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PayNearby launches micro ATM

PayNearby launches micro ATM

India Blooms News Service | @indiablooms | 11 Nov 2019, 12:23 pm

New Delhi, Nov 11 (UNI) The hyperlocal fintech network builder PayNearby has launched its own network of Micro ATMs and tied up with National Payments Corporation of India (NPCI) and Equitas Small Finance Bank for this initiative.

"With the launch of Micro ATM business terminal, PayNearby has strengthened its product portfolio of money withdrawal services. Now along with Aadhaar enabled money withdrawals, PayNearby retailers can also offer cash withdrawals through debit cards. This has enabled a small kirana store to become a full-fledged customer touch point for ATM like services," a statement here said on Monday.

"The company aims to add over 1 lakh POS enabled Micro ATMs in the first year of its launch," Anand Kumar Bajaj, Founder & CEO PayNearby said in a statement.

It added, "A handy low cost machine, that processes card transactions seamlessly, PayNearby’s Micro ATM is a cost effective and a smart cash management tool for small retail stores and traders who deal in large chunks of cash on a daily basis. With the new offering, retailers on PayNearby’s network can efficiently use the money available in their drawer."

The company has commenced a nation-wide launch by getting the service activated on its retail network comprising of more than ~750,000 retail touch points across the country. 

Image: PayNearby website