Smart Payment Solutions, a 100 percent subsidiary of Payworld, has applied for a payment bank licence to further strengthen its presence in digital payment space and domestic money remittance segment.
Electronic voucher distribution services provider Payworld on Wednesday said it plans to invest Rs 100 crore to expand its retail footprint to 3 lakh outlets in three years.
"Payworld plans to expand reach to three lakh outlets across India over the next three years by investing around Rs 100 crore which will be funded via debt and internal accruals," Payworld Chief Operating Officer Praveen Dhabhai said in a statement here.
Promoted by Sugal and Damani Utility Services, Payworld lets even non-tech savvy consumers to recharge their mobile phones, pay for their DTH, railway reservations, utility bills and send money to any bank account in India through its retail touch-points in more than 800 cities across 18 states.
Smart Payment Solutions, a 100 percent subsidiary of Payworld, has applied for a payment bank licence to further strengthen its presence in digital payment space and domestic money remittance segment.
The required funds for setting up the payment bank will be realised through funding from promoters, Dhabhai said. Smart Payment Solutions, currently has a Pre-Paid Instrument (PPI) licence 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 and Windows platforms.
Payworld is also in advance talks with e-commerce and digital wallet companies to provide assisted transactions in this category from its retail touch points.
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