Payworld Making Life Simple, for Rural India

“Buy this through XYZ digital wallet and get Rs. 50 cashback on every ticket booked,” read a recent email I received from a Cinema chain. Most of us usually receive this a few times a week and it keeps us informed about the latest movies. The bottom of the emails, as seen, are peppered with advertisements for mobile wallets. All of them vying for your attention and begging to pay part of the ticket price on your behalf. All we have to do is make the transaction through them.

Just like this email I received, the mobile wallet space has seen the density of brands in the market soar. We now have a never ending list of applications offering consumers discounts, cash-backs, vouchers and coupon codes.

The increase in Internet users, led by a significant growth in smartphone subscription, sounds all happy and convenient for 32% of India living in metropolitan cities leading tech-savvy lives. But..Are we forgetting something here? Well, someone needs to give a thought to the majority Indian population, living in far-flung areas with not even a bank account, let alone a smartphone. What use are mobile wallets to them? The target audience of mobile wallets is very clearly, young tech savvy people. Let’s talk about the non tech savvy ones.

There are people realising the need of the hour. There are companies who realise the importance of empowerment of rural India for sustainable growth of the country. Let’s divert our attention a little from the facade of the urban-folk convenience to the reality of the rural-folk necessity.

Catering to the needs and dreams of rural India by reaching out to them so that they can also see a glimpse of the digital lifestyle, is exactly what Payworld is doing. There are a number of online platforms today catering to urban India but we proudly say that Payworld is that platform for rural India. Payworld’s retail outlets are one-stop shops that facilitate people in villages to get whatever they want. The jewel in the crown are Payworld’s ‘cash points’. Taking the concept of ATMs to the rural-folk, these cash points allow people to withdraw money from their nearest retailers. If you ask them, this is nothing short of a blessing!

In the hype of India witnessing an exponential growth and the million-dollar investments being pumped into the digital payment industry, it would be only wise to not forget the Government’s plan of financial inclusion of the large rural base of the country.

Payworld Cash Points

Cash Points, basically, are another term for an Automated Teller Machine, more popularly known as ATMs. For a metropolitan city, ATMs are an everyday sight. But what about the rural man who has to walk endless kilometres just to withdraw some cash? Payworld recognized this need and acted upon it.

In 2015, Intelligent Electronic Transaction Processing platform Payworld, announced that it has launched Payworld Cash Point, a service that lets consumers obtain cash at retail points in areas where ATMs are not available or accessible. Payworld in association with State Bank of India is operating this scheme. “This would also be helpful to the millions of people in rural and semi-urban areas that have opened bank accounts under the Prime Minister’s Jan Dhan Yojana and have debit cards but no access to an ATM machine in their neighbourhood,” Payworld said in a statement.

To provide this service, a retailer will use the Payworld app installed on a smartphone equipped with a card reader machine. Payworld provides both the app and the card reader. “All he has to do is to swipe the walk in customer’s debit card, and on authorization by the bank, pay out the cash,” Payworld said. Account holders with a debit card can request a maximum of ₹. 2,000 in cash from this cash-out facility of Payworld.

The company’s target is Tier III and Tier IV cities and rural areas where bank branches and ATMs are scattered. “Our initial plan is to launch the scheme with 500 retailers and gradually scale it up to over 5,000 by December 2016,” said Praveen Dhabhai, COO of Payworld.

Payworld Bazaar for Rural India

Rural consumers currently represent a large percentage of consuming class and are the prime target market for consumer goods and essential services such as education, healthcare and employment. Despite such an open market, around 68% of the rural economy still lies untapped. Given the immense scope of application of Information and Communication Technology tools for bettering service delivery processes, and opening up new vistas for village-level entrepreneurship and generation of local wealth, the key issue in this context is how to build human capacities.

The trust a kirana merchant enjoys in the neighbourhood and the preference of Indian consumers to come in direct contact with sellers is opening the doors of next big wave in e-commerce – assisted e-commerce. With the big players virtually exhausting online shoppers, the focus is now reaching people who are either not on the Internet or don’t shop online.

With just 12 to 15% of the 300 million Indian Internet users actually shopping online, the real commerce has a huge opportunity. This is exactly what Payworld Bazaar is doing. Bringing together offline buyers, local retailers, and sellers to an integrated platform and reach where the e-commerce players are facing the hindrance.

From t-shirts to television sets and mobile phones and from recharges to utility bill payment to money transfer and bus ticket booking, Payworld offers an entire range of consumer utility services. This space offers an opportunity to millions of small merchants to go high-tech and make additional income. Bringing together various stakeholders, coming out with a solution for the typical Indian market where the majority of customers still prefer to buy from the kirana store next door rather than buying from somebody they don’t know. Assisted e-commerce is turning out to be the next big thing, tapping the large untapped rural market with very high potential.

Indian e-commerce market has certain peculiarities that differentiate it from other markets, namely, a large population which is not tech-savvy, risk-averse consumer behaviour etc. Additionally, consumers here are found to be wary of the quality and after-sale service facilities of the e-commerce sale. Besides, mode of plastic card payment also adds to the list of difficulties. These issues have constrained growth of e-commerce in small towns and cities where the potential for growth is very high.
The ‘Retailer-Assisted e-commerce channel’ is a very industry-friendly and customer-centric evolution which will empower customers by giving them the power to become an important player in e-commerce without compromising on ease, simplicity and quality assurance as they are accustomed so far. This channel will help in significantly increasing scope and extent of e-retail.

Payworld Cash Points

Money is a critical resource needed by all individuals for their daily functioning. In many instances, we have sufficient funds in our bank account but often run out of liquidity in our wallet. Further, accessing this money can be quite difficult at times like when one is travelling. Many times it happens that while on vacation we are on the look-out for an ATM to withdraw cash, which can be quite difficult in the under developed areas of the country. A lot of residents living in rural areas in India with legitimate bank accounts are unable to access their money in times of need due to lack of ATM machines and bank branches in their locality. Continue reading

Online Money Transfer. Dare to put away the Scare!

The online money transfer business has witnessed a massive growth in the past decade globally. India’s domestic remittance market alone has grown consistently at a CAGR of 10.3% in the years 2008-2013, as declared by the NSSO – National Sample Survey Organisation. Both rural and urban areas in India have seen large scale transfers being sent on a regular basis with some rural household actually surviving on money transferred by domestic migrants. Continue reading

The world of Payworld

With the advent of internet in India, the monetary payment structures have been revolutionized within the nation. We have reached a point where you as a consumer or a producer are able to conduct monetary transactions without stepping out of their house. Even private players are entering the market, offering more user friendly services. Newly formed companies like Payworld have now grown over the years to offer multiple solutions across various platforms for maximum efficacy. But what has been the secret of this rapid growth, one might wonder. Let us embark on a journey to find out how, exploring the jungles through the lens of Payworld. Continue reading