Paynearby is a new and emerging financial technology company that has taken the banking industry by storm. When you set up an account with Paynearby, you’ll have the convenience of being able to withdraw funds from any ATM machine.
In this article, find out how this service works and what its benefits are!
What is a Paynearby?
PayNearby, India’s leading FinTech network, is on a mission of building an ecosystem to make financial services more accessible to the underbanked. To do this, they have launched their own network of micropayment card machines for retail touchpoints all over the country. They have teamed up with the National Payments Corporation of India and Equitas Small Finance Bank for this initiative.
Micro ATM business terminal has now been launched. This will be beneficial as retailers can now offer cash withdrawals through debit cards with the addition of Aadhar-enabled money withdrawal services. Micro ATM terminals are lightweight, sleek and easy to install, unlike traditional ATMs that take up much space and require vaults for security.
In India, you can walk to your nearest PayNearby store, such as the grocery store or the gas station, and deposit cash by swiping your debit card and entering your PIN. The customer receives a SMS from the bank, too! You can also request balance enquiries at these retail stores.
A cost-effective and budget-friendly solution, the Micro ATM is perfect for small retail stores who routinely perform large transactions. With this new machine, they can easily manage their cash flow.
POS-enabled Micro ATMs are now being introduced all over India. The company is hoping to introduce more than 1 lakh of them in the first year of their nationwide launch.
How Do I Withdraw Money From Paynearby?
To withdraw money from your Paynearby account, you will need to use the Aadhar withdrawal feature.
This can be done by going to the ‘Aadhar Withdrawal’ section of the Paynearby app and selecting the amount you wish to withdraw.
You will then be asked to enter your Aadhaar number and confirm the withdrawal.
Once this is done, the money will be transferred from your Paynearby account to your linked bank account within a few minutes.
How Paynearby Emerged?
When the pandemic reached its peak and businesses were closing at an alarming rate, it was the poorest who were hit hardest.
Migrant workers in large cities have had a hard time finding jobs because they all moved back to their original towns. This, along with no work and little earnings, led to an 80% decline in remittances.
Based on trust and data-driven insights, Paynearby provides members with access to multiple partners, which includes banks, nonprofits, global foundations, and others. The individual has the opportunity to be placed with any partner.
Paynearby wants to make digital financial services more accessible for the people around them. Through Digital Pradhan, they’re making it easier for retailers to offer financial services to their communities and help provide more people access to these services.
Whether you’re looking to cash out your earnings or simply need access to your funds, this process is quick and easy. We hope this article has been helpful and that you now feel confident withdrawing money from your Paynearby account.
And If you are thinking of becoming a distributor with Paynearby, I have listed the requirements and advantages of being a Paynearby distributor in the below post. Give a glance before your proceed:
Do you know you can earn money using Paynearby? Not sure where you can start and how much money you can earn with it? Read on the below mentioned article to know more.
What did we learn?