Nearby Technologies to on-board 50,000 retailers in next six months in West Bengal
Targets small and medium retail partners to expand Aadhar ATM reach
Kolkata, January 15, 2018: Nearby Technologies, which has received an enthusiastic response from small and medium retailers across the country for its Aadhar ATM service on its PayNEARBY mobile app, is expanding its reach in West Bengal. Nearby Technologies will on-board 50,000 retailers in next six months in West Bengal. It has already hired a team in the state. These sales people will seek to expand the Aadhar ATM footprint across the state, not just in Kolkata, but in small towns and villages in the remotest corners as well. Nearby Technologies has partnered with YES BANK, India’s 5th largest private sector bank and works closely with National Payments Corporation of India (NPCI) for its card less and PIN-less Aadhaar ATM service. To use this unique facility, customers banking with any bank just need to link their Aadhaar number to their bank account, which in turn gets seeded with the NPCI. Thereafter, cash withdrawal and other transactions are made possible by simply using Aadhaar Number and finger print.
PayNEARBY’s Aadhaar ATM is available in partnership with YES BANK and the BC Agent network comprising 60,000 touchpoints. Nearby Technologies has also tied up with the Retailers Association of India for spreading the relevance and create popularity of Aadhar services, educating customers and enabling the service even in the remotest parts of India.
“In just over a year since we started operations, we have over 60,000 retailers across the country using our mobile app and will be offering the Aadhar ATM services to an individual having bank account with any Bank. With our back-end infrastructure now in place, we plan to rapidly grow our network across the country. We see a lot of potential in the eastern region and plan to on-board 50,000 retailers in the next 6 months on to our PayNEARBY mobile app,” said Anand Kumar Bajaj, Founder, Nearby Technologies Pvt Ltd. Using the PayNEARBY mobile application on a smart phone, a retailer can become an Aadhaar ATM for cash withdrawals and deposits by a customer.
“NPCI is pleased to provide support through technologically advanced platforms like Aadhaar Enabled Payment Service and BHIM Aadhaar. With appropriate awareness, we believe PayNearby solution would become a popular payment mode among masses. It will help the ecosystem by adding the number of acceptance points for making payments. We appreciate Nearby Technologies and YES BANK’s efforts to empower thousands of retailers and consumers with this initiative to amplify digital payments,” said a senior NPCI official.
“Our Aadhar ATM service launched last week has received a tremendous response thus far, and we are looking at rapidly ramping up our operations across West Bengal and then across the entire nation. To do this, we have applied technology for convenient onboarding of our Retail partners who will be interfacing customers. Small and medium retailers across the state will benefit from this service in line with our expectations. We want to make sure that every Indian has access to their own monies in an easy and risk-free manner. Our aim is to become the payments enabler for India,” added Anand Kumar Bajaj.
Ritesh Pai, Chief Digital Officer, YES BANK, said, “We are glad to partner with NEARBY Technologies to offer AEPS solutions and the innovative services to customers across India. As a bank which has pioneered multiple Digital Payments innovations, through this partnership, we will be able to bring in a sizeable population under the umbrella of instant digital payments. Under our Alliances, Relationships and Technology (ART) approach, we remain dedicated to enabling more such use-cases to realize the dream of a less-cash economy in India.”
“We see a bright future for Aadhaar based biometric payments in retail and encourage the adoption of the same among the industry. We laud NEARBY Technologies for this important initiative that will help retailers across the country modernise and be a part of the digital payments revolution that is sweeping the country,” said Kumar Rajagopalan, CEO of Retailers Association of India, the apex body of retailers in India that has contributed by way of suggestions and inputs on the needs of retailers.
About Nearby Technologies : Nearby Technologies is a FinTech company established in April 2016 by Kolkata born Anand Kumar Bajaj, that empowers retailers through its mobile app, PayNEARBY to compete with their online competitors even as they make a more efficient use of their time. The application also helps retailers across the country earn additional revenue by offering Digital Financial Services. By harnessing the JAM trinity (Jan Dhan, Aadhaar, Mobility), Nearby Technologies is also positioning retailers as digitally-enabled FinMarts, through its mission of making “Har Dukaan, Digital Pradhaan”. It gives stores the ability to accept card payments without card machine, and help customers to pay/withdraw money from their bank account by using Aadhaar ATM.