PayNearby to start cross-border remittance services by October

Fintech startup PayNearby will start a facility for inward cross-border remittance by October, allowing beneficiaries to withdraw the amount as per their requirement rather than taking the whole amount in one go.

“The Reserve Bank has granted us the approval under the second cohort for cross-border remittance. India gets about $80 billion as remittance every year, which either comes in cash or in bank account,” Anand Kumar Bajaj, founder, MD & CEO, PayNearby, told PTI.