Payworld

Payworld
Type of business Private
Founded 2006
Area served India
Founder(s) Sugal & Damani group
Key people Mitul Damani (Director), Praveen Dhabhai (COO)
Website www.payworldindia.com

Payworld is one of India's largest mobile financial services companies.[1][2] It was founded in 2006 by the Sugal & Damani group.[3] The company provides financial services such as money transfer, recharges, bill payments, insurance point of sale, GST filing, mobile point of sale, SME loans, and E-Government services.[4]

History

Payworld started with electronic pre-paid voucher distribution for mobile phones in Madhya Pradesh, Uttar Pradesh and Gujarat. It is present in 23 states and 630 districts and 80000 villages across India.[5]

Payworld started its business with telecom partnerships; it now has more than 100 partnerships across various sectors. The company’s total transaction value in 2016-2017 was ₹1600 crores and ₹3800 crores in 2017-2018.[6][7]

The company currently has 195,000 retail outlets across India.[8]

Tie-ins

  • Payworld associates with State Bank of India and HDFC bank to operate their mPOS (Mobile Point of Sale).[9]
  • Payworld ties in with non-banking financial companies (NBFCs) for providing loan to micro and small retailers.[10][11]
  • In May 2018 Payworld partners with Happy Loans to improve financial inclusion by reaching out under-banked micro-entrepreneurs.[12][13]
  • In June 2018 Payworld tied-up with Reliance Mutual Fund to provide mutual fund services in India.[14][15]

Payworld Money

Payworld Money is a mobile wallet approved by the RBI. Payworld claims 10 million users in 2017.[16] This wallet processed more than 3.8 million transactions with a GTV of $130 million in 2016-2017.

Payworld is short-listed as GST Suvidha provider (GST Filing) by Goods and Services Tax Network (GSTN) in India along with other 33 GST Suvidha providers including TCS, Ernst, Deloitte, Mastek and more.[17]

References

  1. ↑ "Payworld mPOS - A boon for small merchants". Business Standard India. 23 November 2016.
  2. ↑ Bhakta, Pratik (1 June 2016). "Payworld launches Payworld Bazaar for assisted ecommerce". The Economic Times.
  3. ↑ "Stressed with cash issues? Payworld could be a blessing in disguise". Deccan Chronicle. 26 December 2016.
  4. ↑ "Fintech firm Payworld focuses on insurance, loans for growth". Moneycontrol.com.
  5. ↑ "Rebooting Bharat: Why the challenge to take digital payment to rural India is as huge as the opportunity". The Economic Times.
  6. ↑ "Payworld expects to cross Rs 7,000 cr revenue by 2018-19 - Times of India". The Times of India.
  7. ↑ India, Press Trust of (5 February 2017). "Payworld expects to cross Rs 7,000 cr revenue by 2018-19". Business Standard India.
  8. ↑ "Payworld plans retail expansion to reach non-tech savvy customers". Business Line.
  9. ↑ "Payworld mPOS - A boon for small merchants". Yahoo News.
  10. ↑ "Payworld aims to disburse Rs 250 cr loan in next 1 year". Zee Business. 30 October 2017.
  11. ↑ "Fintech firm Payworld focuses on insurance, loans for growth". Mint. 13 August 2017.
  12. ↑ "Happy Loans partners with PayWorld India". Aninews.
  13. ↑ "Happy Loans partners with PayWorld India". Business Standard India. 8 May 2018.
  14. ↑ "Payworld, Reliance MF to take mutual funds rural - Times of India". The Times of India.
  15. ↑ "Payworld, Reliance MF tie up for mutual fund solutions". Business Standard India. 21 June 2018.
  16. ↑ "Soon, your e-wallet will help you get loan too - ET Telecom". ETTelecom.com.
  17. ↑ "Payworld shortlists as one of the GST Suvidha Provider". Business Standard India. 16 December 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.