Payworld, a payment solutions arm of Chennai-based Sugal & Damani Group of companies plans to expand its retail network across India to tap non-tech savvy customers for its remittance, assisted e-commerce and cash point services.

The company currently has 62,000 retail outlets and 20 signature outlets across India, which its aims to increase to 300,000 retail outlets and 10,000 signature outlets in the next three years.

The company on Thursday launched its fourth Signature Outlet in Gujarat. Having a total revenues of about Rs 2,000 crore through payment solutions, the company has set ambitious target to achieve Rs 10,000 crore revenues in the next three years.

Praveen Dhabhai, Chief Operating Officer, Payworld said, "The signature outlets will offer all existing services including domestic money remittance, rail and air reservation, mobile and TV DTH recharge, assisted e-commerce, and cash point. We however expect to treble the transaction volume from these outlets over the conventional Payworld retailer."

Payworld gets about 50 per cent of its revenues through domestic remittances. States like Gujarat, Maharashtra, Haryana and Tamil Nadu have high remittance business, with large population of migrant workers sends money to their native places in Bihar, Uttar Pradesh and Orissa.

"The average ticket size in remittances is Rs 2,800 while that in recharges is as low as Rs 67. We see our assisted e-commerce business to increase sharply with remittances continuing to be our strong revenue source," added Dhabhai.

The company has collaborated with all the scheduled banks for electronic remittances. Also, it has received digital wallet licence.

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