Payworld Shortlisted as One of 34 GST Suvidha Providers

Introduced by The Constitution (One Hundred and First Amendment) Act 2016, Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation.The taxes which will be subsumed into GST include central excise duty, services tax, additional customs duty, surcharges and state-level value added tax.

To bring about a uniformity and functionality regarding GST in the nation, the Government has come up with GSP concept. GSPs are basically GST Suvidha Providers that will help as a link between vendors and GST. In simple words, third party IT vendors who develop web or mobile based interfaces for tax payers to interact with GST network are called GST Suvidhaa Providers or GSP. The task of GSP is to provide convenient ways to the taxpayers in interacting with GST system starting from registration of entity to uploading of invoice details and going up till the filing of returns.

GSTN (Goods & Services Tax Network) is tasked with building the biggest ever and a complex tax network for India, and for that they have shortlisted 34 companies to act as GSP, of which Payworld- one of India’s leading utility services providers- is the one.

Praveen Dhabhai, COO of Payworld said “We are very proud to be a part of the biggest tax reform in the world. GST by magnitude is the biggest tax reform that India and the world will ever witness. GSPs will play a crucial role in bridging the gap between the tax payers and the GST system, which is set to become the world’s biggest and perhaps most complex tax framework.”

Owned by Sugal and Damani Utility Services Private Limited, Payworld is a preeminent electronic processing platform for financial transactions. As GSP, it will acquire and provide solutions to small merchants and vendors in order to help them comply with GST regime.

Under its platform, Payworld offers 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.

Payworld’s 100 per cent subsidiary, Payworld  Money (Smart Payment Solutions Pvt. Ltd.) offers a mobile wallet that is an excellent option for non tech-savvy smart phone users to go cashless.Payworld Money is an RBI approved pre- paid instrument (PPI) – digital/ mobile wallet) issuer which has users doing primarily domestic money remittances through the assisted mode.

Unified Payment Interface – A Much-needed Change

Cash crunch has left people with no such alternate in hand. It has by-and-large affected the people who completely used to rely on the currency notes. But this is a nice initiative on the road to digitization. ’Go Cashless’ is the mantra of the age and this is step one towards the new-age revolution.

Unified Payments Interface- hereon referred to as UPI- is a new cashless payment method introduced by NPCI (National Payment Corporation of India). The aim behind the introduction of UPI is to enable real time money exchange.

Once you’ve created a unique identifier- Virtual Private Address (VPA) – the UPI  permits you to send, receive, or directly pay from your bank account. The pre-requisite for the same is: download UPI app from any bank you have your account in and sign-up with the registered mobile number.

The good thing with UPI is that it comes decked with double security measures where the M-pin acts as the second factor of security. At the time of UPI creation, all you need to do is set a 4/6 digit long M-pin by authenticating with your debit card details. If you ever forget the M-pin details, all you need to do is simply re-set it by authenticating the debit card details in the respective app.

If you are on a merchant website and wish to pay via UPI, all you need to do is enter the UPI on the check-out page and proceed to pay. Within a couple seconds, you will receive a payment request on UPI app. Select transaction and enter the M-pin.

You could even send funds using UPI. For this, select the account you wish to send money from, enter the said amount as well as the VPA of the receiver. Click on Send, and the task is done. To receive funds, perform the above-mentioned activity and click on Receive. The good thing is that there are no charges levied for transactions done using UPI. The current per-transaction cap is INR 100,000. This may change from time to time and is subject to the UPI guidelines.

Since VPA is linked to your registered mobile number, you will receive all the notifications on the given number. If you ever miss the SMS notification, go to your UPI app, check for ‘Pending UPI Transactions’, and approve/ reject the transaction request from there.

You can avail all of these services and much more 24*7. So go cashless with UPI now.

Become Payworld Retailer and Go Cashless

The recent demonetization move taken by the honorable PM of India to curb black money has left people perplexed because of a sudden shortage of enough notes. The daily life of common man has gone haywire because- even in this age of digitalization, we rely just too much on currency notes. Both for the store owners as well as the customers the time is proving to be a difficult one because no one was really prepared for something like this. So, do you think our PM is to be blamed for this inconvenience we are going through? Is him expecting a digital India like asking for too much? No. Going cashless is not just the call of the day but it is really convenient too. You do not need to worry about the cash being stolen or lost or spoiled etc.

If you run a shop or store and are facing this issue on a day-to-day basis for almost a month now, there are many other alternates you can rely on. You might have come across people trying to hand you their old 500 and 1000 rupees currency notes in exchange of the products and services they have availed from you. You might have come across people coming in to buy a small thing so you could give them the change in return. But none of this is actually working these days. So what to do, you ask? Go cashless and start accepting payments from debit/ credit cards majority people own these days.

Payworld brings to you its platform using which you can become a part of ‘digitalization’ and ‘going cashless’ move. Their MPOS machine helps you become a Payworld Retailer, with the help of which you can enjoy the cashless benefits. This leaves you with no worries about the cash being stolen from your shop. With machine payments, you need not run here and there managing the change for customer too. Just swipe as much the amount mentioned in the bill and you are done. Visa, RuPay, MasterCard- Payworld MPOS Machine accepts debits and credit cards of all major banks- thus helping make a transparent and corruption-free India!

