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