Fintech firm Payworld focuses on insurance, loans for growth
New Delhi: Digital transaction facilitator Payworld is now focusing on insurance and small ticket loan disbursal as next phase of growth story and has tied-up with a few insurers and non- banking financial companies (NBFCs) to tap potential customers, a company official said.
Payworld, a nine-year old fintech firm, provides digital transaction services like mobile recharge, e-payment, railway reservation and remittances facilities. “There are many consumers who are non-tech savvy and they need assistance to do a digital transaction. They aspire to buy insurance as well as take loans. So our target segment is these kind of people who remain largely untapped,” Praveen Dhabhai, chief operating officer of the company said in an interaction.
The fintech firm has already tied-up with SBI Life to sell life insurance polices to potential customers who visit Payworld touch points regularly. It aims to bring about 10 lakh lives under insurance cover in next one year through this tie-up.
Likewise, there are tie-ups with Shriram General Insurance as well as Religare Health Insurance and Reliance Health Insurance to sell respective kind of insurance products. Even though Payworld has a pan-India presence, the company is focusing smaller cities to tap potential buyers of accidental and health covers, the official said.
“The company is in the process of identifying specific and comprehensive insurance products in all areas of health, life and general on the basis of extensive knowledge it has compiled through its ground staff to help device customised products,” said the official.
Payworld feels the opportunity lies at the bottom of the pyramid and in focusing on those excluded from the financial net. This is a big challenge, but a bigger opportunity, Dhabhai said. For loan services, the company has tied up with NBFC Capital Float to disburse small ticket loans. “For micro, small & medium enterprises and retailers, the average loan ticket size is Rs30,000-50,000 while for end users the average loan amount is below Rs10,000,” he said.