Payworld expects 60 pc increase in gross transaction value to Rs 12,000 cr next fiscal year

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Fintech firm Payworld expects the gross transaction value carried out from its platform to increase by over 60 per cent to around Rs 12,000 crore in the upcoming financial year.

The company expects to close the current financial year with gross transaction value (GTV) of Rs 7,500 crore by providing payment interface to sell train tickets, Aadhaar enabled payment services, mutual funds, insurance, among others.

“Payworld’s retail points have become more than 5 lakh, we conduct almost 2 lakh transactions every day. Payworld GTV is about Rs 7,500 crore. With this current run rate, next financial year Payworld plans to touch Rs 11,000-12,000 crore,” Payworld CEO Praveen Dhabhai told PTI.

Payworld is looking to double its distributors as well as headcount on the field to widen its payment network.

“We have right now around 3,500 distributors. So we want to double our workforce from the sales point of view because there are a lot of areas which we have seen are yet to be covered, like the states of Odisha, Assam, as people do need these services and the competition is less,” Dhabhai added.

He said that COVID-19 has fast tracked the retailers’ boarding process on the platform through webinars and video calls compared to the earlier mode of physically reaching out to them.

The company expects that new services like FASTag and launch of its debit card in collaboration with RuPay will help in increasing GTV of the platform.

At present, Dhabhai claims that almost 10,000 train tickets are booked from its platform every day.

He also said Payworld has tied up with the government’s e-services delivery arm CSC to provide services at 11,000 outlets at panchayat level.

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