PayNearby wins ‘Best Fintech Innovation in Financial Inclusion’ Award

PayNearby wins ‘Best Fintech Innovation in Financial Inclusion’ Award
05.12.2019 06:57 am

PayNearby wins ‘Best Fintech Innovation in Financial Inclusion’ Award


PayNearby, India’s largest hyperlocal FinTech network has won the ‘Best Fintech Innovation in Financial Inclusion’ award for offering last mile access to consumers in the underbanked sectors across the country.  PayNearby was selected based on the organization’s operational performance over the last year, innovative technology & commitment to the development of the underserved of the country. The India Finance Inclusive Awards was presented by Mr. Krishnamurthy Subramanian Chief Economic Advisor - Government of India at Access Assist event in New Delhi, to recognize the company’s dedicated work in driving innovation at the last mile and creating a financially inclusive economy.

Incepted in April 2016 by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha, and Rajesh Jha, Nearby Technologies offers financial or non-financial services to the underbanked and unbanked segments. The company’s flagship brand, PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.

PayNearby has successfully enabled the availability of essential services including financial inclusion products PAN India with the help of its ‘Digital Pradhans’ spread across the country.’ The Digital Pradhans are equipped with the tools and technology that allow them to expand their business and transient from just a retail store to much more. The company aims to create a pervasive network that will granulize, sachetize and universalize financial services and make it available to every Indian. Through their assisted tech led modules, the company offers a bouquet of services including Aadhaar banking, bank savings, domestic remittances, bill payments, card payments, granular investment and insurance among others.

The company has close to 8 lakh retail touchpoints across 16,772 pin codes in 28 states & 9 union territories, servicing 98 million customers with a monthly transactional value of INR 40 billion and upwards.

The award was conferred by India Finance Inclusive Awards on behalf of ACCESS, a national livelihoods support organization that focuses on incubating innovations for sustainable livelihoods of the poor. PayNearby has been selected on the basis of their operational performance and unwavering commitment towards financial inclusion. 

Commenting on the win, Mr. Anand Kumar Bajaj, MD & CEO of PayNearby said, “This award is a huge recognition for us and is a true testimony to PayNearby’s unwavering dedication towards bridging the digital divide among the masses and creating an egalitarian society. With the highest levels of innovation backed by cutting edge technology and design, we have been touching the lives of millions of Indians who have otherwise been left out of the Digital India race. It is our privilege to receive this prestigious award and we thank everyone who have contributed to our journey.”

Related News

Pure Storage Expands FlashBlade, the Industry’s First Native Unified, Fast File and Object Platform

Pure Storage (NYSE: PSTG), the IT pioneer that delivers storage as a service, today announced the availability of Purity//FB 3.0 for FlashBladeTM, the next generation of the... Read more »

Winners of 2020 FIS Impact Awards Showcase Innovation While Giving Back to the Community

FIS™ (NYSE: FIS), a global leader in financial services technology, today announced the winners of the 2020 FIS Impact... Read more »

“Digital Sureties” – Over 30 Italian Organizations Together For The Project Promoted By CeTIF - Cattolica University, SIA And Reply

More than thirty organizations in the insurance, banking and finance, public and business sectors, as well as associations and institutions, including Guardia di Finanza (the... Read more »

SmartSearch rises to 15th in the Sunday Times Profit Track List

Anti-money-laundering pioneers SmartSearch this Sunday achieved 15th position in the Sunday Times Profit Track list. The list... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel