Branchless banking and digital network PayNearby on Monday announced a new credit marketplace in partnership with digital public infrastructure company Protean eGov Technologies Limited for last-mile borrowers. The marketplace will focus on small business owners with government-backed Open Network for Digital Commerce (ONDC).
Protean eGov will act as an ONDC technology service provider, facilitating credit access through PayNearby’s Distribution as a Service (DaaS) network with more than 12 lakh outlets.
The company said Protean will aggregate multiple Loan Service Providers (LSPs) on a single platform, allowing borrowers to access loan options. It integrates data frameworks such as the Account Aggregator (AA) for credit scoring and personalized solutions for new-to-credit customers and those with thin credit files.
Speaking on the initiative, Anand Kumar Bajaj, Founder, MD & CEO of PayNearby, said, the integration with Protean through the ONDC Network will revolutionise how credit is accessed and delivered in Bharat.
“By offering formal credit options and tailored products, we are committed to providing our retail partners and customers with viable financing solutions. Our goal is to streamline the lending process, ensuring quick and easy credit access for all,” he said.
PayNearby said the partnership with Protean will enable credit of up to Rs 4 lakh for salaried and self-employed applicants.
“Bharat still has a large population outside the formal credit ecosystem and we firmly believe that consent-based data sharing through Account Aggregator will digitally empower these individuals to access credit using their own transactional history. By bringing together Account Aggregator, the data DPI, and the ONDC-powered open network, coupled with PayNearby’s last mile reach through physical touchpoints, we intend to enable universal access to credit for underserved borrowers,” said Suresh Sethi, Managing Director and CEO, Protean eGov Technologies.