The maximum wallet balance at any point in time can be Rs. 1 lakh
Hyperlocal fintech startup PayNearby partnered with YES Bank and National Payments Corporation of India (NPCI) to launch the PayNearby shopping card, enabling its retail partners to derive maximum benefits of digital commerce in the mass market category. The new service will allow PayNearby retailers to avail a range of digital services in a secure, risk-free mode. The retailers can avail of services such as e-learning, e-commerce, online gaming, monthly recharges and utility payments, online music, and videos. The launch of the PayNearby shopping card is powered by RuPay and is targeted for enabling a mass-market adoption. This will likely allow for cash digitization options at the grass-root levels.
”The launch of PayNearby shopping card powered by RuPay will act as a catalyst in our cash digitization efforts and help us uplift local communities by enabling access to a lot of digital services, which were earlier limited to 10 per cent of the country’s population who had access to digital money,” said Anand Kumar Bajaj, Founder, MD & CEO, PayNearby.
Retailers can avail of the card by completing the KYC requirements. The card is available at more than 10 lakh plus PayNearby retail touch points, across over 17,000 PIN codes in the country.
Features of PayNearby Shopping Card:
- The maximum wallet balance at any point in time can be Rs. 1 lakh and users can transact up to Rs. 5 lakh monthly and Rs. 25 lakhs annually.
- It is a prepaid card and is a secured payment instrument, mitigating the risk of cyber fraud, especially in cases of high volume transactions.
- It operates like a debit card, but the PayNearby card is linked to a PayNearby wallet rather than a bank account.
- Users can load as much or as little money in the wallet, which will minimize the risks while securing payments.
- The card enables the user to lock/unlock digitally while also offering a summary of the transaction statement for accountability of spending.
”This initiative enables small scale, local retailers, to upgrade and add value to their businesses with digital commerce facility, this will also act as a driving force for local retailers to onboard into the digital payment ecosystem. We believe this collaboration is a step ahead towards realizing our vision of digital payments for all,” said Praveena Rai, COO, NPCI.