your password has been reset successfully, Please login again.

Nearby technologies partners with Yes Bank to start BBPS Payments

Nearby Technologies allows lakhs of retailers and merchants to offer bill payment service to their customers on the PayNearby app.
BY BEx Bureau
BusinessEx
Aug 06, 2018

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.

Please add your Comment
SIMILAR News
August 06, 2018
The lender will deploy the funds to expand its presence across its already established markets as we ...More
By Shah Mohsin
August 04, 2018
The fresh funds will be used to accelerate product development, reach more customers and for client ...More
By Shah Mohsin
August 03, 2018
Presently, Goibibo comes with features like seat and meal selection, auto check-in and hotel reviews ...More
By Shah Mohsin
August 03, 2018
Ziffy Technologies run ZiffyHomes is functional only in Delhi-NCR and is looking to venture to other ...More
By Shah Mohsin
August 03, 2018
The startup will use the funds to ramp up its bandwidth capabilities. ...More
By Shah Mohsin
August 02, 2018
The company sold 50,000 cases across rum and brandy in FY18 and is looking to sell over 2 lakh cases ...More
By Shah Mohsin
August 02, 2018
The 50-member startup, offers two flagship products a chatbot for sales and support, and a business ...More
By Shah Mohsin
August 01, 2018
Razorpay in a statement said, Razorpay's payment gateway will process more than five million transac ...More
By Shah Mohsin
August 01, 2018
The Rs 300 crore new pump in of the funds marks the maiden NCD transaction with mutual funds with Le ...More
By Shah Mohsin
July 31, 2018
The announcement comes a month after Five Star had received investment offers from two PE firms incl ...More
By Shah Mohsin
July 31, 2018
The software supports eight regional languages, works offline and has a light SDK (software develope ...More
By Shah Mohsin
July 31, 2018
The Mumbai-based firm said it will consume the raised capital fortify its existing product portfolio ...More
By Shah Mohsin