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Fintech

Solid performance by PayNearby

PayNearby said it has recorded Gross Transaction Value (GTV) worth Rs 54,000 crore in FY 20-21, with an exit month GTV 32% higher than the average monthly GTV booked in FY 19-20. The company generated ~Rs 290 crore of revenue for its retail partners and about ~Rs 40 crore of fee for its banking partners in the same financial year. Amidst the pandemic, the generation of stable income opportunities for its partnering retail community ensured steady livelihood across lakhs of household across the country. The company said Aadhaar ATM, which is the backbone for disbursing DBT to citizens, saw a huge surge across PayNearby retail stores, primarily led by increased adoption in rural, semi urban and tier 2 towns. The company reported AePS withdrawals worth Rs 10,000 crore in Q4 FY 2021 as against Rs 7650 crores for the same quarter last year. The overall value of AePS transactions in FY20-21 stood at approximately Rs 40,000 crore as against Rs 31,500 crore in FY19-20, thereby registering a yoy growth of 27%. Anand Kumar Bajaj, Founder, MD & CEO, said the company’s assisted digital distribution services ensures low-cost delivery of accessible banking services to every section of the society without discrimination. He added the company represents the country’s largest retail merchant network today with more than 2 crore customers serviced monthly.

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