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MUMBAI : Private sector lender Axis Bank on Wednesday partnered fintech PayNearby to offer opening of savings and current bank accounts for both last mile retailers and customers.
Enabled by Aadhaar-led authentication (eKYC), the opening of these bank accounts at a nearby local store will ensure easy access, greater convenience and a hassle-free process for customers, a joint statement said. This partnership, the statement said, will empower Axis Bank and PayNearby to reach out to potential customers in remote regions of the country, and address common issues faced by them such as hassle of documentation, long processes, technology, lack of proximity and fear of a formal environment.
This initiative will enable Axis Bank to leverage PayNearby’s tech-backed distribution-as-a-service (DaaS) network of over 50 lakh micro-entrepreneurs across more than 20,000 PIN codes, it said.
Munish Sharda, group executive and head of Bharat Banking at Axis Bank, said, the partnership with PayNearby will enable the bank to extend banking services to a huge customer base in semi-rural and rural regions and offer them an array of facilities along with the opening of a bank account.
According to Anand Kumar Bajaj, founder, managing director and chief executive, PayNearby, for India to become financially and digitally empowered at the last mile, it is important that the local retailers are given the necessary tools for their growth.
“This will go a long way in allowing our retailers to maintain healthy financial practices and thrive," said Bajaj.