Payworld signature outlets launched in Chennai

Payworld signature outlets launched in Chennai

Payworld Bazaar brings e-commerce market place closer to the distant rural consumer

Payworld, a Payment facilitator, launched its Signature Outlets along with Payworld Bazaar in Chennai as a part of its campaign to open 1000 such retail outlets in a three year time span in the state.

One of the highlights of the signature outlets would be the facility of Cash Point and Payworld Bazaar. Like an ATM, the Cash Point enables debit or credit card holders to withdraw monies to a maximum limit of Rs 2,000 at one go. Cash points of Payworld in collaboration with State Bank of India operate in areas where ATMs of commercial banks are not available to date. 

Payworld had opened Signature Outlets only some months ago in Indore, Madhya Pradesh, Central India besides some more in the Western state of Maharashtra, including India’s financial capital of Mumbai.

Regarding the signature outlet and Payworld Bazaar, Praveen Dhabhai, Chief Operating Officer, Payworld said, “The signature outlets will offer all existing services including domestic money remittance, rail and air reservation, mobile and TV DTH recharge, assisted e-commerce, and cash point. We however expect to treble the transaction volume from these outlets over the conventional Payworld retailer. On the other hand, with over 50,000 SKUs (stock keeping units) and growing rapidly, the Payworld Bazaar would be available through the company’s network of 62,000 retailers. Our retailer outlets would help aspiring consumers without fancy electronic gadgets to open a digital wallet account to make online payments, especially in the rural areas and assist such consumers to undertake hassle free online e-commerce transaction without any technical glitches,”

Mr.Dhabhai said: “These signature outlets are located in high footfall areas and serve as a one-stop solutions shop.”Payworldputs offline consumers in a comfort zone by bringing  inlots of conveniences for  the non-tech savvy consumers  with wide ranging services – from mobile recharge to DTH renewals,  railway and air reservations, utility payments and most importantly sending money to any bank account in India through its retail touch points that number over 62,000 that could reach close to 3,00,000 in three years.

Payworld has set an ambitious revenue target of Rs.10,000crore plus(about US$ 1.538 billion at USD$ one to 65INR)as part of its plan to increase its retail foot print pan India to 3,00,000 outlets from the current level of 62,000 outlets including 10,000 signature outlets in a three year time period.

About Payworld:

Payworld is an initiative from Sugal&Damani group of companies. Sugal&Damani is having the group turnover exceeding US$ 2 Billion. Flagging off its operations in 2006, Payworld has built a formidable presence in India with over 62,000 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 cash. These retail points use Payworld’s application which runs on Desktop/Laptop Computers 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. 

Approximately over 100 million transactions are done using this platform every year through our 62,000 active retail touch points spread across India.

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

Payworld’s 100% subsidiary  Smart Paisa , which  is a  mobile wallet reaching out to non tech savvy smart phone users for penetration to unbanked population through the assisted mode.  Smart Paisa is an RBI approved PPI (Pre- Paid Instrument – Digital/ Mobile wallet) issuer which has users doing primarily Domestic Money remittances through the assisted mode.

Payworld services assume great significance against the backdrop of greater financial inclusion of the population especially by reaching out to the unbanked population for more and more cashless transactions to make financial inclusion task easier for the government and the users. 

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