Payworld to expand operations in Karnataka

Electronic transaction service provider Payworld said on Tuesday would expand its presence across Karnataka with five-fold increase in its retail outlets to 15,000 from 3,000 currently over the next two-three years.

"As Karnataka is among the economically fastest growing states in the country, we are expanding our presence to provide our intelligent platform at retail points for money remittance, railway reservation, bill payment and e-commerce products to non tech-savvy, unbanked consumers," Payworld COO Praveen Dhabhai said in a statement here.

Karnataka, which accounts for five percent of the company's Rs.2,000-crore turnover, is among 18 states where it offers the e-transaction payment service for domestic money remittance, mobile and DTH (direct-to-home) recharges, railways, air and bus reservation, utility bill collections and assisted e-commerce.

The company, which serviced 88 million customers in 2014-15 through 62,000 retail touch points, aims at Rs.10,000 crore revenue over the next three years and expand its retail footprint across India to 300,000 outlets with 150 million customers, the statement added.

Payworld is promoted by $1.6 billion Sugal and Damani group which has interests in online services, engineering, technical education, share trading, real estate and hospitality.