PayNearby partners with YES BANK to enable Bill Payment for 2.2 Crore Customers
The Fintech-Hyperlocal startup Nearby Technologies in partnership with YES BANK, announces go live with Bharat Bill Payment System, the utility and telecom bill payment ecosystem of National Payments Corporation of India (NPCI), on its PayNearby app.
Registered as an Agent Institution for Bharat Bill Payment System and powered by YES BANK, Nearby Technologies enables lakhs of retailers and merchants to offer bill payment service to their customers on the PayNearby app. With Bharat BillPay service going live on PayNearby app, customers can easily pay their utility and telecom bills at their nearest retail store anytime, anywhere without having to find the payment centres or waste time standing in queues. Over 100,000+ active retail stores across India are already leveraging and getting integrated on the PayNearby app to service more than 2.2 crore customers. During the initial testing phase itself, PayNearby App had successfully executed Bharat BillPay transactions worth about ?.24 Crores through partner retailers across India.
“Our bill payment module available on PayNearby app is well-poised to leverage the BBPS platform of NPCI to proliferate the ease of bill payments across the masses while enabling revenue opportunity for the retailer community. We are delighted to service 22% share of Aadhaar-enabled payments service (AEPS) and over 9% of the IMPS transactions, we are quite bullish on the digital financial services stack enabled by NPCI, YES BANK, Jan-Dhan accounts, Aadhaar, and mobility to boost financial inclusion even at the remotest part of India and help the country realize its ‘Digital India’ dream,” said Anand Kumar Bajaj, MD & CEO, Nearby Technologies.
“YES BANK, through its A.R.T strategy (Alliances, Relationships and Technology), has been leading the digital banking space in India, allowing deeper penetration & demonstrating better service quality delivery through its partners. The Bank has been working closely with Nearby for the past 6 months on Aadhaar-enabled Payment Service (AEPS) and has gained significant scale to further financial inclusion in the country. Leveraging the BBPS platform and Nearby’s strong retail presence, the Bank now aims to bring quick & easy bill payment service through the network of kiranas and retail stores distributed across the country.” said Ritesh Pai, Chief Digital Officer of YES BANK.
“Bharat Bill Payment System will revolutionize the country’s bill payment market. With Bharat BillPay there is a huge potential to bring convenience to the lives of Indians even at the back of beyond through a single window. We are confident that with Bharat BillPay -enabled bill payment service which is going live on the PayNearby App, Nearby Technologies will expand the reach of the bill payment service to consumers through the network of retailers Nearby you,” says AR Ramesh, Chief Project Officer, Bharat Bill Payment System, NPCI
Leveraging the trinity of Jan Dhan accounts, Aadhaar, and Mobility, Nearby Technologies has been harnessing retail stores as Fintech marts to offer digital financial services to ‘tech-uninitiated’ and largely ‘unbanked’ consumers. Such digital financial services offered through PayNearby help retailers benefit in their business and earn more revenue without any additional logistics, and enable the last mile connectivity for true financial inclusion in India.
About Nearby Technologies
Nearby Technologies Pvt. Ltd. is a DIPP Certified Fintech Company under The Startup India program of Government of India, set up in April 2016 by a team of professionals with experience in Digital Banking & Payments industry.