• Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • Television
  • Advertising
    • Goafest 2022
    • PR
    • Mobile/Digital
      • Marketing
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column
Saturday, August 13, 2022
MediaNews4U
  • Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • Television
  • Advertising
    • Goafest 2022
    • PR
    • Mobile/Digital
      • Marketing
        • Market Analysis
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column
No Result
View All Result
MediaNews4U
  • Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • Television
  • Advertising
    • Goafest 2022
    • PR
    • Mobile/Digital
      • Marketing
        • Market Analysis
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column
No Result
View All Result
MediaNews4U.com
No Result
View All Result
Home Digital Tech

PayNearby partners with NPCI to launch RuPay Shopping Card for retailers

by Editorial
December 3, 2020
in Digital Tech, Featured
Reading Time: 3 mins read
PayNearby partners with NPCI to launch RuPay Shopping Card for retailers
Share Share ShareShare

Mumbai: PayNearby, India’s hyperlocal fintech startup, has partnered with YES Bank and National Payments Corporation of India (NPCI) to launch PayNearby Shopping Card, enabling its retail partners to derive maximum benefits of digital commerce in the mass market category. The new offering aims to enable PayNearbyretailers to seamlessly consume a range of digital services, like eCommerce, e-learning, online gaming, online music, and videos, monthly recharges, and utility payments in a secure, risk-free mode.

India has a large underbanked, un-carded, digitally shy population who still transact in cash. Mass market penetration of digital services in India is challenged because of the limited adoption of digital money.  The launch of PayNearbyShopping Card powered by RuPayis aimed to enable mass-market adoption so that cash digitization options are available at grass root levels.

The PayNearby Shopping Card will offer our retailers a safe and simple payment instrument to fulfill their digital commerce requirements. The card is easy to use and is enabled across 10 lakh plus PayNearby retail touchpoints, across 17,000 plus PIN codes in the country.  The retailers can avail of the card by completing the KYC. The maximum wallet balance at any point in time can be Rs. 1 Lakh and users can transact up to Rs. 5 lakh monthly and Rs. 25 lakhs annually.

PayNearby is committed to uplifting the technology-shy population and taking them up the digital curve so that the benefits of digital advancements can be more widespread. Active usage of these cards will be promoted through tailored campaign for both retailers and consumers. The new offering aims to boost online transactions across platforms in e-commerce purchases, monthly utility payments, mobile recharges, online education subscriptions, and more. In post COVID era, when contactless payments and digital commerce have become so significant to avail services, PayNearby aims to enable masses to access these benefits through PayNearby Shopping Card powered by RuPay.

The prepaid card is a secured payment instrument and mitigates the risk of cyber fraud, especially in case of high-volume transactions. While it operates very similar to a debit card, unlike the latter, the PayNearby Shopping Cardis linked to a PayNearby wallet rather than a bank account. Users can load as much or as little money as they are comfortable with, thus minimizing risks while securing payments. Fraud protection mechanisms put in place ensure transactions are secure and there is no data compromise.

One of the most salient features of the offering is that it enables the user to seamlessly lock/unlock the card digitally while also offering a summary of the transaction statement which in turn helps users to keep their spending under check.

Anand Kumar Bajaj

Commenting on the announcement, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby stated, “We are delighted to partner with NPCI to launch the PayNearbyShopping Card powered by RuPay, a virtual prepaid instrument that ensures secure transactions. Our Digital Pradhan network has been at the forefront of the pandemic, serving as corona warriors and providing seamless banking at the grassroots level. We have been processing over Rs.100 crore transactions daily since the lockdown, and handling large volumes.

The launch of PayNearby Shopping Card powered by RuPaywill act as a catalyst in our cash digitization efforts and help us uplift local communities by enabling access to a lot of digital services, which were earlier limited to 10% of India’s population who had access to digital money. It is our duty to ensure that our retailers and our customers get the maximum benefit of digital advancements in these challenging times while assuaging any concerns of misuse and cyber frauds.

PayNearby retailers offer a host of non-financial services such as travel ticket booking, utility bill payment, and mobile recharges among others to the local population which requires a digital mode of payments. Additionally, where cash on delivery (COD) is not available it becomes a challenge for a customer to avail of e-commerce and other services as they are required to pay digitally in advance. These customers are unbanked and underbanked and do not have access to digital payment instruments. The virtual prepaid card can play the role of an enabler offering access to assisted agent banking as the retailer can seamlessly pay for the customer using the PayNearbyShopping Card.”

Praveena Rai
Praveena Rai

Praveena Rai, COO, NPCI said, “We are pleased to partner with PayNearby and launch the PayNearby ShoppingCard.Through this strategic partnership, we endeavor to deepen the financial inclusivity in the country and empower the underbanked population with seamless digital payments facility for their day to day transactions. This initiative enables small scale, local retailers, to upgrade and add value to their businesses with digital commerce facility, this will also act as a driving force for local retailers to onboard into the digital payment ecosystem. We believe this collaboration is a step ahead towards realizing our vision of digital payments for all.”

Tags: Anand Kumar Bajaj PayNearbyNPCIPayNearbyPayNearby Shopping CardPraveena Rai NPCIRuPayYES Bank

Related Posts

‘Har Ghar Tiranga’ campaign: India Today office glitters with tricolor
Featured

‘Har Ghar Tiranga’ campaign: India Today office glitters with tricolor

by Editorial
August 13, 2022
0

The Union government had issued a call for the ‘Har Ghar Tiranga’ campaign under the aegis of Azadi Ka Amrit...

Read more
Josh Talks launches 'Josh Marathon' to mark India’s 75th Independence Day
Events

Josh Talks launches ‘Josh Marathon’ to mark India’s 75th Independence Day

by Editorial
August 13, 2022
0

Josh Talks, regional content and upskilling platform, has announced its video campaign Josh Marathon - India’s largest multilingual storytelling digital...

Read more
#MakeinIndia #MakingIndia: Rooh Afza

#MakeinIndia #MakingIndia: Rooh Afza

August 13, 2022
#Makeinindia #MakingIndia: Raymond

#Makeinindia #MakingIndia: Raymond

August 13, 2022
#Makeinindia #MakingIndia: Dabur

#Makeinindia #MakingIndia: Dabur

August 12, 2022
#MadeInIndia #MakingIndia: Bhima

#MadeInIndia #MakingIndia: Bhima

August 12, 2022
#MadeInIndia #MakingIndia: Margo

#MadeInIndia #MakingIndia: Margo

August 12, 2022
#MadeInIndia #MakingIndia: MDH

#MadeInIndia #MakingIndia: MDH

August 12, 2022

Subscribe to Newsletters

Contact Us :

UPLIFT MEDIANEWS4U DIGITAL PVT LTD

No. 194B , Aram Nagar 2, JP Road

Versova, Andheri West

Mumbai - 400061

Umanath.V
+91-99400-17868
umanath@medianews4u.com

© 2019 medianews4u.com

No Result
View All Result
  • Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • Television
  • Advertising
    • Goafest 2022
    • PR
    • Mobile/Digital
      • Marketing
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column

Medianews4u.com © 2019 - 2022 All rights reserved.