PayNearby, Be-Bound partner to enable financial transactions in areas with limited connectivity – Elets

For making the digital financial transactions possible across rural India, FinTech firm PayNearby has joined hands with Be-Bound.

Through this partnership, Be-Bound’s patented Augmented Connectivity technology will enable financial transactions in areas with limited connectivity.

This joint venture will facilitate improved connectivity to PayNearby retailers, who are facing hardships due to low data connectivity while serving customers with digital financial services in low network areas.

With the help of Augmented Connectivity, PayNearby retailer app will be able to offer services without the availability of data coverage. Augmented Connectivity helps Android apps to perform on any network, even without internet.

This feature compresses the data so that the app performs even on the SMS network, so the text can be sent anywhere. With this partnership, PayNearby retailers will now be able to offer services to the end customers in a simple, efficient and connected manner.

 “We are intensifying our efforts to extend financial inclusion to every citizen everywhere. Our key objective is aligned with the Government’s agenda and through this partnership, we’re happy to have one less challenge to handle,” said Anand Kumar Bajaj, Founder and CEO, PayNearby.

Anand Kumar Bajaj added, “The Har Dukaan Digital Pradhan movement will become a reality through this connectivity solution offered by our Global Partner Be-Bound. Using PayNearby, shops essentially become local banks, offering a wide range of digital financial services to the people. With the wider reach that Be-Bound technology can offer us, we will now steadily enhance the availability of our services to a larger population.”

 “We are looking forward to using our technology to help PayNearby transform rural retail stores into Fintech Marts, and bring digital services to people who need them most, with the help of Augmented connectivity. This will introduce entirely new populations to the world of digital money, and contribute to inclusive growth,” said Yazid Chir, President and Co-founder, Be-Bound.