Mumbai, 16 September 2026: Bharat’s assisted banking ecosystem is moving beyond cash withdrawal to enable inclusive banking at the last mile. PayNearby, Bharat’s leading branchless banking and digital financial services network, has enabled Third-Party Cash Deposit on Aadhaar Enabled Payment System (AePS), allowing customers to deposit cash directly into a beneficiary’s bank account through nearby AePS-enabled banking points
Introduced as part of the NPCI-led rollout at Global Fintech Fest 2026, the new use case expands the role of AePS by adding an interoperable cash deposit journey to the assisted banking ecosystem. It is particularly relevant for customers who continue to transact in cash and depend on nearby assisted service points for access to formal banking services.
Under the service, a customer can visit an enabled AePS touchpoint, complete Aadhaar-based authentication and initiate a cash deposit into a beneficiary’s account with a participating bank. Beneficiary account validation is built into the transaction journey before the deposit is processed, helping improve accuracy and confidence for the customer.
The addition of Third-Party Cash Deposit strengthens the role of neighbourhood banking touchpoints by enabling customers to move physical cash directly into the formal banking system without having to visit a bank branch. The use case is particularly relevant across semi-urban and rural markets, where assisted banking continues to play an important role in everyday financial transactions.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “Cash continues to be an important part of everyday financial activity across Bharat, even as digital adoption grows. Third-Party Cash Deposit on AePS brings another essential banking service closer to the customer by enabling cash to be deposited directly into a beneficiary’s bank account through a trusted local touchpoint.”
He added, “The evolution of AePS from cash withdrawal to a broader cash-in and cash-out ecosystem strengthens the relevance of assisted banking at the last mile. Our focus remains on making formal financial services simpler, more accessible and more useful for customers in the communities we serve.”
For neighbourhood retailers and banking correspondents, the new capability expands the range of banking services they can offer within their communities. For customers, it provides an additional option to deposit cash into a bank account through a familiar assisted channel.
The launch builds on PayNearby’s focus on combining technology with trusted local distribution to improve access to banking and digital financial services across Bharat.
