Private sector lender Axis Bank launched a new account opening program in partnership with fintech PayNearby, allowing both last mile retailers and customers to open savings and current bank accounts quickly.
According to a joint statement by the two companies, the benefit of the opening of such bank accounts at nearby local stores will make accessing formal banking easy for people lacking financial inclusion, providing higher convenience and ensuring an easy and hassle-free process for customers. This has been possible because of the Aadhaar-led authentication (eKYC).
According to the two companies, the partnership between the firms will enable Axis Bank and PayNearby to connect with potential clients in far-flung areas of the nation and address their everyday problems, such as the burden of paperwork, drawn-out procedures, technology, a lack of proximity, and apprehension around formal settings.
Axis Bank will be able to use the distribution-as-a-service (DaaS) network of more than 50 lakh micro-entrepreneurs spread across more than 20,000 PIN codes thanks to this initiative, according to the company.
The partnership with PayNearby will allow the bank to expand banking services to a sizable customer base in semi-rural and rural areas and provide them with a range of facilities in addition to the opening of a bank account, according to Munish Sharda, group executive and head of Bharat Banking at Axis Bank.
It is critical to provide small-town merchants with the resources they need to succeed if India is to achieve last-mile financial and digital empowerment, believes Anand Kumar Bajaj, founder, managing director, and chief executive of PayNearby.
“This will go a long way in allowing our retailers to maintain healthy financial practices and thrive,” said Bajaj.