Third-biggest private sector bank in India, Axis Bank, has teamed up with PayNearby, the country’s largest branchless banking and digital service network, to make it simple for clients and last-mile merchants to create savings and current accounts.
The establishment of these bank accounts at a nearby local business would provide quicker access, increased convenience, and a trouble-free procedure for clients thanks to Aadhaar-led authentication (eKYC).
With the help of this alliance, Axis Bank and PayNearby will be able to connect with potential clients in far-flung areas of the nation and address their common problems, including the burden of paperwork, drawn-out procedures, outdated technology, a lack of nearby services, and apprehension about formal settings.
Through this effort, Axis Bank will be able to take use of PayNearby’s distribution-as-a-service (DaaS) network of more than 50 lakh microentrepreneurs spread over 20,000+ PIN codes, ensuring that reliable and simple-to-use financial products are accessible throughout the whole nation.
This cooperation, which is supported by Axis Bank’s product innovation, operational best practises, and brand credibility, intends to rebank the country and speed up the process of opening an active bank account for each small company and home in Bharat. Retail store owners and individual clients will no longer need to travel far distances to access their bank accounts thanks to this simplified banking system.
Munish Sharda, Group Executive, and Head – Bharat Banking, Axis Bank, said, ‘’We have been continuously working on innovation-led partnership models to offer our customers a value proposition specifically designed to cater to their requirements. Our partnership with PayNearby will enable us to extend our 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. Meaningful growth in India will be driven through financial inclusion and this partnership is yet another step towards strengthening our mission towards Bharat Banking.’’
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “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. PayNearby, as an entity, is keen on improving and enriching the professional and personal lives of its retail partners. With this simplified current account option with India’s leading bank, Axis Bank, we are giving our partners better control over their money. We thank Axis Bank for making this process so easy and hassle-free, and for introducing biometric-based e-KYC-enabled account opening, in our network. This will go a long way in allowing our retailers to maintain healthy financial practices and thrive.