HYDERABAD: Telangana, one of the largest states in India, in terms of the demographics, has lately seen substantial growth in the uptake of digital financial services. The growth has been recorded through Payworld, an assisted financial services company, which provides a digital platform to semi-urban and rural customers. With close to 200,897 retailers registered in their system, Payworld covers 31 districts in Telangana with the presence of retailers across major cities in the State.
Payworld data shows that there are over 450 Aadhaar-Enabled Payment (AEPS) transactions per day being undertaken by people in the semi-urban and rural pockets of Telangana. This number has been on the rise and is increasing constantly at close to 70000 per month. Moreover, Money Remittance services has been the biggest grosser through Payworld, with an average of 9500 transactions per day with an average ticket size of INR 2900. This clearly indicates that the rising trend of adopting digital financial services is due to the increase in awareness of these services as well as the simplicity of using them through assisted means.
Working at the grassroots level, Payworld has set up a huge network in the State, which gives the semi-urban and rural consumers access to financial services like Money Remittance, e-commerce, loans, mutual funds, insurance among others.
Mr. Praveen Dhabhai, COO, Payworld said, “Our entire focus since inception has been to provide complete access of digital financial services to semi-urban & rural consumers. We are happy to witness that the efforts have paid off and there is a great uptake of our services in one of the largest States in India, Telangana. Covering Telangana was a challenge initially due to the vast demographics, but thanks to the prioritized push by the Government towards digital financial services, we were able to build a strong network of 13,000 retailers, who are providing these financial services to people living at the bottom of the pyramid.”
“The presence of our retailers, who are locals from the village, has helped us gain the trust of the villagers and bring about a behavioral change within the community, which is imperative for the growth of these services. Now, people don’t have to travel long distances for basic transactions. Instead, they just walk into a Payworld Retailer shop, where our retailer will assist them in undertaking all financials services, whether it be remittance, loans, insurance or even ticketing. This is how we are simplifying the lives of people in the semi-urban and rural areas.”, he added.
Over and above the financial services, over 95,000 railway tickets are being booked by the semi-urban and rural customers in Telangana through the Payworld assisted platform. Payworld is also providing cash flow Loans, like the 90 –day loan to their retailers. These loans are provided at a very low-interest rate to the retailers (MSME segment) with easy daily repayment options. Payworld expects robust growth in the 90/180-day loan category, with at least 4000 new loans in the coming 3 months. Another new service offered by Payworld is the Mutual Fund portfolios, offering investments in low-risk liquid funds to the customers. The idea of getting the semi-urban & rural customers to get into a habit of saving is really getting acceptance and Payworld is creating over 3500 mutual fund portfolios for customers through its retailers in Telangana.
Overall, the growth and uptake of the digital financial services through Payworld retailers have been on the rise in the State of Telangana with a growth of 46% year on year.
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