Payworld handles high transaction volumes with data integrity and security. We leverage technology to dissect this data using machine learning and then analyse it to create actionable insights which positively impact Payworld's and our retailers' business.
As we understand it – “Machine Learning is a process of implementing Artificial Intelligence”, one can see it as a subset of the possible mechanism of implementing Artificial Intelligence services.
Recommendation Engine (Retailer Targeting):
Payworld utilises Collaborative Filtering based recommendation generation for retailer targeting and cross-selling of the services in the same demographical area. This model utilizes a distance-based approach in a particular neighbourhood for the assessment of frequently used services based on transaction and monetary value.
Payworld Analytics system using an array of statistical analysis techniques for Retailer Analysis, Service Analysis, and Customer Analysis.
We are using Clustering Algorithms for creating Retailer Segmentation. Once the retailers are categorized into multiple clusters based on their performance we can target specific clusters for their performance and tracking. To understand the retailer behaviour better Payworld Analytics segments the retailers into similar behaving groups for better retailer marketing. Our system segments the retailers on the basis of two important factors namely transaction count and the total sale amount.
Retailer Life Cycle:
Lifecycle Modelling is higher level segmentation that represents the different phases a retailer moves through during their relationship with the company. The purpose of segmenting into lifecycle stages is to distinguish between different types of retailers and sub-segment them separately.
Our India stack vision is to provide a sustainable yet dynamic platform to reach out the Indian Population to make them financially integrated with as ease, as frictionless as effective as possible utilizing modern technology, government financial and payment initiatives and cashless Services.
Payworld Money enjoys the reputation of one of the leading and oldest entity in Pre-paid instrument business. With our Strong and deep -rooted presence in tier-2 and rural area give us leverage to contribute towards The India Stack vision with high impact.
Being primarily engaged in B2B business we provide following services to our retailers and end Customer to fulfil the vision statement:
- Online Payment integration to manage retailer trading balance.
- Wallet based money remittance services integrated with eKYC.
- End-to-End digital service to manage GST through our brand Payworld GSP.
- API based integration to quick loan services to our retailer to support their trading financial needs.
Some interesting and forthcoming projects to strengthen our India Stack vision statement are:
- Online PAN new/update request application.
- Aadhaar Enabled Payment System (AEPS) in partnership with a leading Indian bank.
- A new and robust engine based API solution for money remittance that will expand the horizon of financial inclusion by many folds in coming months.