YES Bank, Nearby tie up to offer cardless transactions

Reported by: |Updated: January 5, 2018

YES Bank and fintech startup Nearby Technologies are collaborating to provide Aadhaar-enabled cardless and PINless ATM service to customers so that they can deposit or withdraw money at retailers’ premises. The transactions can be carried out by using the PayNEARBY mobile application on a smart phone by the retailers, who can essentially become an Aadhaar ATM/Aadhaar Bank branch. YES Bank and Nearby had worked with the National Payments Corporation of India (NPCI) to launch this service. PayNEARBY’s Aadhaar ATM will be available through YES Bank and the business correspondent agent network comprising 40,000 touch points. By using the Aadhaar number and finger print, a customer can do cash withdrawal or any other transactions from these locations. Nearby has tied up with the Retailers Association of India for spreading the relevance and creating popularity of Aadhaar services, educating customers and enabling the service even in the remotest parts of India.