Payworld may enter data-based credit services business

14 Nov 2022 , 08:28 AM

According to a senior corporate official who talked to PTI, Payworld, a fintech startup, intends to quadruple the gross transaction value on its platform to Rs22,000 crore in a year as a result of foraying into new markets like data-based credit services.

The corporation asserts that its current gross transaction value (GTV) is close to Rs11,000 crore.

Retailers can sell train tickets, Aadhaar-enabled payment services, mutual funds, insurance, FASTags, and other services on a platform provided by Payworld.

According to the report, the company is currently planning to start offering credit based on merchant transaction data and assisting rural areas with e-commerce.

Customers who do not have a CIBIL score or loan history can nevertheless access loans based on their company activities thanks to the transaction data-based credit facility.

He claimed that although the fintech sector mostly focuses on the top 5 crore clients, Payworld is attempting to reach out to individuals who aren’t deemed profitable enough to target using technology.

As an additional source of income, the business is planning to launch an aided e-commerce model for rural areas.

In accordance with the supported e-commerce model, a customer in a rural location will be able to order a product from an online store and pay the retail merchant partner in cash.

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