PayNearby Launches PayNearby Mall to Empower Local Retailers in India
- ByStartupStory | May 12, 2023
PayNearby, India’s leading branchless banking and digital network, has launched PayNearby Mall, a meta-commerce platform aimed at enabling retailers to offer goods and services in an assisted mode at the last mile. The platform, which will soon be integrated with the Open Network for Digital Commerce (ONDC) platform, aims to upgrade every retailer in PayNearby’s million+ active network to benefit from the ongoing e-commerce revolution.
Within hours of the launch, more than 6,000 retailers have upgraded themselves to a mall, with over 100 retailers placing over 250 orders. The most popular categories included mobile phones and accessories, home appliances, groceries, and textiles.
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.”
The 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.
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. PayNearby Mall will enable an optimal demand and supply match, fueling the growth of local economies and overall financial health in India.
PayNearby operates on a B2B2C model, partnering with neighbourhood retail stores to provide digital and financial services to local communities. Its mission is to make financial services available to everyone, everywhere. Currently, PayNearby’s 50 lakh-plus micro-entrepreneurs across 20,000+ PIN codes assist 20+ crore customers across the country to the tune of more than ~7500 crores GTV per month.
PayNearby Mall is an important step towards PayNearby’s 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 the upcoming ONDC initiative, which will further democratize access to digital commerce for businesses of all sizes.
“We are excited about the potential of this platform to create value for our retail partners and customers alike,” Bajaj said. “We believe that by empowering local retailers, we can accelerate the growth of the digital economy across Bharat and soon make ‘Digital India’ a reality. PayNearby Mall brings every retailer in the country an opportunity to succeed and actively contribute to India’s digital economy and fulfill their Zidd Aage Badhne Ki!”
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