Payworld Cash Points
Money is a critical resource needed by all individuals for their daily functioning. In many instances, we have sufficient funds in our bank account but often run out of liquidity in our wallet. Further, accessing this money can be quite difficult at times like when one is travelling. Many times it happens that while on vacation we are on the look-out for an ATM to withdraw cash, which can be quite difficult in the under developed areas of the country. A lot of residents living in rural areas in India with legitimate bank accounts are unable to access their money in times of need due to lack of ATM machines and bank branches in their locality. Offering an innovative and convenient solution to this dilemma is Payworld with its unique Cash Point idea. The ‘Payworld Cash Point’ solution enables any customer with a debit card to withdraw up to a maximum of Rs. 2,000 from any of its authorised retail outlet without any extra charge. The retailer only needs to use the Payworld app installed on his smartphone which is attached to a card reader. He simply needs to swipe the debit card and on authorisation from the bank, pay the required money. It really is that simple! In partnership with State Bank of India, Payworld’s one stop solution to access cash easily is revolutionary at the least while involving several small retail shops such as a pharmacy or grocery in its initiative. By replacing ATM machines with authorised shops, Payworld is not only making cash accessible for everyone but also enhancing human interactions. This solution also works as a win-win for everyone – customers have better access to money in remote areas whereas small shop retailers are able to earn more income without any inconvenience to their regular job. Payworld aims to install these cash points across several retail shops under its coverage area. They hope to cover 5,000 cash out facilities by March 2016 itself, looking to completely change the way individuals can access cash from their accounts across the country. This is a huge development for individuals living in rural and semi-rural areas. Most of these people have bank accounts to save their money, but seldom even feel comfortable using an ATM even when they finally find one. They are largely found waiting in long line at the banks cash counter after a long day’s work. This innovative and humane solution by Payworld will enable several more individuals to instantly access cash in their very own neighbourhood.