How to choose the Best Health Insurance Policy ?

Selecting a health insurance plan is a decision which is certainly not an easy one. It is something which helps you as well as your family when you need it the most, so ensure you pay attention to every minute detail while finalizing the one for you and your family. Many health insurance providers tell how their health insurance plans are the best for you but the reality is far from that and this comes to fore as a shock. So, how could one ensure that the plan they are choosing their plan is the best? In this blog, we talk about what all things to look closely at when it is about staying in the pink of health.

1. Understanding of Health Insurance Plans
Broadly talking, there are 2 categories of Health Insurance Plans available in the markets.
a) Individual Health Insurance Plan
b) Family Floater Health Insurance Plan
Depending upon your needs and your means, you can choose a plan out of these two. If you have a family, then you should prefer the latter plan as it is cost-efficient & time-saving.

2. Age is an Important Factor
Hit the iron when it’s hot. As they say Fun is like insurance the older you get the more it costs.So start early in your life, many policy providers come up with premiums for younger age group policyholders. On the other hand, as you age, some or the other diseases tend to surround you and you are supposed to undergo compulsory pre-policy medical checks. Majorly all Health insurance Companies goes for compulsory medicals for the client’s post 45 years of age.

3. A 360 Degree Cover-up Plan
Many health insurance providers have sub-limits and capping on their various plans. Here is an understanding of both the terms. Sub-limit is the division they come up with i.e. some have 80-20 sub-limit where you can claim only 80% of the total whereas the remaining amount of 20% needs to be submitted by you. Capping is in regards to the room rent. Some providers set a limit on the room rent they provide on their particular plan and anything that exceeds that amount is borne by the individual itself. To make sure that you get quality treatment, ensure that your plan covers everything and there is no sub-limit or capping barrier.

4. Always Prefer Cashless Facility Plans
Generally, the insurance companies ask you to pay the bill at the hospital and then apply for reimbursement. This is a very time- and energy- consuming process. In a case of an emergency, one might not even have money to pay at the hospital billing counter. So better is to go cashless when it comes to choosing a health insurance policy. This way, you just need to pay attention to your/ patient’s health while everything else is taken care of by the insurance company.

5. Check the No-Claim Incentive
If in a particular year, there is no claim on the policy from your side, many companies offer an incentive- increased sum insurance claim- cumulative bonus. Depending upon companies and their various plans, this may vary from 5% to 10% to 50%. On the other hand, some companies offer a premium reduction. Going the cumulative bonus way is always better.

6. Check Whois The Third Party Administrator (TPA)
The middleman between the Insurance Company, healthcare provider, and the customer is known as the Third Party Administrator. TPA comes to fore when it is time to process the claim. This happens to be a time-taking process as there are certain levels involved. Many companies, however- now process claims in-house. Go in for these and save a lot of your time.

7. Be transparent While Declaring Your Health Status
If you have an existing health issue, declare it beforehand. Sometimes we forget that and other times we try to avoid thinking we will have to shell out more money. But declaring it at the time of form-filing is best as it does not become a hurdle when you go in for the claim, just in case.

8. Read & Understand the Exclusions Carefully
Last but not the least, always pay attention to what is being excluded in the plan you are about to choose. Some necessary things are sometimes excluded from the policies which you realize at the delicate moment. It is sure that you check that the following don’t play a spoil-sport:
a) 30-day exclusion
b) 1-year exclusion of certain diseases and procedures
c) 2-year exclusion of certain diseases and procedures

Note: Kindly refer the policy brochure for the list of diseases covered/ excluded and the procedures involved.

Cash Point aka Mini ATM

After the advent of ATM cards, people have started roaming around with light pockets, with just a couple of ATM cards in their wallet which provide them the opportunity to withdraw cash as and when they require. While urban cities and towns have ATMs of various banks within walking distance, villages are deprived of this privilege. People dwelling in the outskirts do not get to live with such freedom and thus are always under threat of theft. Another pain-area is while we are travelling to the outskirts. Now taking a lot of cash while travelling is not a good idea but money-need can arise anytime, anywhere. In areas where ATM’s are a scarcity and one cannot live or travel with a lot of cash with them, it becomes a huge problem.

At a place where you know no one and you do not have enough cash, Payworld is no less than a silver lining on the cloud. Payworld offers a wide range of services which ensures you always have helping hand. If you are at a place where there is no hint of an ATM at a wide stretch, Payworld Cash Point  is at your service. You can just step in, at a Kirana, Stationery or Chemist store who has tied-up with Payworld and get up to Rs. 2000 instant in cash. As a traveller, this becomes really easy for one to withdraw the minimal amount of cash required and travel without worrying about any excess cash. For the village dwellers, this concept of Mini-ATM is nothing less than a blessing in disguise.

While urban towns have a lot of platforms and services which help make their life easier and worry-free, rural India is still living in a state of oblivion. By offering a plethora of services, Payworld is bringing villages close to the urban towns and cities having access to all modern amenities.

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.