Axis Bank has recently formed a partnership with PayNearby, India’s top branchless banking and digital service network, to make it simple for banking customers in rural areas and last-mile merchants to create savings and current accounts. The creation of these bank accounts at a nearby local business would provide easy access, increased convenience, and a hassle-free procedure for rural customers thanks to Aadhaar-driven authentication (eKYC). With the help of this alliance, Axis Bank and PayNearby will be able to connect with potential clients in far-flung rural areas and address their common problems, including the burden of paperwork, drawn-out procedures, outdated technology, lack of nearby locations and apprehension about formal settings.
Through this collaboration, PayNearby’s distribution-as-a-service (DaaS) network of over 50 lakh micro-entrepreneurs spanning 20,000 pin codes will be made available to Axis Bank, guaranteeing that reliable and simple-to-access financial solutions are accessible throughout the nation. Retail store owners and individual customers will find banking to be easier as a result, and they won’t have to walk far to access their accounts.
Elaborating on the development, Munish Sharda, Group Executive and Head – Bharat Banking, Axis Bank said, “To provide our customers with a value proposition especially created to meet their needs, we have been working consistently on innovation-led collaboration models. Through our relationship with PayNearby, we will be able to offer a wide range of facilities in addition to the establishment of bank accounts to a sizable customer base in semi-rural and rural areas. Meaningful progress in India will be driven through financial inclusion and this relationship is yet another step towards advancing our objective towards Bharat (rural India is often termed as Bharat in economic communications which is also the official Hindi name of the country) Banking.”
Highlighting the partnership, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “The rural retailers must be given the resources they need to expand if India is to reach the last mile of financial and digital empowerment. PayNearby is committed to enhancing the personal and professional lives of its retail partners. Our partners will have more financial control thanks to this straightforward current account option with Axis Bank. We appreciate Axis Bank for bringing biometric-based e-KYC-enabled account opening to our network and for making the procedure so simple and hassle-free. This will significantly contribute to the success and maintenance of our retailers’ sound financial practises.”
“By partnering with Axis Bank and providing banking services, we intend to make the savings account option available to every household in the nation, enabling them to manage an active bank account. The process will be straightforward, safe, and simple to use thanks to the operational best practices of Axis Bank and the network’s local trust. It will hasten adoption across the nation. We want to quickly bring Bharat into the formal banking system and teach the general public to save money,” Bajaj added.
Local SMEs that have partnered with PayNearby will now have easy access to Axis Bank services and be able to update their business transactions effectively. The availability of this service in neighbouring retail locations will boost last-mile usage of Axis Bank’s current account. This approach will benefit from PayNearby’s current infrastructure, and its high-end technology to make banking accessible to everybody in a diverse geography like India, where the cost of acquisition and service frequently becomes unviable.
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