Axis Bank partners with PayNearby to enable opening of bank accounts at local stores

Bombay : Private sector lender Axis Bank teamed up with fintech PayNearby on Wednesday to offer the opening of savings and current bank accounts to retailers and last-mile customers.

Enabled by Aadhaar-led authentication (eKYC), opening these bank accounts at a nearby local store will ensure easy access, greater convenience and a hassle-free process for customers, according to a joint statement. This partnership, according to the statement, will allow Axis Bank and PayNearby to reach potential customers in remote areas of the country and solve common problems they face, such as documentation hassles, lengthy processes, technology, lack of closeness and fear of a formal environment.

This move will enable Axis Bank to leverage PayNearby’s technology-backed delivery network as a service (DaaS) of more than 50 lakh micro-entrepreneurs through more than 20,000 PINs, he said.

Munish Sharda, Group Director and Head of Bharat Banking at Axis Bank, said that the partnership with PayNearby will enable the bank to extend banking services to a huge customer base in semi-rural and rural areas and offer them a range of facilities as well as the opening of a bank account.

According to Anand Kumar Bajaj, Founder, Managing Director and Managing Director of PayNearby, for India to become financially and digitally empowered at the last mile, it is important that local retailers are given the tools to grow.

“This will go a long way in enabling our retailers to maintain sound financial practices and thrive,” Bajaj said.

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