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.

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.