One Stop Shop to merge with Pay Point
The merger will create India's largest organised distribution network with a comprehensive offering for essential services, Pay Point India Director Romil Meghani said.
The management teams of both companies have finalised the deals and are now working towards future plans to multiply their current sale of Rs 1,700 crore in the next few years, Pay Point India MD CEO Ketan Doshi said in a statement here.
Pay Point India, offers various convenient payment solutions to consumers while OSS has an extensively spread retail network that primarily sells only travel related products.
The future plans of new company include a world class payment options like smart card, mobile payment and other online and offline platforms, for all payments, including mass transportation under the 'Pay Pointz' brand from a franchisee network of over 1 million touch points, Doshi said.
According to an estimate, India has 25 crore households, each making approximately 3 transactions per month (including travel, utility payment, banking, taxes among others), Meghani said.
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