Offering convenient financial transaction services to people: Payworld

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Praveen Dhabhai, Chief Operating Officer, PayworldPayworld is a 12-year old organisation and it believes in embracing innovations for serving its customers better. It has 200000 retail points and more than 2400 distributors, Praveen Dhabhai, Chief Operating Officer, Payworld, in conversation with Harshal Yashwant Desai of Elets News Network (ENN).

Give us an overview on Payworld and its operations?

We have developed a platform which helps us provide various digital transactions and services for different segments of the market through Payworld Retail points. Our range of services includes Rail Reservation, Air Reservation, Bill Payment Services, Domestic Money Remittance Insurance and Loans. We also have Reserve Bank of India approved Digital Wallet which allows a common man to transfer money to any bank account through our retailers as per regulatory guidelines. Interestingly, we have recently started Mutual Fund Investment Service as well. Our ideas is to serve those people who do have smartphones and data connectivity, but they do not know how to use it to make payments and avail several other online services. This is when our retailers come into the picture to assist the people to do such transactions

How many years did Payworld complete?

We are 12-year old organisation; however, the products and services that we are offering today to our customers have evolved over the time one after another. As soon as the technology and regulation opened up we wasted no time to come up with the solutions for the masses.

Tell us about the services that you offer across the rural populace.

Rural Market / Semi urban are much bigger than the consumers who do direct transactions. So, our rational behind focusing on rural market was to make the most of our retailer base and our knowledge and expertise to execute channel management. Further, as you must be aware reaching customers have become more of a discount game where you give cash backs and run your services little profitably, wherein in our model, we are really providing people convenience and ease of doing financial transaction services.

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Take an example of Money Remittance: If a person who needs to send money to his relatives somewhere far through bank need to visit banks, stand in Queue and do the formalities, but with the help of our services a person can visit the nearest retailer and transfer the money as early as 8 AM in the morning in five seconds. We are also offering Aadhaar Enable ATM Services to our customers.

How have you been able to spread your business?

We almost have 200000 retail points now. We have more than 2400 distributors who help us acquire new retailers. We have branches across all the states. Retailers can also download our application and register itself on our website, so we are also acquiring retailers directly. We also offer couple of eGovernance services also such as Pan Card Registration and GST and Income Tax Return Suvidha Kendras. All these services are also provided by our retailers to consumers.

We are planning to develop a simple application in vernacular languages so that our customers can do simpler transaction like recharge, bill payment on their own and visit to linked Retailers for financial transactions like Insurance, MF investment, credit etc.

Please update our readers on the Mutual Fund services offered by your organisation?

We have recently tied up with Reliance Mutual Fund and the idea is to make the service available to rural masses with Investment starting as low as Rs.100 onwards. We have tech savvy retailers and they can help our consumers by allowing them to create mutual fund portfolios and make the most of mutual fund market.

How technology based innovations are evolving within the company?

We have evolved our technology over the years as Technology is core of the Payworld. The technology is developed by in house technology team within the Group. The various verticals and services are added to our core platform and provided to consumers through retailers in minimum time.

We are also using Data Analytics to cross sale services to retailers and consumers. We also use AI for addressing customer complaints redressal. We plan to use Blockchain to further secure Payworld System.

How do you rate the efforts made by promoting Digital India initiatives?

It has been fabulous. The Digital India Initiative has helped companies like us to expand our business across the country.

Services Offered by Payworld

  • Domestic Remittance, Insurance, Mutual Fund, Bill Payments , Travel Reservations
  • Wallet-based money remittance services as per the regulatory framework
  • Quick loan to its retailers to support their cash flow finance needs
  • Loan to application
  • Aadhaar Enabled Payment System in partnership with a leading India Bank
  • A new and robust engine based API solutions for money remittance

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