PayNearby: Turning Every Store into a Bank Branch

How 1.5 million retailers became India's largest financial services network

Introduction to PayNearby

When Anand Kumar Bajaj left his innovation role at YES Bank in 2016, he had a radical idea: what if every neighborhood store could become a banking point? Eight years later, PayNearby has turned that vision into reality, creating a financial services network that's six times larger than traditional bank branches.

The Mumbai-based startup didn't just digitize payments—they reimagined financial inclusion itself. By partnering with 1.5 million active retail partners across every district in India, PayNearby brought banking services to places where banks feared to tread. Their platform handles everything from AEPS withdrawals and bank transfers to mobile recharges and bill payments, all through trusted local merchants.

The Hyperlocal Advantage

PayNearby's genius lies in understanding that financial inclusion isn't about technology—it's about trust. Rural customers who might hesitate to use a mobile app will readily transact with their neighborhood shopkeeper. By training these merchants to become financial service providers, PayNearby created a network spanning 17,500+ pin codes.

The numbers tell the story: over 50 million customers served, processing more than 1 million daily transactions. But perhaps most importantly, their platform works on low-connectivity Android devices with SMS and GPRS backup, ensuring reliability in remote locations where traditional fintech solutions fail.

Beyond Banking

PayNearby has evolved beyond basic financial services. Their BuyNearby feature enables local grocery fulfillment, while their partnership with Protean eGov on ONDC opens new lending dimensions for underserved users. This isn't just about financial services—it's about creating comprehensive digital infrastructure for Bharat.

The company's success demonstrates that sometimes the best way to drive digital adoption is by empowering existing community networks rather than trying to replace them. PayNearby proves that when you build with trust at the center, scale follows naturally.

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