Payworld: Indias largest assisted wallet bringing marketplace closer to the semi-urban and rural consumers

Payworld: Indias largest assisted wallet bringing marketplace closer to the semi-urban and rural consumers

Photo by : Incredible India Info

Mobile Point of sale machines

Payworld is India’s largest assisted wallet which is bringing marketplace closer to the semi-urban and rural consumers who are not using smart phones and ATM. The brand has built a formidable presence in India with over 1,55,572 active retail touch-points across 630 cities and 23 states providing access to untouched market segments to the service providers. PayWorld is committed to simplifying people’s lives and has innovated Mobile Point of sale machines for several small merchants across semi-urban & rural areas. Visa, RuPay, MasterCard including debit and credit cards of all major banks – all are accepted by these mPOS machines.

 Payworld is an initiative from Sugal & Damani group of companies. Flagging off its operations in 2006, Payworld has built a formidable presence in India with over 100,000 active retail touch-points across 630 cities and 23 states providing access to untouched market segments to the service providers. Payworld, which builds on the business philosophy of “Making Life Simple” offering smart solutions by their intelligent electronic transaction processing platform where a consumer can do transactions by visiting retail touch points by paying digitally and in cash. These retail points uses Payworld’s application which runs on Desktops , Laptops and Mobile phones using Android, Windows, iOS & Java platforms.

 Under this platform, Payworld offers a plethora of utility services to its consumers in terms of Domestic Money Remittance, Mobile and DTH recharges, Rail, Air and Bus reservation and Utility Bill collections, Digital Wallets, Cash withdrawal points and Assisted e- commerce. Payworld also facilitate SME's loans. Approx. over 100 million transactions are done using this platform every year through our 100,000 active retail touch points spread across India. Payworld also acts as a Composite Corporate Agent to provide insurance solutions in India.

Capitalizing on operational expertise , robust in-house developed technology & implementation and timely introduction of new services made Payworld the only company in its class having 40% CAGR.

 Payworld’s 100% subsidiary Payworld Money , which is a mobile wallet reaching out to new smart phone users for penetration to unbanked population through the assisted mode. Payworld Money is an RBI approved PPI (Pre- Paid Instrument – Digital/ Mobile wallet) issuer.

 Payworld services assume great significance against the backdrop of greater financial inclusion of the population especially by reaching out to the unbanked population.

 Praveen Dhabhai, COO of Payworld ,  who joined the organisation in  January 2007 in its  early stage of inception, has pioneered the company’s spectacular entry into the unbanked world with assisted e commerce within the short period of eight years. Praveen is the brain behind the unprecedented success in this sphere of financial services of Payworld  , part of the US$ 2 billion Sugal and Damani Group . which has enjoyed persistent success with him on board. Praveen, with his vast experience in the financial services world, brings with him a sincerity of purpose, resolve and intellect. He has led the Payworld team with his sharp business acumen and astuteness to deliver their best, outstripping any better performance before. Praveen, an alumnus of the revered Birla Institute of Technology and Sciences (BITS), Pilani, brings to Payworld a wealth of 20+ years of work experience. In all his job responsibilities; he has demonstrated he understands all technical nuances of the projects entrusted as splendidly as he understands the commercial viabilities of the venture. This unique and formidable combination makes his work output exemplary.

 Praveen has been associated with many of the group companies of Sugal and Damani; both domestically and internationally. An excellent orator, he possesses unmatched people skills. During his tenure at the Sugal and Damani Utility Services, Private Limited; he has been responsible for introducing and maintaining diversified services and business verticals. The growing sales volumes and transactions are a mute testimony to his leadership and business vision.

Praveen elaborates that, “We have started Payworld about ten twelve years ago, the initial plan was to establish it as a mobile recharge or top-up establishment and now we are more focused on the rural areas of India for financial services. In rural India common people are not very tech savvy, they may have a smart phone but they are not fully aware how to do an online transaction, how to use a debit card or net banking. For that we have created our retail network point with the local shops, where we have trained the shopkeeper to use the mobile app or computer to help these people. Suppose a migrant labor from Bihar living in Haryana, he got his salary in cash and wants to send money to his nearest or dearest ones, he can come to the shop and use our platform to send the money to his native place. We also provide railway tickets, as we have a MoU with IRCTC, budget hotel room through OYO rooms, flight tickets and also small ticket insurance premium payment as per the RBI guidelines”.

“We also provide the platform for these people to invest on Mutual Funds also. Usually an agent from the mutual fund company will never go to a labor class people – driver, security guard, to sale his product but we have started an unique small ticket investment specially designed for the marginal people of the society. Our trained retailers tells people about the benefits of mutual funds investments, in this process the mutual funds are getting small amount but in a very large quantities”, said Praveen.

People can pay as low as twelve rupees for the accidental insurance to get the benefit of twenty five thousand rupees. Payworld got approval from IIDI and an association of nine insurance companies to support our goal.

Payworld is also helping people to get the Aadhar Enable Payment System, where a layman just need to put his or her finger print to get the small amount like Rs. 1,500-2,000/- to solve their urgent needs. The money will be deduct from their bank account but initially the shopkeeper from our Payworld platform, will release the money from his own kitty and he will received it later. In the rural areas there is not much ATMs available, even if there is ATM, there is no guarantee of cash availability, or electricity or internet connection availability. In some places earlier people use to go 20-25 kilometers to withdraw the money from the bank or ATM, but now through the Payworld network the facilities available exactly in their own locality from about two lakh Payworld outlet throughout 638 districts of the country.

“At present Payworld is not into crop insurance but in near future we have to integrate that facility also into our system” sign off Praveen Dhabhai, the COO of Payworld.  

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