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Exclusive interview with Praveen Dhabhai, COO, Payworld

Payworld

Payworld is an initiative of the Sugal & Damani group of companies. It began operations in 2006 and has made its presence known in over 720 districts and 28 states in India. It started with the idea of ​​bridging the gap between untouched market segments and service providers. Analytics Insight has engaged in an exclusive interview with Praveen Dhabhai, COO, Payworld.

1. Please inform us about the company, its specialization and the services that your company offers.

Payworld is an initiative of the Sugal & Damani group of companies. It began operations in 2006 and has made its presence known in over 720 districts and 28 states in India. It started with the idea of ​​bridging the gap between untouched market segments and service providers. We at Payworld believe in the “Making Life Simple” business philosophy and offer every possible opportunity to our retailers and distributors to start their business with minimal investment and maximum return. Within this platform, Payworld offers its consumers a wide range of utility services in terms of AEPS, internal money transfer, mobile recharging and DTH, train tickets, plane tickets, bus tickets and utility bill payments, CMS (Service cash management), Digi Gold, Insurance, API, etc.

2. With what mission and objectives was the company established? In short, tell us about your journey since starting the company?

With 54% of India’s population having access to smartphones, people are gradually learning to pay using a QR or UPI code, but financial transactions such as booking a ticket, net banking, buying insurance and investing are still hopeless dreams, especially for the rural environment. India, which still needs assistance in making such financial transactions. Thus, Payworld’s network of retailers spread across India’s long and wide rural areas allows people to access and help them provide all of the above financial services through the Payworld platform. In addition, Payworld is a company of choice for many banks, telecommunications companies, insurance companies and lending companies to give them access to our large consumer base in an omnichannel format.

We started operations in 2006 at Paywrold, our goal is to make digital financial services available to everyone, everywhere. Since our inception, we believe we have made life easy for our retailers and their customers and built the largest branchless digital banking network that helps create a more progressive society through easy access to financial services.

3. What is your biggest USP that differentiates your company from your competitors?

We at Payworld have found ourselves focusing on the penetration of rural India for its holistic and complete development. It has been found that while urban India continues to reap the benefits of digital transactions such as discounts, cashback, vouchers and coupon codes, rural India, which makes up almost 70% of the entire population, is struggling to open even a bank account. . The rural-urban division continues to be a national challenge. Thus, Payworld has worked to reduce the gap and establish last-mile connectivity across multiple points of contact. The trust and reliability of customers on the platform make us unique. Through Payworld, rural India is experiencing financial benefits that have strengthened its immense confidence in the brand and its operations.

4. Please inform us about the products / services / solutions you offer to your customers and how they get value from them.

Payworld offers various financial services through its platforms to rural India. The company’s retail outlets assist the rural population in providing financial services such as Domestic Money Transfer, Aadhar Activated Payments, Micro ATM Services, Micro Insurance and Loans. Similar to the ATM concept, Payworld allows people in the village to use the Aadhar-enabled payment system (AePS) or mATM to withdraw money received as DBT from nearby Payworld retailers.

On the Payworld platform, users can start their own business without zero investment, become digital service providers, and earn more self-worth in the neighborhood by providing them with essential financial services. there is still a long way to go for digitization and financial inclusion in such areas.

5. How does your company help customers achieve relevant business results by adopting the company’s technological innovations?

Using the intelligent Payworld transaction processing platform, retailers can initiate various digital and financial transactions, such as travel tickets, cash withdrawals, money transfers, insurance, etc., to their customers and can earn huge margins on each transaction. . Over 3 Lakhs + transactions are made using this platform every day through our 7 Lakhs + retail contact points, which serve 5 Crore + consumers across the country.

6. What is your Leadership Mantra?

Wider and deeper spread of digital empowerment

7. How do you see the company and the industry in the future?

In recent years, we have seen an increase in fintech activity - an expansive term applied to disruptions caused by technology in financial services, in which financial companies and startups use artificial intelligence (AI) and other technology in their daily processes. . . I think the future will see more innovation in the Fintech industry. As consumers increasingly turn to alternatives, digital ways of managing their finances, tech-savvy startups and traditional financial institutions are sinking into the fintech industry alike.

We believe we are a foothold in this Fintech wheel and are adding more services and collaborating with B2B e-commerce platforms to enable retailers to supply their products directly without having to visit wholesalers or distributors.

Our goal is to add more services and partner with B2B e-commerce platforms to allow retailers to supply their products directly without having to visit wholesalers or distributors. In addition, we want to make 1 million Digital Sewa Kendra (Active Retail Touchpoints) in India, which provides essential financial services in several regions of the country.

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