“Our annual GTV run rate is around Rs 11,000 crore. We expect to double this to around Rs 22,000 crore in the next 12 months,” said Payworld CEO. Amit Tyagi told PTI.
Payworld provides a platform to retailers for services such as selling train tickets. Aadhaar Enabled Payment Services, mutual funds, Insurance, fastagamong others.
Tyagi said the company is now starting to provide credit based on merchant transaction data as well as assisted e-commerce for rural areas.
“We started with payments, money transfers, Aadhaar-enabled payment services etc. When your payment requirements are gradually met, the next step in your financial journey is whether you want to get some loan, grow your business want etc.
Tyagi said, “It is a natural development that our customers are asking us to take. We have already done some pilots and are in the process of launching the same with more partners next month.”
Transaction data based credit facility helps those customers who do not have CIBIL score or loan history to get loan based on their business transactions.
“We will partner with many non-banking financial companies. I only want RBI regulated entities and those who can bridge the trust deficit. We help partner companies with data. We can be an economically poor country. But we are becoming a data rich country,” Tyagi said.
He said that while the fintech industry is mostly focused on the top 50 million customers, Payworld, with the use of technology, is trying to reach out to those who are not deemed profitable enough to target.
Tyagi said, “With technology we are now able to target these customers and we are able to give them the same choice of products that you and I enjoy today. Basically we want to be an India-centric Neobank. ”
The company is also looking at launching an assisted e-commerce model for rural areas as another revenue stream.
“We are working with some of the big commerce players. We are running a pilot with one of the world’s largest e-commerce companies on the helpful shopping experience. We are working on this to bring in as many e-commerce partners as possible. Expanding the programme. On stage,” Tyagi said.
Under the assisted e-commerce model, a customer in a rural area would be able to place an order on the e-commerce portal to purchase the product and pay cash to the retail merchant partner.