PayNearby reported strong growth in financial transactions during FY2020–21, recording a Gross Transaction Value (GTV) of ₹54,000 crore across its assisted digital banking platform. The company said its exit month GTV was 32% higher than the average monthly GTV recorded in FY2019–20, reflecting increased adoption of digital financial services across semi-urban and rural India.
During the financial year, PayNearby generated around ₹290 crore in revenue for its retail partners and approximately ₹40 crore in fees for its banking partners. The company noted that despite disruptions caused by the pandemic, its platform continued to provide stable income opportunities for lakhs of small retailers across the country.
A major contributor to the growth was the rising use of Aadhaar-enabled services. Transactions through the Aadhaar Enabled Payment System saw significant expansion, especially in rural and tier-2 markets. AePS withdrawals reached ₹10,000 crore in the fourth quarter of FY21 compared with ₹7,650 crore in the same quarter a year earlier. For the full year, AePS transactions totaled around ₹40,000 crore, up from ₹31,500 crore in FY2019–20, representing a 27% year-on-year increase.
In terms of volume, PayNearby processed 18 crore transactions in FY2020–21 compared with 12.5 crore transactions in the previous financial year, registering a growth of 46%. These transactions included both routine banking services and government relief disbursements during the pandemic.
The company also witnessed a sharp fluctuation in its domestic remittance business during the lockdown period. Domestic Money Transfer (DMT) transactions fell by more than 85% in the initial months as migrant workers returned to their hometowns. However, the segment recovered strongly during the unlock phase, registering a V-shaped rebound with a 106% increase in transaction value and 100% growth in volume compared with the lockdown period. PayNearby reported ₹12,000 crore in remittance transaction value during FY2020–21, with an average monthly volume of over ₹1,300 crore in the second half of the year.
Overall assisted digital transactions across PayNearby retail stores reached ₹15,200 crore in Q4 FY21, marking nearly 30% growth from ₹11,700 crore recorded in the same quarter the previous year. The growth was supported by rising adoption of services such as digital payments, micro-savings products, insurance, EMI collections, and payment solutions including mPOS, UPI QR and AadhaarPay.
