Paynearby is a domestic fintech company certified under the Government Of India’s Startup India Programme, working to provide financial services to Indians, such as online payment, branchless digital banking, insurance, utility payment, travel booking etc.

Established in April, 2022 and headquartered in Mumbai, this fintech company has achieved immense growth in the short span of time. The company holds an average of 20 lakh daily transactions and has more than 50 lakh registered retailers.

Paynearby collaborates with the nearby retail store and provides them with resources so that they can provide many banking services to the people living near them.

The main objective of the startup is to make digital banking services or Fintech services available to every individual in the country. The approach chosen to implement the plan was to provide these services from a very local or ground level such as local retail shops in urban areas and also shops in rural areas. They will work as a mediator in digitising the cash in the market, making transactions quick, easy and digitised.

Paynearby focuses on making every individual enjoy the benefit of financial services without much effort. It aims to build a financially and technically progressive society by providing services accordingly.

Paynearby Features

Paynearby was started with a vision to build a banking network which is completely online with no branch of bank existing in physical mode. In other words, it wanted to establish a branchless banking network and it did achieve it as well. Yes, Paynearby today is India’s largest branchless banking network. It made banking so convenient that services such as cash deposit, cash withdrawal, savings, government benefits can now be availed from the local stores as well.

With the intent to provide such great services, Paynearby has some amazing features that are a must to look at. Here are the key features of Paynearby that makes an edge above over other apps of its kind:

• A singular platform for all data and information management requirements.
• Real time analysis of data.
• Serves 1M+ transactions per day.
• Highest success matrix.
• Certified with standards of high compliance.
• Efficient customer care services available in email, phone and chat mode.
• Ease to use APIs, leads to time saving solutions.
• Automated process to remove redundancy.
• Consistent adding of new features and improvements.

These were some of the key features of Paynearby that makes it a favourable option to choose.

Paynearby Registration process: How to register in Paynearby?

You can associate yourself with this amazing initiative in 2 ways either as a retailer or as a distributor.

Now, who are these retailers and distributors? What is the difference between them? Here is a brief description about both the roles enabled in this app and their registration process:

Paynearby Retailer

In the app Paynearby, a retailer is a local shopkeeper or retailer who would act as a mediator between the app and the customer to provide them with a number of banking services. Any person aged above 18 can apply for the same and can provide banking services in their region.

Kirana Shop, Travel Agency, Insurance Agency, Tailoring shop, fertizer shop, restaurant, hardware store, mobile recharge shop, apparel shop are some sectors who can benefit from Paynearby services.

How to register yourself as a Paynearby Retailer?

Here are given the steps to register yourself as a Paynearby app retailer:

• Visit the official Paynearby website.
• Click on Retail option.
• Click on join Paynearby.
• Select the services of your choice.
• Click on proceed to pay.
• Pay a joining fee of Rs. 1000.

You need to pay an additional 2900INR for Aadhar Biometric device, and 1899INR for IRCTC registration. These two additional services are optional.

Paynearby retailer login link: Click here

Once registered, you can login on the Paynearby app or website and avail the benefits.

Now, let’s have a look inside the role of a Paynearby Distributor.

Paynearby Distributor

A distributor is Paynearby is a registered person of the company who takes the charge of registering retailers in a particular area and provide them with the resource and training to provide banking services forwards.

In other words, we can say a distributor is a further agent between a retailer and the app.

Industries served: Telecom, Pharma, Retial, FMCG and many more

To register yourself as a Paynearby distributor, you can follow the steps given below.

How to register yourself as a Paynearby Distributor?

• Visit the official Paynearby website.
• Click on the Paynearby Distributor option.
• Fill up the application form, down below the screen.
• Fill in the required details including email, mobile number, current business, etc.
• Click on Go.

That’s how you can register yourself as a Paynearby distributor.

Paynearby distributor login link: Click here

Benefits of Paynearby

As you have read so far, Paynearby is a new initiative trying to build a financially accessible and resources society. Paynearby provides a number of benefits to its members and associates.

The beneficiaries are all, the retailers, the distributors, and surely the customers.

Let’s look at the benefits enjoyed by each one of them.

Benefits for Paynearby retailers and distributors

The retailers in this initiative are benefited in monetary terms i.e. the retailer gets commission on the services that they provide.

• You do not need a hefty investment to get started with Paynearby. You can get started with just 1000INR joining fee.
• You can provide a good number of services from one platform – Insurance, Utility bill payments, cash transfer and withdrawals etc.
• You get benefited in cash through the comission earned on every transaction. 
• Providing a number of services improves credability in market.
• More customer engagement.  

Benefits for Paynearby customers

The app provides a number of benefits to its users, i.e. the people availing these services through their nearby stores. The name of the app justifies itself with the feature of providing services nearby.

Here is the list of benefits that the app provides:

• Balance enquiry.
• Cash deposit and withdrawal.
• Money transfer.
• DTH and mobile recharge.
• Credit card services.
• Travel bookings.
• Bill payments.

Conclusion

In a nutshell, Paynearby is a new ideology start up built under the Start Up India programme. The aim and intent of the initiative looks pleasing and the growth that the company has earned in the past 6 years speaks for itself. If you’re a retailer willing to join such an initiative, you can surely give this a try or a distributor able to provide these services to its nearby retailers can also consider joining this app.

Mahak Arora

Hey! I am a content writer wiling to research, learn and write about something new everyday.