FinTech start-up Nearby Technologies has partnered with YES BANK, and National Payments Corporation of India (NPCI) to launch a card less and PIN-less Aadhaar ATM service.
Using the PayNEARBY mobile application on a smart phone, a retailer can become an Aadhaar ATM / Aadhaar Bank Branch for cash withdrawals and deposits by a customer.
To use this unique facility, customers of any bank just need to link their Aadhaar number with any bank account which gets seeded with NPCI on customer’s request to their respective bank.
Cash withdrawal and other transactions are made possible by simply using Aadhaar Number and finger print.
PayNEARBY’s Aadhaar ATM will be available through YES BANK and the BC Agent network comprising 40,000 touchpoints.
The company has tied up with the Retailers Association of India for spreading the relevance and creates popularity of Aadhaar services, educating customers and enabling the service even in the remotest parts of India.
Anand Kumar Bajaj, Founder, Nearby Technologies, “With the launch of this service, our aim is to become the payments enabler for India. The Government has given subsidy to the common man but customers are unable to access this money and are not aware of this subsidy, thereby blaming the Government for inflation”.
“If you pick up 2 out of 10 people in a village, they are surprised that they have money in their bank account. Many don’t even know that an account was opened for them during Aadhaar registration. We want to work in fulfilling Government’s mandate and to make sure those customers can access their money,” added Bajaj.
Ritesh Pai, Chief Digital Officer, YES BANK, said, “We are glad to partner with NEARBY Technologies to offer AEPS solutions and the innovative atmNEARBY services to customers across India.”
“NPCI is pleased to provide support through technologically advanced platforms like Aadhaar Enabled Payment Service and BHIM Aadhaar. With appropriate awareness, we believe PayNearby solution would become a popular payment mode among masses” said NPCI spokesperson in a statement issued.