MUMBAI : Private sector lender Axis Bank on Wednesday partnered with fintech PayNearby to offer savings and current bank accounts for retailers and last-mile customers.

Enabled by Aadhaar-led authentication (eKYC), the opening of these bank accounts at the nearest local store will ensure easier access, greater convenience and a hassle-free process for customers, a joint statement said. This partnership, said the statement, will enable Axis Bank and PayNearby to reach potential customers in remote regions of the country, and address the common issues they face such as the inconvenience of documents, lengthy processes, technology, lack of proximity and fear of official environment. .

The initiative will enable Axis Bank to leverage the PayNearby network backed by distribution-as-a-service (DaaS) technology of more than 50 lakh micro-entrepreneurs in over 20,000 PIN codes, it said.

Munish Sharda, group executive and head of Bharat Bank at Axis Bank, said, the partnership with PayNearby will enable the bank to expand banking services to more customers in rural and rural areas and provide them with more services including opening bank accounts.

According to Anand Kumar Bajaj, founder, managing director and chief executive, PayNearby, for India to be financially and digitally empowered in the last mile, it is essential that local retailers are given the tools required for their growth.

“This will go a long way in allowing our dealers to maintain sound financial practices and thrive,” said Bajaj.

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