PayNearby, an Indian fintech branchless banking network, has introduced PayNearby Mall, a meta-commerce platform that aims to make accessing goods and services easier.
Since its launch, PayNearby Mall has seen rapid adoption, with over 6,000 retailers already upgrading to become part of the mall. More than 100 retailers have placed over 250 orders, with mobile phones and accessories, home appliances, groceries, textiles, and even two-wheelers emerging as popular categories.
PayNearby Mall serves as a meta-commerce platform catering to the needs of large merchants, e-commerce platforms, local sellers, and small businesses, for customers across local and national markets in India. The platform offers retailers an opportunity to expand their market reach, increase profitability without additional working capital, and leverage technology to make various services available at the last mile.
Customers can visit their nearest PayNearby store, where local retailers assist them in exploring different sellers, products, and services. This optimal matching of demand and supply aims to drive local economies and enhance the overall financial wellbeing of the country.
Anand Kumar Bajaj, founder, MD & CEO of PayNearby, said: “With PayNearby Mall, e-commerce will now be accessible, easy and pocket-friendly, allowing retailers in Bharat to offer ‘Sab Kuchh’ from their stores. Retailers will no longer be limited by working capital, store size or shelf space.
“PayNearby Mall is an important step towards our 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 our upcoming ONDC initiative, which will further democratise access to digital commerce for businesses of all sizes.”
PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities.
It plans to integrate the Mall with the Open Network for Digital Commerce (ONDC) platform.