Payworld expects to cross Rs 7,000 cr revenue by 2018-19

Digital payment service provider Payworld expects to cross Rs 7,000 crore revenue by the end of fiscal year 2018-19 on account of government push for electronic transactions.

"We have 1 lakh merchants and retailers using our solutions for card base transactions. We expect to double our merchant base in six months with the government push for digital transactions. We are expecting revenue of over Rs 3,000 crore in 2016-17 and cross Rs 7,000 crore in 2018-19," Payworld Chief Operating Officer Praveen Dhabhai told PTI.

He said the company has closed 2015-16 with revenue of Rs 1,700 crore.

At present, the company provide small point of sales machine which can be connected with mobile phone for making debit or credit card based payments.
 

It facilitates various other online transactions like railway ticket booking, domestic money remittance, bill payments, insurance etc through its application at retail stores in small towns and earns commission from each transaction.

"We experience sudden push in digital transaction after the government announced demonetisation. At Payworld, we increased our team size in the field by 10 times to 1,000 people from 100 to meet the demand. The more we train merchants on digital payment, the more we will get business," Dhabhai said.

He said that the company is upgrading its application to embed Aadhaar based payment systems which is expected to bring more people to make digital transaction.

"In two months, we will start rolling out Aadhaar based payment system. We need to provide biometrics scanner to merchants for the same. Merchants are quick in accepting these solution provided they are trained to use these devices," Dhabhai said.

Payworld expects digital payments through Aadhaar based system to contribute 30 per cent to its total revenue.

"We expect waiver of taxes from PoS machine, finger print reader, iris scanner will bring down cost of these machines and increase adoption in the market. There is no shortage of these devices in the market only issue is training of merchants where we have increased our focus," Dhabhai said.