How does Payworld influence rural digital banking?

Digital Banking services have made everyone’s life easy because Individuals can now perform transactions, check account balances, and even make transfers with a simple click of a button. However, these services are available to the people living in the cities and towns. The people living in the rural areas lack the basic internet facilities or the knowledge to use them. This makes up 68% of India’s total population. In fact, in most cases, these people don’t have access to offline banking facilities.

This brings us to the Financial Inclusion initiative by the Government of India.

Financial inclusion attempts to provide digital financial solutions to the country’s economically disadvantaged citizens. It also plans to introduce mobile banking or financial services to reach the poorest individuals living in the country’s most distant places.

A national plan for financial inclusion has six strategic objectives, according to the RBI:

(i) universal access to financial services

(ii) providing a basic bouquet of financial services

(iii) access to livelihood and skill development

(iv) financial literacy and education

(v) customer protection and grievance redressal

(vi) effective coordination.

At Payworld we are working in alignment with objectives set by RBI with the mission to transform rural digital banking.

What is the Contribution of Payworld towards the Rural Digital Banking?

Provide banking services to Rural areas with the help of retailers

Bringing digital banking services to millions of people in rural areas was a big challenge but Payworld has managed to accomplish it with the help of thousands of retailers across the country. Retailers and small shop owners living in remote areas have partnered with Payworld and have become Payworld Retailers.

By doing so they have been able to provide a plethora of financial services to people living near them. These include:-

  • AEPS Services
  • Money Transfer
  • Air Ticket booking
  • Rail e-ticket booking
  • Bus Ticket booking
  • Bill Payment
  • Cash Management services
  • Mobile Recharge
  • DTH recharge
  • E-shopping
  • Insurance
  • Mini-ATM
  • Hotel Booking

With the help of a Payworld Money Transfer Agent or an AEPS agent, anyone in a rural area can now access basic banking facilities without any inconvenience.

In all, Payworld is “Making Life Simple” for the underserved in society.

Provide business Opportunities to Retailers with zero investment

While Payworld is serving the underserved with digital financial services, this could only be made possible with the help of Payworld retailers. In return for every transaction, a Payworld retailer gets a commission fee. The Payworld retailers get access to Business opportunities and the potential to earn up to INR 10,000/- per month in form of commissions.

The best part is, that becoming a Payworld retailer is very simple and requires zero investment.

Small shop owners can become authorized Payworld retailers without requiring any capital.   This is a big step towards the financial inclusion goal that we are working towards.

Inclusion of women from rural digital banking

We cannot talk about financial inclusion without talking about gender equality.

India has one of the world’s lowest female labour force participation rates, at under 20%, which fell to around 16% in the pandemic-hit second quarter of 2020-21. Low utilisation of financial services is due to low labour force participation and incomes.

Working towards the gender inclusion aspect of financial inclusion, Payworld is empowering women by providing them with the opportunity to become a Payworld retailer.  Payworld has helped 10000+ women with a sales revenue of 1Cr+ in the year 2021.

These women are working as Payworld retailers and are working hand in hand toward financial inclusion.

To join Payworld in this Digital financial transformation, signup as a Payworld retailer.