New Delhi, India, August 10, 2015: Pay Point India Network, a fast moving consumer services, company, is planning to add 25,000 more retailers to its network and increasing its presence across India by end of this financial year. The company is increasing the number of retailers as it will soon be adding a number of new services to its bouquet.
The company has at present a network of 15,000 retailers across 200 cities in nine states, of which 5000 were enrolled within the past six months. These retailers provide online payment services in an assisted set-up through the company’s virtual wallet platform called PaypointZ. The company offers services across five verticals: banking, utility bill payment, DTH and mobile recharges, air-bus-railway booking and money transfer.
The company was recently empanelled by National Payments Corporation of India to offer domestic remittance services on Immediate Payment Service (IMPS) platform which enables real-time money transfer on a 24X7 basis.
Rajesh Mishra, CEO of Pay Point India said, “We are planning additional service offerings that will help us serve our customers better. The increase in the retailer base will not only enable us to do this but also enable us to deliver targeted solutions to our customers. Since we will be enrolling many of our retail network in remote, inaccessible regions, it will help further the national cause of financial inclusion.”
The company is now planning a focus on the North East as well as naxal hit areas for adding Retail agent.
Pay Point is a Prepaid Instrument provider that continuously innovates on its product offerings in the fast changing digital finance transfer market. It has come up with an innovative pre-funded model under which it first pays the dues of the electricity boards and then collects it from the customers. The Chhattisgarh State Power Distribution Company Limited (CSPDCL) has been the first one to successfully implement and benefit from this.
The model targets the main pain-point of the Electricity Boards, payment collection. The Electricity Boards incur costs and loss due to non-payment and interest cost on delayed payment since the money takes 1 – 3 days to reach their bank account. Considering electricity boards collect thousands of crores these costs can be huge.
Pay Point’s unique pre-paid bill collection model under which Pay Point maintains an advance / pre-paid working capital with Electricity Boards against all bill collections made at its retail network. The company has recently applied for a Payments Banking Licence.
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