PayNearby opens 1 lakh bank accounts at Kiranas, redefines local retail space

PayNearby, positioned as India’s largest branchless banking and digital network, has announced that it has successfully opened 100,000+ Current and Savings Accounts from semi-urban and rural retail counters in the country, within the last six months. This is part of its plan to offer seamless access to active bank accounts and bring all at the last mile into the formal financial fold.

Launched in association with India’s leading private bank, customers can visit their nearby stores and get their accounts easily opened through Aadhaar-based KYC ().

“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,” says the company statement.

Commenting on the milestone, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we have been continuously working on innovation-led partnership models to offer financial solutions to all in Bharat. The easy availability of bank account openings at a local retail shop has accelerated the uptake of this service. With the simplified Current Account option, we are giving retailers and customers better control over their money, allowing them to maintain healthy financial practices and help their businesses thrive. 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. “