It has happened with most of us while travelling in small towns and rural areas when we ran out of cash and found it impossible to locate an ATM. Payworld has come out with a solution by tying up with India’s largest public sector bank, State Bank of India.
Payworld, an electronic platform for financial transactions, plans to launch “Payworld Cash point” from Payworld retail points in areas where ATM’s are not available or accessible.
“Our initial plan is to launch the scheme with 500 retailers and scale it up to over 5,000 by March 2016. The payment is done by a retailer in cash and not by a machine. This service will be operated with the help of a small card reader which needs to be attached with an android smart phone with the help of Bluetooth or by using an audio jack,” said Praveen Dhabhai, COO of Payworld.
According to Payworld, this would also be helpful to the people that have opened bank accounts under the Prime Minister’s Jan DhanYojana and have debit cards but no access to an ATM machine in their neighbourhood.
This facility involves no extra space and heavy infrastructure for operating. The retailer has to use Payworld App in smart phones by attaching the card reader. He has to swipe the customer’s Debit card and on authorization by the bank, pay out the cash.
Payworld has proposed to install cash out facilities (Chota ATM) at all the retail outlets under its coverage who show interest in using this.
Any customer can use any bank Debit card for withdrawing and can take out a maximum of Rs 2,000 in cash from this cash out facility of Payworld, Dhabhai said.
Payworld is targeting Tier III and IV cities and rural areas where Bank branches and ATM’s are scattered.