Fintech platform PayWorld Plans To Double Its GTV To Rs 22,000 Cr

PayWorld, a leading fintech platform, has been at the forefront of enabling financial inclusion across India since its inception in 2006. With a robust network of over 1 million retailers, the company serves 5 crore customers monthly and operates in more than 18,800 pin codes.

"Our goal has always been to ensure that banking services reach the last mile," says Amit Tyagi, CEO of PayWorld, in an exclusive interview with Bizz Buzz. The firm’s unique Bharat-focused approach has contributed to its impressive Rs 11,000 crore GTV, and it has plans to double this amount. PayWorld’s offerings span AePS, UPI, m-ATM, and insurance, along with future launches like prepaid cards and neo-banking solutions

How are the fintech organisations focusing on the financial solutions that they provide?

In the past years, fintech organisations have been providing digitalising financial and other digital services in SURU (Semi-Urban and Rural) regions at a micro level. Keeping Bharat consumers in mind, they have been persistently working to certify that banking services reach the last mile. Today, organisation like PayWorld are a proud partner to over 1 million retailers actively working to make Bharat digitally savvy.

The Captains, its network of retailers and distributors, cater services like money transfer via AePS, Aadhar Pay, UPI, m-ATM, travel solutions, insurance, and many others that increase financial transactions across Bharat benefiting millions of users.

What is the USP of the brand and what are the factors that differentiate it from its competitors?

It has been a Bharat-oriented brand ever since its inception in 2006, and that’s what sets us apart from the rest. We are an organisation with deep roots in Bharat’s heartland and have always followed the principles of transparency, reliability, and sustainability. We’ve reached the country’s core regions that the big banking institutions have ignored.

With a history of 16 years in the industry, we are one of the oldest fintech brand in India, and retailers and distributors associate the brand PayWorld with trust and credence.

It has consistently worked towards the growth of the brand as well as the business partners associated with us. Whether it’s launching new services and products or improving the experience of our current services, maintaining viability has been of utmost importance for the fintech firm.

Name some key regions where it has a strong presence, please share some figures on the same.

PayWorld is diversified across PAN India with a strong presence in more than 18,800 pin codes and serving more than 5 crore customers monthly. Touching the lives of the Bharat population, we started our journey with mere 75 retailers in 2006, and today, we have a strong army of 1 million captains.

Currently it has made an excellent mark in India’s fintech industry with a current GTV (gross transaction value) of 11,000 crores, and this figure is steadily increasing as we move forward.

SURU (Semi Urban Rural) area, tier 2-3 cities contributed to a large portion of the revenue for the brand in the year 2022. North-Eastern states, UP, Bihar, Haryana, Gujrat, Tamil Nadu, and Jharkhand, were among the territories where we witnessed exponential growth in terms of the addition of new retailers this year.

Can you tell us about the brand’s journey since its inception?

PayWorld began its growth journey in the year 2006 as a recharge and utility service provider, and 16 years later, our brand has become the heart of Bharat’s under-banked population for all financial and banking services.

In 2008-09, we diversified into travel services with the commencement of IRCTC ticket reservations. Continuing our further diversification in 2010-2013, our organisation received a PPI Wallet License from RBI in 2012 and also launched the wallet and mobile application for a smoother experience for retailers. It was during this period that we moved towards the heartland of fintech by introducing our own money transfer, CMS, and other banking services.

By the end of 2014, we presented m-POS solutions and also crossed 1,00,000 manned retail points. This was followed by the launch of further services like loans to the MSME segment, investment (MF, e-Gold), e- Govt services like PAN Card, and insurance in the year 2016. By this time, we also acquired the GSP license, and in 2018 we stepped into the world of M-ATM, Aadhaar pay, and QR code services.

Please let us know about the brand’s development in terms of addition of new services?

It is all set to venture into many new growth opportunities for the company and its associated business partners. The key service that the fintech firm will launch soon is enabling lending to merchants/ retailers through various reputed banks. This facility allows the Kirana shop owners to expand their business, better their resource management and working capital, and allow continued retail transactions on a daily basis. At the same time, we will also work with various lending partners to offer lending facilities to the end consumers.

We will also start providing prepaid card solutions to allow our customers to keep their money safe digitally and also spend through various digital channels and also launch our own FasTAG solution to allow people in sub-urban and rural areas easier access to this convenient solution.

We will also launch new products: Expense management, RuPay cards, etc. The fintech firm will enter neo-banking and will work with startups, banks on facilitating e-Rupee, UPI and e-KYC. With all the above-mentioned initiatives and efforts, we aim to double our annualised GTV from 11,000 crores to 22,000 crores.

How does it plan to double its annualized GTV run rate to Rs 22,000 crore in the next 12 months?

For the financial year 2023-2024, this growth in GTV will be led by our initiatives to bring banking services closer and more accessible for Bharat customers. It will also be driven by growth in Aadhaar Enabled Payment System (AEPS), which allows customers in rural and semi-urban areas to access the cash available in their bank accounts without having to spend time and money going to the nearest working ATM/bank branch.

We are also looking to deploy micro-ATMs that allow small Kirana shops across the country to work like ATMs – not only provide additional walk-ins to these small shops but increase earning opportunities while serving their communities. We are also looking to bridge the digital financial divide by providing assisted commerce services. The platform’s travel platform is a full stack solution providing customers in far-flung areas the convenience of booking all modes of transport – bus, rail, and hotels through the platform.

In addition to the above, it will also offer other convenient services like cash management for various NBFCs and financial institutions. Alongside this, we will enable the blue/brown collar workers to conveniently send money to their families back home.

What are the key revenue drivers and what other revenue streams are you exploring?

The platform’s primary revenue drivers are banking and financial services, including domestic remittances and cash-accessibility services like Aadhaar Enabled Payment System (AEPS), AadharPay, micro-ATM, and mobile POS. Travel services are also a significant revenue generator for us. Now, we are expanding the range of our travel services to include hotels tours and travel. Due to our efforts, we have expanded exponentially in the previous years and shown phenomenal growth. It gives us immense joy and satisfaction when we observe the positive impact that we are able to bring in the lives of our partners and their communities in rural and sub-urban parts of India.