PayNearby announces partnership with Sub-K in India

By Edil Corneille

PayNearby, an agent banking platform based in Mumbai, announced its partnership with Sub-K Impact Solutions (Sub-K), a player facilitating loans, savings, and payments to underbanked households and micro-enterprises. The partnership will work towards enhancing shared goals of the two organizations, who are committed to enabling financial inclusiveness and economic wellbeing of India’s citizens.

A partnership with PayNearby will benefit Hyderabad-based Sub-K by enabling it to harness an additional network of over a million retail agent outlets, adding scale and efficiency in the lending and cash collection businesses.

Anand Kumar Bajaj, MD & CEO, PayNearby said, “We are happy to partner with Sub-K in this journey. Both organizations share a similar ideology of improving financial health of the country’s underserved by making financial services accessible at the last mile. We hope our efforts into simplifying high end technology, so that it is widely usable and a growing network of PayNearby Digital Pradhans, will add efficiency and scale to Sub-K’s businesses.”

Retail customers and collection staff of Sub-K can walk into any PayNearby outlet that is spread across over 17,000 PIN codes in the country and deposit cash in a hassle-free way. The partnership will allow customers of the low-income cohort, who often find it difficult to deposit low denomination transactions, now to do so at a store nearby.

Sasidhar N. Thumuluri, MD & CEO, Sub-K IMPACT Solutions said, “We are very delighted to join hands with PayNearby in our combined journey towards a financially included India. We believe that this partnership has the potential to greatly release cash management stress from our microfinance operations. This promises to bring greater efficiencies in our business while offering additional revenue line for PayNearby’s distribution network, making it a win-win model for both.”

Physical cash deposited by customers and staff will be digitally converted and settlement processed even post banking hours, every day of the week. Quick settlement and a single unified cash collection dashboard offered by PayNearby will help Sub-K drive efficiency and cost optimization in the collection processes.