PayNearby operates on a B2B2C model, where it partners with neighborhood retail stores and enables them to provide digital and financial services to local communities.
PayNearby, a branchless banking and digital network, has announced a strategic partnership with MyShubhLife, an embedded credit platform. This collaboration aims to provide distributors with easy access to revolving credit lines, enhancing financial agility in the MSME sector.
MyShubhLife's technology platform, powered by advanced analytics, AI, and machine learning from its Data Sciences Centre of Excellence (CoE), enables the scoring of thin credit files and facilitates simple micro-lending experiences for customers. This enables them to secure loans seamlessly based on PayNearby's Bharosa score parameters, as per a company statement.
PayNearby, serves 75 per cent of India through its DaaS network, as per a company statement. The platform offers a wide range of services, including cash withdrawals, e-commerce, bill payments, savings, travel, and insurance.
Anand Kumar Bajaj, Founder, MD, and CEO of PayNearby, said, "By leveraging innovative solutions and technology, we strive to address the evolving requirements of our distributors and provide financial access.”
Monish Anand, CEO and Founder, MyShubhLife, said, "The MSME segment in India is still largely ignored by the traditional banks and financial institutions due to issues such as a lack of documentation and poor or no credit history. As an organization, our focus has always been on the underserved and unserved segments. Our sophisticated embedded credit platform offers several advantages to the end customer. This strategic collaboration will help us achieve our shared goal of boosting the accessibility of credit and creating financial agility in the MSME space.”.
Incepted in April 2016, PayNearby is a DPIIT-certified company and a branchless banking and digital network. PayNearby operates on a B2B2C model, where it partners with neighborhood retail stores and enables them to provide digital and financial services to local communities. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.
MyShubhLife is an embedded credit platform. In the last two years, the company has focused on the unseen MSME segment. MSL, through its strategic partnerships with corporations as well as digital platforms, offers credit merchants across the country products like collateral-free loans and lines of credit with flexible repayment options, as per a company statement.