Jaipur, 4th June 2019.
Payworld, an assisted financial services company, which provides digital platform to semi-urban and rural customers, has within a short span of time shown substantial growth of digital financial services in the Semi Urban and Rural sections of Rajasthan. With close to 43000 active retailers present, the leaders in the assisted financial services are present across all important cities of Rajasthan.
Payworld data shows that there is an approximate 50% rise in the Aadhaar Enabled Payment (AEPS) transactions per day being undertaken by people in the semi-urban and rural pockets of Rajasthan. Moreover, Money Remittance has shown a steady growth of around 3000 transactions per day with a minimum ticket size of INR 2800. The recently introduced mutual fund portfolios are still gaining attractions at the initial stages with around 3000 portfolios being created within a month of the service’s inception. Payworld expects a robust growth in the 90-day loan category, with at least 3000 new loans in the coming 3 months.
This clearly indicates the recent rise in the 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.
Mr. Praveen Dhabhai, COO, Payworld said, “It is great to witness such acceptance of financial services in the semi-urban and rural areas of Rajasthan. Being one of the largest States in India, spreading our network to every part of the State was a challenge, but thanks to the prioritized push by the Government towards digital financial services, we were able to build a strong network of 43000 retailers, who are providing these financial services to the 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 financial services, whether it is 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.
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. In Rajasthan, Payworld has experienced a Year to Year growth of around 25%.