Payworld, a Bharat-focused Fintech brand to enter Neo-banking and will be working with Banks, NBFCs and other system participants towards facilitating credit penetration, E-Rupee, UPI & E-KYC

Payworld bagged eKYC authentication approval from UIDAI and a Corporate agent license to facilitate insurance distribution, this year
In FY 2023, Payworld to strengthen its Neo-banking play and will be working with other fintechs, Banks on facilitating E-Rupee, UPI & E-KYC
Payworld to launch new products for small and medium enterprises like Salary Solutions, Expense Management, RuPay Cards, among others

27th December 2022, New Delhi: Payworld, one of Bharat’s leading fintech platforms is on a mission to bridge the Digital Financial Divide between India & Bharat. In the year 2022, Payworld crossed the milestone mark of being associated with one million retailers across Bharat, who are now serving their communities in semi-urban, rural, and underbanked communities in urban India. eKYC authentication approval from UIDAI and Corporate agent license to facilitate insurance distribution were among the key accomplishments and partnerships by Payworld in the year 2022.

This year, Payworld launched new products that include additional credit facilities for their retailers, allowing them to source Credit Cards and Personal Loans for their end consumers which allow them to help their customers pay their Credit Card and LIC premium payment. Payworld also worked on democratizing access to insurance by providing micro-insurance products through their partners to customers of Bharat.

In line with Payworld’s mission of building a Bharat focussed Neo Bank, it onboarded Mr. Amit Tyagi as the CEO to spearhead the organization. The company forged new partnerships, expanded its distribution, and is now aiding its partners to serve more customers with a wider range of services. SURU(Semi Urban Rural Area) goegraphies contributed to a large portion of the revenue for the brand in the year 2022. North-Eastern states, U.P, Bihar, and Jharkhand were among the territories where we witnessed exponential growth, in terms of the addition of new retailers this year.

Keeping pace with the achievements and the growth of the brand, in the year 2022, Payworld is all set with its growth plans for the year 2023. The brand has plans to enter the data-based credit services business and launch new products for small and medium enterprises like Salary Solutions, Expense Management, RuPay Cards, among others. Payworld will enter Neo-banking and will be working with Start-ups, Banks on facilitating E-Rupee, UPI & E-KYC. With all the initiatives and efforts of the brand, it aims to double GTV from 11,000 crores to Rs 22,000 crore by FY year 2023.

Talking about the accomplishments of the brand in the year 2022, Mr. Amit Tyagi, CEO, Payworld mentioned, “We are on a mission of bringing financial inclusion and wellness to all the citizens of Bharat through our last mile services. Payworld intends to build a Bharat-focused Neo-Bank that helps small businesses deliver services to their communities and aid in their financial wellness. 2022 has been a great year for us. Payworld is proud to be furthering financial inclusion and wellness while operating a fundamentally solid, scalable, and sustainable business. Our satisfaction is doubled when we see our retail partners prospering while leading their communities to prosperity.