PayNearby Opens Over 1 Lakh Bank Accounts at Kirana Stores for Last-Mile Customers, Small Business Owners

PayNearby, India’s largest branchless banking and digital network, has opened over 1 lakh current and savings accounts from semi-urban and rural retail counters in the country, in the past six months. The company said this milestone is crucial as most of these regions have very less active bank account holders due to low penetration of formal financial infrastructure and the lack of financial literacy.

“With its fast and secure, tech-backed distribution-as-a-service (DaaS) network, PayNearby is providing citizens in Bharat with an active bank account and the ease to operate it in a seamless and assisted mode. 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,” the company said in a statement.

It added that of the total accounts opened, savings accounts saw a major uptake with 75 per cent. This ratifies the need and demand for savings products at nearby stores and reiterates the fact that savings behaviour is improving at the last mile. The company aims to double down on its efforts and facilitate the opening of over half a million current and savings bank accounts from India by the end of this year.

Anand Kumar Bajaj, founder and MD & CEO of PayNearby, said, “At PayNearby, we have been continuously working on innovation-led partnership models to offer financial solutions to all in Bharat. With more than 1 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.”

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