Offers last-mile connectivity to NBFC, MFI, OTT, food delivery aggregators, cab aggregators, FMCG, logistics etc.
· Facilitates cash collection as a service to 50+ clients
· Hero Fincorp, Svamaan, Svatantra Microfin among key clients of an extensive portfolio spread across various sectors
· Empowers businesses with faster settlement, uninterrupted reach, reduced overhead expenses and unified cash collection dashboard resulting in better risk management & higher operational efficiency.
· Largest network digitising cash collection at the last mile through 15,00,000+ retailers, spread across 17,500+ PIN codes
India, 21 September: PayNearby, India’s leading digital payments company and largest branchless banking network, today announced thatits enterprise offering that facilitates ‘cash collection’ as a service has crossed ₹350 crores worth transactions in monthly Gross Transaction Value (GTV). The company, through its extensive last-mile connectivity, enables businesses of all sizes across industries to digitize cash collection at the last mile, thus promoting a less-cash economy. It also enables businesses to optimize their cash collection cost while helping them expand their business seamlessly.
With over 38+ lakh retailers spread across 17,500+ PIN codes, PayNearby’s vast network is ubiquitous, enabling clients to harness the company’s last-mile connectivity and offer services despite consumers’ remote locations. Through its uninterrupted network across the country, PayNearby seamlessly enables semi-urban and rural communities to access online shopping, online entertainment and food delivery, among many other digital services, through their local retail agent. On one hand, it brings financial and digital services in simplified, sachetized form to the common man and enables customers accessibility and ease to conveniently deposit cash at a store nearby. On the other hand, it aids businesses to expand their serviceable market and reach customers across geographies and different income cohorts while also helping them handle large amounts of cash effortlessly.
By partnering with PayNearby, companies gain access to the services of the largest retail network in the country whilst leveraging its hyperlocal reach. Additionally, physical cash deposited by customers and collection agents is converted into digital cash in real-time, and the settlement is processed even beyond banking hours every day of the week, enabling faster settlement. Besides seamless access, businesses can harness transaction insights easily. A single unified cash collection dashboard ensures they have the required information to make well-informed business decisions in real-time. Besides, it also helps businesses in getting collection figures daily, weekly, monthly, by region or agent type, while tracking their business performance regularly. Furthermore, it also aids businesses in reducing their overhead costs by eliminating expenses required for manual reconciliation in a traditional cash collection set-up across multiple modes of repayment.
Lastly, financial transactions require a certain level of trust and PayNearby’s time-tested systems service more than a million transactions per day while offering the highest success matrix of 99.9% uptime. The company is certified with the highest compliance standards and a high level of data security. Speaking on the achievement, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “We are thrilled to reach a milestone of ₹350 crores in cash collection through our enterprise arm. The pandemic has only bolstered the necessity and penetration of digital services across industries, and we are happy to level the playing ground in terms of accessibility for Indians beyond their location. Our retail partners have served as cash disbursal points, and are now outlets for secure cash disposal. Through our cash collection services, we are helping our clients solve the biggest challenge of timely cash collection and deposits in the remote corners of the country resolving the cash handling risk and cash management issues. While our collection process is seamless, it also gives companies deep in-roots to areas that were not serviced earlier. At PayNearby, we want holistic financial and digital services to reach the bottom of the pyramid, and we are delighted to be aiding enterprises as a constant partner in their growth trajectory.”
Currently, PayNearby offers cash collection as a service to 50+ clients across sectors such as NBFC, Microfinance (MFI), OTTs, food delivery aggregators, cab aggregators, FMCG and logistics among many other digital services. However, a large section of their current portfolio is dominated by NBFCs and MFIs. Hero Fincorp, Svamaan, Svatantra Microfin are among some of the leading brands in PayNearby’s extensive portfolio spread across various sectors that have collaborated with the company for their cash collection facilities. The company has also tie-ups with a majority of banks, inclusive of ICICI, USFB, Suryoday etc. to provide the offering.
Incepted in April 2016, PayNearby is a fintech company creating technology and distribution network to reach financial/non-financial services to India and Bharat both. PayNearby empowers retail shop owners to offer digital services to local communities, thereby boosting digital financial inclusion. Retailer services are focused on Agent Banking, Digital payments, microSavings, microInsurance, Loan enablement 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 startup, partnering with various financial institutions including YES Bank, RBL Bank, IndusInd Bank, SBM Bank India, Equitas SFB, Ujjivan SFB, Axis Bank, ICICI Bank, State Bank of India, 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 (NPCI).