PayNearby Aadhaar ATMs' Withdrawals Exceed 40,000 Cr in FY 20-21
India’s leading digital payments network, PayNearby announces that it has recorded Gross Transaction Value (GTV) worth 54,000 Crores in FY 20-21, with an exit month GTV 32 percent higher than the average monthly GTV booked in FY 19-20. However, the firm has produced ~ 290 Crores of revenue through its retail associates and about ~ 40 Crores of fee for its banking partners in the same financial year. Amid the pandemic, the generation of stable income opportunities for its partnering retail community ensured steady livelihood across lakhs of household across the country.
However, FY 20-21 witnessed an irreparable loss both in lives and livelihoods among many, thus agent banking network played a crucial role in ensuring relief expenses reach the hands of the intended. Aadhaar ATM, which is the backbone for disbursing DBT to citizens, witnessed a huge surge across PayNearby retail stores, primarily led by increased adoption in rural, semi urban and tier two towns. The company reported AePS withdrawals worth 10,000 Crores in Q4 FY 2021 as against 7,650 Crores for the same quarter last year.
Commenting on the progress, Anand Kumar Bajaj, Founder, MD & CEO says, “Our assisted digital distribution services ensures low cost delivery of accessible banking services to every section of the society without discrimination. Tech savvy and oblivious segments both access our Agents for ATM withdrawals, digital payments, bike insurance, small value savings and booking travel tickets. The steep rise in volume and values across our platforms are a testimony to a burgeoning revolution within the digital banking ecosystem. The numbers are a clear reflection that real Bharat in tier-II cities and beyond are adopting digital services through their trusted local stores nearby. We need to port this local trust and layer it with the right tools, training and technology to universalize digital payments and digital banking in India.
With 50 Lakh app downloads and an annual transaction processing of ~54,000 Crores of digital financial services, the firm is still at the tip of the iceberg. There is a large unexplored, underserviced market which needs to be brought up the curve by simplifying high end technology for the bottom of the pyramid. We will continue to innovate every single day to ensure form factor agnostic digital payments and digital banking services reach the masses. As we yet again enter the second wave of the pandemic, it is critical to cement financial architecture to ensure seamless access to financial services in the hinterlands of the country.”
Anand further adds, “We also feel extremely fortunate to be able to provide stable income opportunities for our Digital Pradhans. It has ensured families across the country had the means to sustain this economic turmoil. Our focus on our Digital Pradhan’s growth and sustainable livelihood will always remain a priority objective at PayNearby.”
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