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PayNearby launches BharatQR, enables customers and merchants for seamless cardless transactions

Bharat QR

22 January 2019, India:

Digital fintech company PayNearby has launched BharatQR in its portfolio of payment solutions. This is the second major launch by PayNearby, after the company successfully released AePS capabilities in partnership with NPCI and YES Bank riding on the JAM trinity to advance the services to citizens under PMJDY.

Through its latest launch, PayNearby aims to boost cardless transactions, enabling merchants to receive payments seamlessly through technology-led methods.

Anand Kumar Bajaj, Founder & CEO, PayNearby and Chair BCFI Communications Committee, said, “PayNearby has been formed with the objective of digitally empowering local shopkeepers and allowing customers to be privy to a host of financial and non-financial services at the first mile. Our overarching goal has always been to facilitate multiple, technologically-advanced payment methods that can boost India’s progression towards becoming a cashless economy.”

Anand Kumar Bajaj added, “Recent approvals from Reserve Bank of India regarding tokenization and work done by NPCI on BharatQR, both safeguards customers from skimming their cards. With our team of 488 able professionals and over 4 lakh retail partners, we are on a nation-wide mission to extend digital financial inclusion to all. BharatQR integration is a massive push in this direction, as we make greater progress towards achieving this vision.

Ritesh Pai, Chief Digital Officer, YES BANK said, “YES BANK has been a pioneer in furthering Technology-led banking innovations in India through its ART strategy – Alliances, Relationships and Technology-based partnerships. PayNearby, as one of our preferred partners, has shown deep commitment to working together to bolster digital payments ecosystem in India.”

Ritesh Pai added, “We believe that the next phase of growth in payments will be a function of innovating for the merchant segment, thereby also meeting India’s twin national agenda of financial inclusion and ‘Digital India’.”

Dilip Asbe, MD & CEO, National Payments Corporation of India (NPCI), said, “NPCI is proud to host FinTech startups like PayNearby who are dedicated to the cause of inclusion and have helped take forward the mandate and technology built by NPCI along with Banks. It furthers the national agenda of digital payments.”

Dilip Asbe added, “We have seen the AePS and BBPS deployment done by PayNearby and are confident of their success to promote BharatQR. With the integration of BharatQR, PayNearby will be able to further enhance the customer and merchant experience and accelerate the growth of digital payments adoption across India in the smoothest manner.”

PayNearby was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha in 2016. It is a digital fintech company which offers digital financial/non-financial services to locals. It is registered under the Startup India initiative of the Department of Industrial Policy & Promotion (DIPP), Government of India.

The company works on a B2B2C model and facilitates a bouquet of financial services including aadhaar banking, domestic remittances, bill payments, card payments, granular investment and insurance assurance among others.

(Image – PayNearby)

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