Tuesday, June 9, 2020
PayNearby Facilitates DBT Worth Rs 6000 Crores During April - May Covid-19 Lockdown
* Provides DBT to over 2.9 crore customers in April-May
* Conducting daily transactions worth 100+ crores
* Witnesses 127% rise in customers on AePS platform
PayNearby, India’s largest hyperlocal fintech start-up have disbursed direct benefit transfers (DBT) of over Rs. 6000 crores through their AePS (Aadhaar Enabled Payment System) platform during the nation-wide lockdown, in the months of April-May. The company’s 8.5 lakh+ strong retail network consisting of Kirana stores, medical, hardware, telecom shops etc. have facilitated seamless access to DBT money to over 2.9 crore customers, majority of whom are migrants and daily wage workers, one of the worst-hit cohorts of the pandemic lockdown.
A leader in the AePS segment with a market share of over 33%, PayNearby witnessed a staggering rise of 127% in its customer base during April-May vis-a-vis the pre-lockdown months. In May, the company facilitated DBT disbursals worth over Rs. 3000 crores.
Anand Kumar Bajaj, MD & CEO, PayNearby said “Returning back to their villages, without any source of livelihood, the migrant workers have been one of the worst-hit cohorts of the Covid-19 pandemic, and DBT withdrawals have been the lifeline for them. PayNearby is privileged to serve Bharat in these trying times, and the convenience provided by the AePS platform has made seamless cash disbursal possible. Our Digital Pradhans with their extensive network have served over 1.4 crore customers through our AePS platform in the month of May and disbursed over Rs. 3000 crores. We are delighted to be a conducive partner in implementing the government’s vision of financial inclusion on-ground and will continue to do our part to promote inclusive payments, even after the lockdown.”
PayNearby’s well entrenched retail network of business correspondents (BCs) worked tirelessly on the ground through the lockdown, serving as cash disbursal points. The transactions were conducted through the AePS (Aadhaar enabled Payment System), platform where individuals can seamlessly withdraw money through biometrics following social distancing and sanitization. The platform has become an integral part of the banking infrastructure in a uniquely fragmented country like India.
PayNearby, through their network has been instrumental in ensuring undisrupted essential services to the masses, bridging the urban-rural divide. Their BC network, known as ‘Digital Pradhan’, bring essential financial services at the last mile aiding seamless DBT deployment, without which, once again, the population would be left on the fringes of the society. PayNearby has been working dedicatedly to meet the financial needs of people in severely affected areas where ATMs are non-operational or non-accessible.
About Nearby Technologies Pvt. Ltd.:
Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands - PayNearby, Insure Nearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focused on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.
It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech start-up, partnering with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).