Payworld

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Payworld
Payworld Official Logo.jpg
Type of businessPrivate
Founded2006
Area servedIndia
Founder(s)Sugal & Damani group
Websitewww.payworldindia.com

Payworld is one of India's largest mobile financial services companies.[1][2] It was founded in 2006 by the Sugal & Damani group.[3] The company provides financial services such as money transfer, recharges, bill payments, insurance point of sale, GST filing, mobile point of sale, SME loans, and E-Government services.[4]

History[edit]

Payworld started with electronic pre-paid voucher distribution for mobile phones in Madhya Pradesh, Uttar Pradesh and Gujarat. It is present in 23 states and 630 districts and 80000 villages across India.[5]

Payworld started its business with telecom partnerships; it now has more than 100 partnerships across various sectors. The company’s total transaction value in 2016-2017 was ₹1600 crores and ₹3800 crores in 2017-2018.[6][7]

Payworld Money[edit]

Payworld Money is a mobile wallet approved by the RBI. Payworld claims 10 million users in 2017.[8] This wallet processed more than 3.8 million transactions with a GTV of $130 million in 2016-2017.

Payworld is short-listed as GST Suvidha provider (GST Filing) by Goods and Services Tax Network (GSTN) in India along with other 33 GST Suvidha providers including TCS, Ernst, Deloitte, Mastek and more.[9]

References[edit]

  1. ^ "Payworld mPOS - A boon for small merchants". Business Standard India. 23 November 2016.
  2. ^ Bhakta, Pratik (1 June 2016). "Payworld launches Payworld Bazaar for assisted ecommerce". The Economic Times.
  3. ^ "Stressed with cash issues? Payworld could be a blessing in disguise". Deccan Chronicle. 26 December 2016.
  4. ^ "Fintech firm Payworld focuses on insurance, loans for growth". Moneycontrol.com.
  5. ^ "Rebooting Bharat: Why the challenge to take digital payment to rural India is as huge as the opportunity". The Economic Times.
  6. ^ "Payworld expects to cross Rs 7,000 cr revenue by 2018-19 - Times of India". The Times of India.
  7. ^ India, Press Trust of (5 February 2017). "Payworld expects to cross Rs 7,000 cr revenue by 2018-19". Business Standard India.
  8. ^ "Soon, your e-wallet will help you get loan too - ET Telecom". ETTelecom.com.
  9. ^ "Payworld shortlists as one of the GST Suvidha Provider". Business Standard India. 16 December 2016.