Nearby Technologies, a Fintech startup has partnered with with Yes Bank to go live with Bharat Bill Payments, the telecom bill payments ecosystem managed by National Payments Corp of India.
Nearby Technologies allows lakhs of retailers and merchants to offer bill payment service to their customers on the PayNearby app as it is registered as an agent institution for Bharat Bill Payment System powered by Yes Bank.
The PayNearby app has more than 1 lakh retail stores across India and they in turn have the potential to serve more than 2.2 crore customers. The company claims to have invested Rs 24 crore worth of transactions for BBPS, during the test phase.
We serve around 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, said Anand Kumar Bajaj, chief executive officer at Nearby Technologies.
Leveraging the Jan Dhan accounts, Aadhaar, and Mobility, Nearby Technologies has been using retail stores as to offer digital financial services to the tech-uninitiated and largely unbanked consumers. The 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.