers. The company’s goal is to make the customer experience as seamless and simple as possible.

One of the ways that the company achieves this is by adopting technology, such as AI and machine learning. This allows them to provide users with a variety of services at the click of a button. The company also uses advanced analytics and other data to ensure that they are offering a high quality experience to their customers.

In a similar vein, the company recently signed a partnership with Axis Bank to enable its last mile retailers to open savings and current accounts for their customers. The partnership is aimed at improving convenience and speed of account openings for customers by enabling eKYC authentication.

This is part of the company’s Shop Owners Benefit Program, which aims to fortify and drive business growth for its retail partners. The partnership will also help the companies address common problems that these retail partners face, such as the lack of financial inclusion and lack of access to credit.

With the help of this partnership, PayNearby will be able to provide Centrum with a deeply entrenched retailer network and rich transactional data, which can be leveraged for lending purposes. This will allow the lenders to add scale and efficiency in their business.

Having established a stable technology backend that reaches out to the deepest roots of the country, PayNearby is currently providing the platform’s retail partners with unsecured loans at affordable interest rates. This is done using advanced analytics, AI and machine learning to create easy and efficient micro-lending experiences for the retailer’s customers.

It is a microinsurance company

Paynearby, India’s leading branchless banking and digital payments network has launched a unique insurance solution – Poorna Suraksha – that ensures the safety and security of its 15+ lakh retail partners across 17,500+ PIN codes.

The pocket-friendly, 3-in-1 offering is designed in partnership with IndiaFirst Life Insurance Company Limited (IndiaFirst Life) and offers a range of benefits including life cover of Rs2 lakhs, disability cover of Rs1 lakh and COVID-19 hospital cash of Rs 15,000.

As part of its Shop Owners Benefit Program, the company has tied up with Centrum Microcredit Limited, the micro finance arm of the Centrum Group, to facilitate unsecured business loans to its retail partners. The tie-up is a first for the industry and is expected to boost the financial health of the company’s retail partners.

The scheme is aimed at fortifying the financial health of the retailers and also enhancing their business growth in a time of economic downturn. The partnership combines PayNearby’s nimble distribution platform with Centrum Microcredit Limited’s pre-qualifying and credit rule engine to enable a seamless loan process.

Besides the aforementioned poorna suraksha, the company has a slew of other products and services in its portfolio. These include digital payments, micro-financing, mobile health and wellness, smart insurance solutions, digital banking, mobile wallets and more.

With its omni-channel presence and unmatched last mile connectivity, PayNearby is set to transform the Indian retail landscape, making it future-ready. Its mission is to empower local retailers and deliver a seamless digital experience for the consumers by creating a one-stop platform.