Chennai, NFAPost: Agent banking platform PayNearby has announced its partnership with Sub-K Impact Solutions Ltd (Sub-K), a leading player facilitating loans, savings and payments to underbanked households and micro-enterprises.
The partnership will work towards enhancing shared goals of the two organisations that are committed to enabling financial inclusiveness and economic wellbeing of the country’s masses. Partnership with PayNearby will help Sub-K harness an additional network of over 10 lakh retail agent outlets, adding scale and efficiency in their lending and cash collection businesses.
Retail customers and collection staff of Sub-K can walk into any PayNearby outlet, spread across 17,000 PIN codes in the country and deposit cash hassle free. The partnership will allow customers of the low-income cohort, who often find it difficult to deposit low denomination transactions, now to do so at a store nearby.
Physical cash deposited by customers and staff will be digitally converted and settlement processed even after banking hours, every day of the week. Quick settlement and a single unified cash collection dashboard offered by PayNearby will help Sub-K drive efficiency and cost optimisation in the collection processes.
PayNearby MD and CEO Anand Kumar Bajaj said, “We are happy to partner with Sub-K in this journey. Both organisations share a similar ideology of improving financial health of the country’s underserved by making financial services accessible at the last mile.”
“We hope our efforts into simplifying high end technology, so that it is widely usable and a growing network of PayNearby Digital Pradhans, will add efficiency and scale to Sub-K’s businesses,” he added.
Sub-K IMPACT Solutions MD and CEO Sasidhar N Thumuluri said, “We are very delighted to join hands with PayNearby in our combined journey towards a financially included India. We believe that this partnership has the potential to greatly release cash management stress from our microfinance operations. This promises to bring greater efficiencies in our business while offering additional revenue line for PayNearby’s distribution network, making it a win-win model for both.”
Founded in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more.