Enables payments using Aadhaar and biometric authentication
Mumbai, January 4, 2018: Nearby Technologies has partnered with YES BANK, India’s 5th largest private sector bank and worked closely with National Payments Corporation of India (NPCI) to launch a card less and PIN-less Aadhaar ATM service. Using the PayNEARBY mobile application on a smart phone, a Retailer can become an Aadhaar ATM / Aadhaar Bank Branch for cash withdrawals and deposits by a customer.
To use this unique facility, customers of any bank just need to link their Aadhaar number with any bank account which gets seeded with NPCI on customer’s request to their respective bank. Cash withdrawal and other transactions are made possible by simply using Aadhaar Number and finger print. PayNEARBY’s Aadhaar ATM will be available through YES BANK and the BC Agent network comprising 40,000 touchpoints. The company has tied up with the Retailers Association of India for spreading the relevance and create popularity of Aadhaar services, educating customers and enabling the service even in the remotest parts of India.
Mr Anand Kumar Bajaj, Founder, Nearby Technologies Private Limited said, “With the launch of this service, our aim is to become the payments enabler for India. The Government of India has given subsidy to the common man but customers are unable to access this money and are not aware of this subsidy, thereby blaming the Government for inflation. If you pick up 2 out of 10 people in a village, they are surprised that they have money in their bank account. Many don’t even know that an account was opened for them during Aadhaar registration. We want to work in fulfilling Government’s mandate and to make sure that customers can access their money.”
Ritesh Pai, Chief Digital Officer, YES BANK, said, “We are glad to partner with NEARBY Technologies to offer AEPS solutions and the innovative atmNEARBY services to customers across India. As a bank which has pioneered multiple Digital Payments innovations, through this partnership, we will be able to bring in a sizeable population under the umbrella of instant digital payments. Under our Alliances, Relationships and Technology (ART) approach, we remain dedicated to enabling more such use-cases to realize the dream of a less-cash economy in India.”
Anand further says, NEARBY Technologies as a FinTech is doing responsible work by harnessing key USP of partner banks and taking their services in simplified, sachetized form to the common man at a shop Nearby. The PayNearby services have been built in close partnership with multiple banks harnessing the key USP of each partner bank which can be accentuated by proper orchestration for benefit of a common man.
NPCI spokesperson, said, “NPCI is pleased to provide support through technologically advanced platforms like Aadhaar Enabled Payment Service and BHIM Aadhaar. With appropriate awareness, we believe PayNearby solution would become a popular payment mode among masses. It will help the ecosystem by adding the number of acceptance points for making payments. We appreciate Nearby Technologies and YES BANK’s efforts to empower thousands of retailers and consumers with this initiative to amplify digital payments.”
“We see a bright future for Aadhaar based biometric payments in retail and encourage the adoption of the same among the industry. We laud NEARBY Technologies for this important initiative that will help retailers across the country modernise and be a part of the digital payments revolution that is sweeping the country,” said Kumar Rajagopalan, CEO of Retailers Association of India, the apex body of retailers in India that has contributed by way of suggestions and inputs on the needs of retailers.
Roha Group MD & CEO Mahesh Tibrewala said, “Looking at current digital boom with tremendous support from the government as well as active participation by India’s Common Man, NEARBY Technologies’ sound strategy to connect India digitally at grass root level for host of financial products seems an extremely exciting and rewarding investment. We are happy to see our faith being justified with NEARBY Technologies being able to orchestrate such a wonderful program with a commendable team. Their vision and clarity on digital engagement and payments has given us additional comfort and strengthens our belief that India’s transition to a Digital economy shall be simplified and smoothened with the grass root level work being done.”
The government has set a deadline of 31 March 2018 to fully roll out Aadhaar-enabled DBT for food, fertiliser and kerosene subsidies. These subsidies together account for more than 70 per cent of the government’s annual welfare pay out of Rs. 3 trillion.
About Nearby Technologies
Nearby Technologies is a FinTech start-up established in April 2016. It empowers retailers through its mobile app, PayNearby. The app enables retailers to compete with their online competitors even as they make a more efficient use of their time.
The application also helps retailers across the country earn additional revenue by offering Digital Financial Services. By harnessing the JAM trinity (Jan Dhan, Aadhaar, Mobility), Nearby Technologies is also positioning retailers as digitally-enabled FinMarts, through its mission of making “Har Dukaan, Digital Pradhaan”. It gives stores the ability to accept card payments without card machine, and help customers to pay/withdraw money from their bank account by using Aadhaar ATM.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/