FINO PayTech to ramp up retail network in Gujarat

Mumbai-based FINO PayTech, a leading payments technology provider and a payments bank aspirant, is expanding its retail footprint in Gujarat, among other regions.

FINO PayTech engages directly with its customers through company owned outlets called FINO Money Marts, a network merchant points and franchisee outlets. This focus on retail is in addition to its corporate business of providing banking technology and BC services to banks to enable financial inclusion.

At these points customers can initiate all financial and payments related transactions. These include domestic remittance, international remittance cash out, micro creditand other value added services such travel ticketing, online shopping through Snapdeal, utility bill payments, DTH/mobile recharges, insurance premium payment and EMI deposits.

Currently the retail channel in Gujarat comprises of over 1000 FINO Money Marts and merchant points, which registered over 700,000 remittance and other payment transactions with a throughput of over Rs 300 crore in the last fiscal.

However, the company plans to expand this network in Gujarat to over 5,000 touch points by the end of this fiscal.