Electronic voucher distribution service provider, Payworld has announced its plans to invest around Rs 100 crore to expand its reach to 3 lakh outlets across India over the next three years.
“Payworld plans to expand its reach to 3 lakh outlets across India over the next three years by investing around Rs 100 crore to be funded via debt and internal accruals,” said Mr Praveen Dhabhai, Chief Operating Officer, Payworld.
Promoted by Sugal and Damani Utility Services Private Ltd, Payworld allows even non-tech savvy consumers to recharge their mobile phones, DTH, railway reservations, utility payments and sending money to any bank account in India through the retail touch points in 18 states and more than 800 cities across the country.
Smart Payment Solutions Private Ltd, a 100% subsidiary of Payworld, has applied to RBI for payment bank licence to further strengthen their presence in Digital Payment Space and Domestic Money Remittance segment.
Payworld is also in advance talks with eCommerce and digital wallet companies to provide assisted transactions in this category from its retail touch points.
Indian mobile commerce platform Paytm has also allocated a budget of Rs. 500 crore solely for marketing in the year 2015. The money would be used to pump marketing campaigns via online as well as offline channels.