Fino PayTech, which received an in-principle approval from the Reserve Bank of India (RBI) to set up a payments bank, is planning to come out with a mobile wallet.

The company said it may either bring out a new mobile wallet or upgrade the existing app called Fino Money into a mobile wallet. Currently the app is used by its agents to provide assisted services for domestic money transfers, bill payments, mobile/DTH recharges and payment of insurance EMIs.

“We firmly believe world will move to self-service eventually. It is our endeavour to be able to provide that service in the near future. In the interim we will continue to offer our services through assisted model,” said Rajeev Arora, director at Fino PayTech.

The company claims that nearly 50% of its domestic remittances takes place through its mobile app and would grow this busines. It also claims it handles close to R2,500 crore of remittances annually with almost 50 lakh transactions a year.

The company is also in talks with close to 10-15 e-commerce portals for potential tie-ups for its assisted e-commerce operations on its retail platform. Currently, the company has a tie-up with Snapdeal and Yatra which enables its customers to use the company’s physical outlets for placement and collection points for their orders or for tickets.

Fino PayTech is also planning to double the number of its Money Mart outlets from the current figure of 450 to about 900-1,000 in a year.

There are 300 Fino Money Marts present in urban areas across 14 states and 150 in rural areas across five states.

“The company ventured into retail space almost a year ago during which we have been able to set up the channel of 450 Money marts to provide financial and payments services on the Fino Money retail format,” Arora said.

These outlets offer a convenient way of transferring money especially for migrant workers. Once a person submits the necessary documents to the company, they just have to provide their mobile number every time they wish to transfer money. A maximum of five beneficiaries could be added in a person’s name.

A screen facing the customer tells whether the transaction has completed or not with the entire process taking just a matter of seconds along with a fee.

The company now plans to double these outlets in a year.

The Reserve Bank of India has granted in-principle approvals to 11 entities/people to set up payments bank in the country.