Recently, we interacted with Mr. Amit Tyagi, CEO, Payworld – a platform where 3 Lakhs+ transactions are done every day through 7 Lakhs+ retail touch points, serving 5 Crore+ consumers spread across the nation.
Here are the interview highlights:
1.Please give us a brief about PayWorld focusing on the financial solutions that it provides.
PayWorld, Bharat’s leading Fintech organization, is a one-stop platform for all digital financial and banking services. Founded in 2006, PayWorld is built on the “Making Life Simple philosophy.” Through the brick-and-mortar model, we offer intelligent and secure digital banking solutions to Bharat’s unbanked population.
In the past years, we have become an umbrella institution for digitalizing financial and other digital services in SURU (Semi-Urban and Rural) regions at a micro level. Keeping Bharat consumers in mind, we’ve persistently worked to certify that banking services reach the last mile. Today, our organization is a proud partner to 1 Million + retailers actively working to make Bharat digitally savvy.
The PayWorld Captains, our 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.
2.Tell us about the brand’s journey since its inception.
PayWorld began its unwavering growth journey in the year 2006 as a Recharge & Utility Services 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 organization received a PPI Wallet License from RBI in 2012 and also launched the PayWorld 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 100,000 manned retail points. This was followed by the launch of further services like Loans to the MSME segment, Investment (M.F., 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 Q.R. code services.
Since our beginning in 2006 to date, we have become the most trusted Fintech brand in Bharat with the introduction of a broad product portfolio and a myriad of financial and banking services.
3.Please let us know the USP of the brand and what are the factors that differentiate PayWorld from its competitors.
We have been a Bharat-oriented brand ever since its inception in 2006, and that’s what sets us apart from the rest. We are an organization 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.
We’ve 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 us.
4.Name some key regions where PayWorld 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+ PayWorld captains.
Currently, PayWorld 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-tier 3 contributed to a large portion of the revenue for the brand in the year 2022. North-Eastern states, U.P., 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.
5.Please share some light on the recent expansions and partnerships of the brand.
Taking forward the Indian government’s dream of “Digital India,” Payworld has launched a plethora of new products and services for retailers in recent years. eKYC authentication approval from UIDAI and Corporate agent license to facilitate insurance distribution were among the key accomplishments and partnerships done by us in the year 2022.
This year we launched new products that include additional credit facilities for their retailers, allowing them to source Credit Cards and Personal Loans for their end consumers, which allow them to help their customers pay their Credit Card and LIC premium payment. Our brand also worked on democratizing access to insurance by providing micro-insurance products through their partners to customers of Bharat.
In line with our objective to build the digital financial divide between India & Bharat, company onboarded Mr. Amit Tyagi as the CEO to spearhead the organization toward its planned future. The company forged new partnerships, expanded its distribution, and is now aiding its partners to serve more customers with a broader range of services.
6.What is the net revenue of the brand?
While our revenue and profitability numbers are not in the public domain but we are proud to share that we are unit economic positive and are investing significantly in the growth of the business.
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 Bharat.
7.How do you see the company and the industry in the coming future?
Keeping pace with the achievements and growth of the brand in 2022, we are all set with our growth plans for 2023. We have plans to enter the data-based credit services business and launch new products for small and medium enterprises, like Salary Solutions, Expense Management, and RuPay Cards, among others. PayWorld will enter Neo-banking and will be working with Startups, Banks on facilitating E-Rupee, UPI & E-KYC. With all the initiatives and efforts of our brand, we aim to double GTV from 11,000 crores to Rs 22,000 crore by F.Y. year 2023.
We are on a mission to bring financial inclusion and wellness to all the citizens of Bharat. Our company intend to build a Bharat-focused Neo-Bank that can help small businesses deliver services to their communities and aid in their financial wellness. 2022 has been a great financial year for us. We are proud to be furthering financial inclusion and wellness while operating a fundamentally solid, scalable, and sustainable business. Our satisfaction is doubled when we see our retail partners prospering while leading their communities to prosperity.
8.Any additional achievement by the brand that you would like to highlight.
We have onboarded Mr. Amit Tyagi as the CEO in 2022 to spearhead the organization toward its planned future. We forged new partnerships, expanded distribution, and are now aiding our partners to serve more customers with a broader range of services.
Talking about the brand’s accomplishments in the year 2022 and his vision to take the brand name to new heights, Mr. Amit Tyagi, CEO, PayWorld mentioned, “We are on a mission of bringing financial inclusion and wellness to all the citizens of Bharat through our last mile services. We, PayWorld intends to build a Bharat-focused Neo-Bank that helps small businesses deliver services to their communities and aid in their financial wellness. 2022 has been a great financial year for us. We are proud to further financial inclusion and wellness while operating a fundamentally solid, scalable, and sustainable business. Our satisfaction is doubled when we see our retail partners prospering while leading their communities to prosperity.