MUMBAI:
PayNearby, India’s fastest growing hyperlocal FinTech startup, has been awarded ‘The DigiDhan Mission FinTech Award’ for Promotion of Digital Payments 2018-19 by the Ministry of Electronics and Information Technology (MeitY), Government of India. The award has been conferred as part of recognizing the company’s efforts towards building innovation in the Digital Payments Acceptance Infrastructure in Rural India.
The award was presented to Anand Kumar Bajaj Founder & CEO PayNearby by Ravi Shankar Prasad, Union Minister for Law and Justice, Electronics and IT.
PayNearby which owns the world’s largest assisted agent banking network has so far successfully digitized more than 7.5 lakh+ retail stores. The company’s mission to make ‘Har Dukaan Digital Pradhan’ is envisaged to empower the local retailer and create a thriving eco-system for the local community. PayNearby has successfully enabled Digital Pradhans to provide many essential services to their local communities, including Aadhaar banking, bank savings, insurance, access to government schemes and many more.
According to a report by NITI Aayog, India’s digital payments industry is estimated to grow to $1 Tn by 2023. According to the policy think tank, while 44% of urban customers have taken up digital payment channels, rural customers are a distant second, at only 16%.
The company is digitally empowering local shopkeepers and allowing customers to be privy to a host of financial and non-financial services at the first mile. It facilitates multiple technologically-advanced payment methods that can boost India’s progression towards becoming a cashless economy.
The company is ceaselessly adding on to its touch points thus creating a penetrative digital ecosystem across the country inclusive of tier I, II and rural towns. A deep entrenched network has helped the company enjoy a niche thereby offering over-the-top banking services to the bottom of the pyramid.
Commenting on the win, Bajaj said, “We are deeply honoured to receive the illustrious ‘DigiDhan Mission FinTech Award for Promotion of Digital Payments’ for our work in rural India. While digital payments are expected to grow by leaps and bounds, there is still a significant proportion of the population in rural India that is yet to jump on the bandwagon. This recognition encourages us further to work aggressively towards the country’s vision for financial inclusion and a less-cash economy. Powered by multiple offerings and ease of user interface PayNearby is completely focused on transforming the trusted kirana store in your vicinity into a one-stop destination for all your financial services thereby helping the respective communities to evolve.”
