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PayNearby Launches Micro ATM At Nearby Retailer Shops For Financial Inclusion

Micro ATM

Mumbai, NFAPost: PayNearby, India’s leading hyperlocal FinTech network, launches of its own network of Micro ATMs for their retail touchpoints across the country. The company has tied up with National Payments Corporation of India (NPCI) and Equitas Small Finance Bank for this initiative.

This gameplan of the company comes as part of its mission of building an eco-system that will redefine access to financial services for the underbanked. With the launch of Micro ATM business terminal, PayNearby has strengthened its product portfolio of money withdrawal services.

Debit cards

Now along with Aadhaar enabled money withdrawals, PayNearby retailers can also offer cash withdrawals through debit cards. This has enabled a small kirana store to become a full-fledged customer touch point for ATM like services.

A customer can simply walk to his nearest PayNearby shop (say, a grocer or a mobile recharge shop) across 16,722 PIN codes in the country and withdraw cash by swiping his debit card and entering his PIN. If they don’t have a debit card, they can use their Aadhaar number and finger print to withdraw cash. On completion of the transaction, the customer receives a confirmation from their bank via SMS besides a receipt from the retailer. In addition to cash withdrawals, customers can also request balance enquiries at these retail touch points.

Cost effective

A handy low cost machine, that processes card transactions seamlessly, PayNearby’s Micro ATM is a cost effective and a smart cash management tool for small retail stores and traders who deal in large chunks of cash on a daily basis. With the new offering, retailers on PayNearby’s network can efficiently use the money available in their drawer.

The company has commenced a nation-wide launch by getting the service activated on its retail network comprising of more than ~750,000 retail touch points across the country. The company aims to add over 1 lakh POS enabled Micro ATMs in the first year of its launch.

Commenting on the launch, PayNearby  Founder & CEO said Anand Kumar Bajaj considering its USPs such as portability, affordability and low maintenance, Micro ATMs can very effectively drive financial inclusion while curbing down the infrastructure costs incurred especially in rural India where a full-fledged ATM becomes unviable.

“Considering the depth of the PayNearby network, the launch of Micro ATMs will help us play a very critical role towards the twin objective of ‘digitising cash’ and ‘giving banking access to the underbanked’. This will also enable our retail partners to earn more income. Besides rural India, our Micro ATMs are also ideal for urban areas where a majority of ATMs are not linked with Aadhaar or don’t have access to finger print. Furthermore, it will be useful in the country’s deep interiors and states like Assam and North East where Aadhaar number penetration / onboarding are still minimal resulting in lack of AEPS offerings,” said Anand Kumar Bajaj.

The Confederation of ATM industry (CATMi) has announced its plans to shut down nearly 50% ATMs due to high maintenance cost of software and equipment upgrades. PayNearby empowers retailers at the first mile to offer digital financial/non-financial services to last mile, across its merchant points and aims to reach 50,00,000 retailers in near future. The company is currently the leader in Aadhaar Enabled Payment System (AEPS) with 33% market share.

Empower retailers

Incepted in April 2016, Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.

Nearby Technologies is founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha and Rajesh Jha who bring with them rich experience in banking, payments and financial sector. A DIPP-certified FinTech startup, has partnered 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.

Fintech via Aadhaar

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). The company recently acquired We Care Insurance Broking Services Pvt. Ltd for an undisclosed amount.

The fintech segment has seen heightened investor activity as companies like Open, OkCredit and Razorpay raised funds. Besides government policy initiatives, fintech sector is getting a boost from every growing economic activities of citizens supported by trade and modern day commerce.

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