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Thursday, October 10, 2019

This Company is Solving Last Mile to be revile

For those who grew up in a small town, many of my childhood memories include running to the nearest Kirana store to buy sweets. Also, I do things like clearing bills from my uncle at Kirana store and charging my mobile phone.

Often the local details belong to a large family and establish relationships with almost all other members.

Based on this relationship behind pen and paper, Payworld is growing its business. Payworld, a wallet support company, offers many financial services to consumers.

They offer a wealth of retail technology throughout India, serving consumers with support payments, loans, ticket reservations and even investment trust investment.

India entrepreneur caught up with Payworld COO Praveen Dhabhai to talk about changes in payments in India.

From top up to everything

A recent study by Standard & Poor's Rating Services found that 76% of American adults do not fully understand their key financial concepts.

Payworld, part of the Sugal & Damani Group, introduced when retail players began replenishing or recharging mobile, began enabling the same, and gradually moved to digitization services.

Realizing that the large segment of India still does not understand online financial services and transactions, they are now providing support.

Depending on the relationship between retailers and consumers, they set up retail outlets nationwide. People can then use financial services to make bill payments and other transactions.

"We have developed a technology platform that enables retailers to offer consumers. We have built over 100,000 retail points across India and gained 24 million users. They are consumers," said Dahab.

Di. Last year, they logged 80 million transactions.

After obtaining an insurance company license, a pilot project was initiated to provide insurance and mutual fund services. By partnering with NBFC, loans are also offered. "Score points are created based on consumer transactions, which determine the ability to collect a loan. The product is based on the data collected in the transaction," Davai said.

Dabai promotes financial inclusion through technology, but believes that touching people is also necessary for consumers who do not understand digital financials.

Bring the retail-challenges

The product market is very large, but there are challenges. Given the vast number of retailers across India, getting them for Payworld has been a daunting task. "We have established a local army and partnered with a distributor to reach out to a local store," he said.

However, the next challenge is to educate these people about the product. So the next step was to raise awareness and let retailers understand the products. Dhabhai says: “Retail training to meet the digital needs of consumers. There is also a call center to contact them.

Although competition exists, Dabai believes that everyone has their own market share given the large scale of this market.

Road ahead

American payment space has changed significantly over the years. After graduating from BITS Pilani and working for several global companies in IT and business development, Dhabhai believes people have started trusting digital payments for several years.

Over the next few years, their retail points will be increased to over 300,000 and targeted for an INR of 25,000 CR per year (currently an INR of 4,500 cr).

"Government initiatives like Aadhar Pay are only gaining confidence. During the protests, our transaction jumped 20-times, and then again normal growth.

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