Payworld: Building Trust as the Social Economy in the Digital Age

Trust has been the cornerstone of successful business, ventures and growth. Without this foundational value, the link between people, processes and systems seem to be broken. With the advent of the internet age and the sparsity of digital-led education, a massive gap has emerged between the tech-savvy and the traditionalists. The urban, semi-urban and rural populations saw a digress in digital and fin-tech services given the meagre penetration rate of 22.26% internet users as per a recent  Nielson report.  Boasting a 70% population size of the country, urbanisation of semi-rural and rural regions is a potential tipping point, according to an article by Inc42 in 2021. Bear some heed to this statistic. It is almost as if beyond 50% of Indian citizens are being left lagging with no window for advancement and access convenience. At Payworld, we are wary of this problem. To combat this obstacle, we have devised easy to use digital devices and internet technology to change the current rural landscape. The beauty of our services lies in the intricacy. We believe in combating the bottleneck not to disrupt the transactional efficacy and builds trust in the process.

For the Rural Sector
For villagers, their most frequent touch-points today remain the local Kirana store owner. With a history of transacting with them over the years, there is a certain level of trust inculcated in this buyer-seller relationship. Payworlds’ solution to “bank” on this pre-existing rapport has been amplified with various digital tech and tools. By leveraging the comfort zone and trust locals share with their Kirana store owners, there is bound to be a spike in trial and digital-led transactions. Our core process is simple. By creating the perfect balance of physical and digital banking, we aim to reach out to serve the otherwise under-served rural populations. With existing 400,000+ active retail touch-points across 700+ districts and 28 states, Payworld equips local Kirana owners with the latest in transaction and payment technology. These mediators are further acting as a hidden boon for the unbanked and non-tech-savvy populace. The next time a rural citizen wishes to transfer money digitally or withdraw cash, the m-POS and m-ATM service provided by Payworld equip them with the ease of transacting online. The concerns and worries of the rural populace are justified. With ponzi agents and complicated jargons hampering the system’s trust levels, there is little to no accountability in case of monetary losses.

For Urban User
The latest in financial technology is no longer reserved for the privileged and the urban user. With Payworld, we are connecting the dots and creating the vision for a digitally integrated Bharat. The perception of a strong digital economy does not primarily lie in cashlessness but in serving our nation’s less-cash segments. Our phy-digital financial market place aims to bank on trust and leverage the value we create for society as its social austerity. Our B2C services are crafted with a “trust at the forefront” philosophy, which is reflective of our easy-to-use devices and services. Payworld offers plenty of financial and non-financial services to its customers, including AEPS, Domestic Money Remittance, Mobile and DTH recharges, Rail, Air and Bus reservation and Utility Bill collections, Digital Wallets, CMS (Cash Management Service) collection, Cash withdrawal points and Assisted e-commerce. We believe in empowering and creating opportunity. At Payworld, we create investment ventures and have given heed to approx. 100 million transactions through our 400,000+ active retail touch-points spread across India. On the other hand, our B2B services enable retailers, distributors and agents with profitable ventures and opportunities to create value and operate independently. The wave of modernisation is awaiting the participation of Tier I, II and III populations. The foundation of our advancement lies with the majority, and at Payworld, we are devising solutions to leverage it to the fullest. Whether it is by helping villagers seamless shop on e-commerce or conveniently book a ticket from a Payworld railway ticketing agent, we are leaving no stone unturned. With a bouquet of novel solutions, Payworld is avidly marching towards the future of India’s financial liberation. We are Payworld, and we are here to transform Bharat by creating parallel financial opportunities for all!