PayNearby partners with IndusInd Bank for contactless payments; expands hyperlocal direct to consumer business

PayNearby, a fintech startup has now expanded its hyper local discovery and purchase application ‘BuyNearby’ for pan-India operations with IndusInd Bank

FP Staff May 26, 2020 12:56:53 IST
PayNearby partners with IndusInd Bank for contactless payments; expands hyperlocal direct to consumer business

PayNearby, a fintech startup has now expanded its hyper local discovery and purchase application ‘BuyNearby’ for pan-India operations with IndusInd Bank as digital payment partner.

Besides local kiranas, the platform hosts a wide range of retailers including – grocery stores, pharmacies, sweet stores, supermarkets, milk and dairy products, branded specialty stores, gift shops, and meat shops, among others thus catering to a wide range of customer needs. This app, in addition to helping order from nearby retail stores, will also enable the citizens to make UPI, BHIM Aadhaar and other digital payments on the platform built by PayNearby in partnership with IndusInd Bank, the company said in a statement.

Customers can now identify their nearest local kirana store and order anything while choosing from a wide range of products. Besides access to daily essentials, the interactive app allows customers to pre-order and pre-schedule deliveries, with the option to pay digitally, thus helping observe social distancing and also championing honorable Prime Minister’s vision for going local.

The offering which was initially introduced in Mumbai and Chennai on a pilot basis has now been expanded across over 2 lakh retail touch point’s pan-India. BuyNearby aims to ramp up its presence significantly at a rapid scale in the near future.

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It also offers 24X7 ordering facility whereby one can place an order on the BuyNearby app anytime even if the shop is closed. The tech-enabled platform will also help customers to track their order and discover substitutes if the required item is not available.

Retailers on the other hand can receive orders on their apps, and in turn, place bulk orders to their distributors from time to time, on the basis of prompts in the App for stock out possibility, creating a seamless supply chain connectivity, the company said in a press release. In cases where the retailer intends to maintain khata for credit to customers, the retail can use the Customer Khata feature in the App seamlessly with the orders. Customers coming to the store will also have an option to avail a wide range of financial services generating additional income for the retailers. Also, with the amount of transaction data generated for therRetailer, they will be able to avail loans from platform and partner Bank and NBFCs, the company said.

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Distributors, too, receive real-time orders from retailers, further improving the delivery network, while the interface helps improve stock visibility, the company said..

Anand Kumar Bajaj, MD and CEO, PayNearby said, “BuyNearby aims to empower our local kirana stores, by blending easy to use digital technology with last-mile connectivity.”

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