Axis Bank announces partnership with PayNearby

By Leandra Monteiro

Axis Bank, India’s third largest private sector bank has partnered with PayNearby, India’s largest branchless banking and digital service network, to offer seamless 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. This partnership 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 50+ lakh micro-entrepreneurs across 20,000+ PIN codes, ensuring that credible and easy to access financial solutions are available across the length and breadth of the country. Backed by Axis Bank’s product innovation, operational best practices and brand credibility, this partnership aims to re-bank the nation and accelerate the efforts of providing an active bank account for every small business and household in Bharat. This will simplify banking for the retail shop owners and individual customers, and further eliminate the need for them to travel long distances to operate their bank account.

Speaking on the development, 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.’’

Speaking on the collaboration, 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.

With the savings account offering, we hope to partner with Axis Bank and re-bank India, so that every household in the country is able to operate an active bank account. Axis Bank’s brand credibility and operational best practices will ensure the process is simple, secure and easy to use, and combined with the local trust of the network, it will accelerate the adoption across the country. We hope to get Bharat to the formal financial fold at an accelerated pace and inculcate a savings behavior among the masses.”

“With this partnership, we continue to empower our retailers and customers while improving the reach of Axis Bank in the remote hinterlands of the country. We will continue to bring innovative services to ensure that our retail partners and customers progress in life. PayNearby, Zidd Aage Badhne Ki!” he added.

The local SMEs partnering with PayNearby will now be able to avail Axis Bank services with ease and can also upgrade their business transactions in an efficient way. Bringing this service to a nearby retail store will increase the uptake of Axis Bank’s current account at the last mile. In a diversified geography like India, where the cost of acquisition and servicing often becomes unviable in remote geographies, this model will benefit from PayNearby’s existing infrastructure, local trust and its high-end technology to make banking available for all.