Fintech firm Payworld focuses on insurance, loans for growth

Monday, August 14, 2017

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 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.

Source: India Today (link opens in a new window)

digital payments, fintech, insurance, lending