Payworld arm Smart Payment Solutions applies to RBI for payment bank license

Keeping in mind the government’s intention for cash-less transactions, Payworld subsidiary Smart Payment Solutions Private Limited, a 100% subsidiary of Payworld, has applied to RBI for Payment Bank License.Payworld is a brand promoted by Sugal and Damani Utility Services Private Ltd.

Smart Payment Solutions , which currently has a Pre-Paid Instrument ( PPI ) License from RBI and offers Digital Wallet to customer which can be used as a Payment option on more than 15,000 websites and is available on Android, Windows platform and also supports Multilingual capabilities.

The digital wallet balance can be topped up by paying cash at more than 60,000 Payworld’s retail Touch Points. Payworld plans to expand its outlet reach to 3 lakh over the next three years by investing around Rs 100 crore, said Mr Praveen Dhabhai, Chief Operating Officer, Payworld.

Payworld bring in convenience for the non-tech savvy consumers to recharge their mobile phones, DTH,  railways reservations, utility payments and sending money to any Bank Account in India through the retail touch points in 18 states across the country.

Payworld is also in advance talks with leading e-commerce and digital wallet companies to provide assisted transactions in this category from Payworld retail touch points. Payworld is expected to achieve a turnover of over Rs 2,000 crore for the year ending March 31, 2015 and has set a target to reach a revenue of Rs 10,000 crore in the next three years, said Mr. Dhabhai. The industry size for the segments catered by the company is estimated to be around Rs 20,000 crore across the country and the company has close to 10% market share.