PayNearby has successfully opened over 100,000 current and savings accounts from semi-urban and rural retail counters in the country within the last six months. Customers can visit nearby stores and open accounts using Aadhaar-based KYC (eKYC), launched in association with India’s leading private bank.
Savings accounts witnessed a significant uptake, with 75% opening. By the end of this year, the company aims to intensify its efforts and facilitate the opening of more than half a million Current and Savings bank accounts from Bharat.
“With tech-backed Distribution-as-a-Service (DaaS) network, PayNearby is providing citizens with an active bank account. 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% percent,” PayNearby said.
PayNearby currently provides services including cash withdrawal, remittance, Aadhar Banking, bill payment and recharge, savings, travel, digital payments, insurance, and more through its tech-driven DaaS (Distribution as a Service) network, which currently serves 75% of India.
Commenting on the milestone, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “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 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 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,” he said.
