Mumbai, February 11, 2019: PayNearby, India’s leading Hyperlocal FinTech Network which empowers retailers across the country to offer digital financial/non-financial services through local retailers to millions of citizens has partnered with Be-Bound, the French mobile network optimization company, to make digital financial transactions possible in more places in rural India using Be-Bound’s patented Augmented Connectivity technology.
This partnership will facilitate enhanced connectivity to PayNearby retailers, who are facing challenges due to the unstable data connectivity while serving customers with digital financial services in low network areas. With Augmented Connectivity, PayNearby retailer app will work even in the absence of data coverage. Augmented Connectivity enables Android apps to work on any network, even without internet. Data is compressed so that apps can work even on the SMS network, so anywhere a text can be sent, apps have full functionality. With this collaboration, PayNearby retailers will now be able to serve the end customers in a more simple, efficient and connected manner.
After signing the MOU, Mr. Anand Kumar Bajaj, Founder & CEO – PayNearby said “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. 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 of Be-Bound.
Ekaga Futuristics Pvt Ltd is Be-Bound’s strategic partner for India and is helping them to acquire such valuable partnerships with the leading companies like PayNearby. “Be-Bound technology enhances the level of connectivity and improves the customer experience by helping businesses to reach the zones with limited or no data service using the pre-existing networks.” – said, Harkaran Singh Sachdev, Founder & CEO, Ekaga Futuristics.