India’s Branchless Banking Fintech PayNearby Launches a Commerce Platform for SMBs, Consumers

PayNearby, which claims to be one of India’s leading branchless banking and digital networks, launched PayNearby Mall—a meta commerce platform to enable easy availability of good and services, in an assisted mode at the last mile.

This will soon be “integrated with the Open Network for Digital Commerce (ONDC) platform.”

With this initiative, PayNearby aims “to upgrade every retailer, in its million+ active network, to benefit from the ongoing e-commerce revolution, including the ONDC platform.”

Within hours of the launch, the company shared “that more than 6000+ retailers have upgraded themselves into a mall.”

More than 100+ retailers “have ordered over 250+ orders.”

The most popular categories “included mobile phones and accessories, home appliances, groceries and textiles while many searched for two wheelers also.”

PayNearby Mall is “envisioned as a meta-commerce platform that will empower every retailer and seller, from big merchants and e-commerce platforms to local sellers and small businesses (through ONDC) meet the unmet demand of their customers, both locally and across a wider market PAN India.”

It will help retailers “expand their market, run a more profitable business with no additional working capital requirement and use technology to make all forms of services available at the last mile.”

It will also “benefit crores of consumers in Bharat with wider choices, giving them a seamless, affordable one-stop-shopping experience at a nearby store.”

Customers can walk into their nearest PayNearby store and “with the help of the local retailer, discover any seller, product or service at the most optimal price point.” It will enable an optimal demand and supply match, “fueling the growth of our local economies and overall financial health of our country.”

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said:

“With the past 18 months of work, we are finally thrilled to present PayNearby Mall, an initiative to elevate every trusted small store in Bharat into a super mall. With this feature, we look to empower local sellers and buyers and give them a user-friendly platform to discover products and sellers, compare prices, and make purchases with ease. It will help digitally overhaul small businesses gearing them towards a better livelihood and bringing them at par with the current times. Trust augmented.”

With PayNearby Mall, e-commerce will now be “accessible, easy and pocket-friendly, allowing retailers in Bharat to offer ‘Sab Kuchh’ from their stores.”

Retailers will “no longer be limited by working capital, store size or shelf space.”

All they would need is “their PayNearby/NeoDukaan app to offer worldwide inventory to their customers, supported by 50+ brands/ partners, at the click of a button.”

They will soon “integrate with ONDC too, so that local goods and sellers can reach their full potential and serve the growing demands of ambitious and unstoppable Bharat at the last mile.”

PayNearby Mall is “an important step towards our vision of creating a truly digital ecosystem for retail in India.”

It comes at a time “when the retail industry in India is undergoing a rapid transformation. It is a forerunner to our upcoming ONDC initiative, which will further democratise access to digital commerce for businesses of all sizes.”

The team are excited about “the potential of this platform to create value for our retail partners and customers alike.”

They believe that by “empowering local retailers, we can accelerate the growth of the digital economy across Bharat and soon make ‘Digital India’ a reality.”

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