Mumbai, Feb. 7: Pay Point India Network, a fast moving consumer services company and a prepaid payment instrument (PPI) licence holder, is planning to raise $20-25 million to scale up its mobile wallet and roll out new services, including "assisted e-commerce".

An assisted e-commerce service will enable an individual to walk into a Pay Point franchisee store, select an e-tailer's products, make payment and take delivery either at his house or at the store.

Pay Point was one of the 41 applicants for a payments bank licence for which it had joined hands with Sudhir Valia of Sun Pharma.

However, it could not make the cut as the RBI granted in-principle nod to 11 players.

Pay Point is now looking to expand its services and presence in the country as it gears up to face competition not only from existing PPIs but payments banks as well.

The company offers services such as banking (it is the business correspondent to the SBI) where an individual can open accounts, withdraw and deposit cash and transfer money. Some of its other products include facilitating bill payments, mobile & DTH recharges, ticket bookings and collection of two-wheeler insurance premium.

These services are offered through its 32,000 customer points, of which 7,000 are in the east and Northeast. In banking, Pay Point opened over one million no-frill accounts in the last couple of years.

The company is planning to expand its footprints to over one lakh touch points over the next 18-24 months. It has a strong presence in the west and the east and plans to ramp up its presence in the south and north, Ketan Doshi, managing director of Pay Point India, told The Telegraph.

"On a month-on-month basis, we get one million customers. In 2015 alone, we did over nine million transactions. We have a very strong customer base and that is our key strength. We may have lost the payments bank race, but at our end its business as usual," he said.

"We are already serving many customers - connecting service providers with them using technology and our scale and distribution network. Building a product platform and reaching out to a customer is a different ball game and we have a head-start over there,'' he added.

The company has initiated talks with some private equity players. It is also in negotiations with international companies, which are into the payments space and interested in entering the country.

He said the company might join hands with a small finance bank.