PayNearby fundraiser crosses 3.5 billion monthly GTV transactions


PayNearby’s collection crosses 3.5 billion monthly GTV transactions

By Léandra Monteiro

September 22, 2021

  • 3.5 billion
  • fundraising
  • Digital money

PayNearby, an Indian digital payment and remote banking network company, recently announced that its business offering that facilitates ‘cash collection‘ as a service has crossed 3.5 billion transactions in gross monthly value of transaction (GTV).

The company, with its extended last-mile connectivity, enables businesses of all sizes, in all industries, to digitize last-mile cash collection, driving a cash-less economy. It also allows companies to optimize their collection costs while helping them grow their business in a transparent manner.

With over 3.8 million retailers spanning over 17,500 PINs, PayNearby’s vast network is ubiquitous, enabling customers to tap into the company’s last mile connectivity and deliver service despite locations. away from consumers. Through its uninterrupted network across the country, PayNearby enables semi-urban and rural communities to seamlessly access online shopping, online entertainment and food delivery, among many other digital services, through their local retail agent.

On the one hand, it brings financial and digital services in a simplified, bagged form to the common man and allows customers the accessibility and ease of easily depositing money at a nearby store. On the other hand, it helps businesses expand their service market and reach customers across geographies and different income cohorts, while also helping them manage large amounts of money effortlessly.

By partnering with PayNearby, businesses gain access to the services of the nation’s largest retail network while taking advantage of its hyper-local reach. In addition, physical cash deposited by customers and collectors is converted to digital cash in real time, and settlement is processed even after banking hours every day of the week, resulting in faster settlement. . In addition to transparent access, businesses can easily leverage transaction information. A single, unified cash collection dashboard ensures they have the information they need to make informed business decisions in real time. In addition, it also helps businesses get daily, weekly, monthly, region or agent type collection figures while regularly tracking their business performance. In addition, it also helps businesses reduce overhead costs by eliminating the expense required for manual reconciliation in a traditional configuration of collecting cash on multiple reimbursement methods.

Finally, financial transactions require a certain level of trust and PayNearby’s proven systems process over a million transactions per day while delivering the highest success matrix of 99.9% uptime. The company is certified with the highest compliance standards and a high level of data security.

Speaking on this achievement, Anand Kumar Bajaj, Founder, Managing Director and CEO of PayNearby, said, “We are delighted to reach the 350 crore yen milestone in fundraising through our corporate arm. The pandemic has only increased the need for and penetration of digital services across industries, and we are happy to level the playing field in terms of accessibility for Indians beyond their location. Our retail partners have served as cash outlets and are now outlets for secure cash disposal. Through our cash collection services, we help our customers solve the biggest challenge of timely cash collection and deposits in remote corners of the country by solving cash handling risk and issues. cash management. While our fundraising process is transparent, it also gives businesses deep roots in areas that have not been served before. At PayNearby, we want holistic financial and digital services to reach the bottom of the pyramid, and we’re excited to help businesses as a constant partner on their growth trajectory.

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