PayNearby enables third-party cash deposits on AePS network

By Divya Shah

PayNearby has launched a third-party cash deposit service on the Aadhaar Enabled Payment System (AePS), enabling customers to deposit cash directly into a beneficiary bank account through its network of AePS-enabled banking touchpoints. 

The new offering expands the functionality of AePS beyond cash withdrawals by introducing an interoperable cash deposit capability within the assisted banking ecosystem.

The service is designed to support customers who continue to rely on cash transactions and access financial services through neighbourhood banking correspondents. 

Under the new facility, customers can visit a participating AePS point, complete Aadhaar-based authentication, and deposit cash into a beneficiary account held with a participating bank.  

The transaction flow includes beneficiary account validation before the deposit is processed, helping improve transaction accuracy and customer confidence. 

The initiative further strengthens the role of local banking touchpoints by allowing customers to transfer physical cash directly into the formal banking system without visiting a bank branch. 

 The service is expected to be particularly beneficial in semi-urban and rural areas, where assisted banking channels remain an important source of access to financial services. 

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “Cash continues to be an important part of everyday financial activity across Bharat, even as digital adoption grows. Third-Party Cash Deposit on AePS brings another essential banking service closer to the customer by enabling cash to be deposited directly into a beneficiary’s bank account through a trusted local touchpoint.” 

He added that the company’s focus remains on making formal financial services simpler, more accessible and more useful for underserved communities across the country. 

For neighbourhood retailers and banking correspondents, the service broadens the range of banking solutions they can offer locally. For customers, it provides an additional channel to deposit cash into bank accounts using a familiar and convenient assisted banking model. 

The launch aligns with PayNearby’s broader strategy of leveraging technology and its local distribution network to expand banking and digital financial services access across Bharat, supporting greater financial inclusion and deeper integration of cash-based consumers into the formal financial system.