The latest offering from PayNearby, the PayNearby Shopping Card, will enable its retail partners to drive maximum benefit from digital commerce in the mass market category. The new card is launched in partnership with YES Bank and National Payments Corporation of India (NPCI) and powered by RuPay. Now the retailers can smoothly consume digital services, like e-commerce, e-learning, online gaming, online music, and videos, monthly recharges, and utility payments in a secure, risk-free mode.
India has a large under-banked and digitally shy population, the company aims to facilitate mass market adoption so that digital facilities are available at the grass-root level. The PayNearby Shopping Card will help retailers to meet their e-commerce requirements through a safe and secure means. The easy to use the card is enabled across 10 lakh plus touchpoints across 17,000 plus PIN codes in the country. Retailers can avail cards after completing KYC. Users can transact up to Rs. 5 lakh monthly and Rs. 25 lakh annually. At any point of time, the maximum wallet balance can be Rs. 1 lakh.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said that they are delighted with the partnership and ensured that the transaction with PayNearby Card will be safe and secure. He acknowledged the work of the company’s Digital Pradhan network and said that they worked as corona warriors during the pandemic providing banking facilities at the grass-root level. Since the lockdown, the company has been processing Rs. 100 crore daily transactions.
Praveena Rai, COO, NPCI said that the initiative will empower small retailers by helping them to upgrade and add value to their business and act as a driving force for local retailers to onboard digital payments platforms.
The prepaid card ensures a high level of security to the user, while it operates similar to a debit card, the users don’t have to worry when large volumes are being transacted as the card is linked to PayNearby wallet rather than the bank account. Its fraud protection mechanism ensures protection to user’s data. It provides a seamless lock/unlocks feature and a summary of the transaction helps the user to keep track of his/her spending. The company aims to uplift the technology shy population to take advantage of digital advancement. It also offers non-financial services like travel ticket booking, utility bill payment, mobile recharges, etc. In post COVID world contactless and digital payments have great significance.
