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Showing posts from December, 2020

Domestic Money Transfer: Connecting India Digitally Along all the Geographies

  The money transfer business domestically has seen a spike since the month of March, post the lockdown was imposed nationwide. According to an RBI report the Real Time Gross Settlement transactions witnessed a rise of 34% during the COVID-19 situation. The situation enabled the nation to be more aware of the digital and the internet. During these times, Domestic Money Transfers and withdrawal also gained popularity as banks in most parts of the country were shut, and Kirana stores, retailers and small local shops were the only medium for people to transact their money to their family and friends. The domestic remittance levels over the past few months have steadily gained momentum and looks as the most promising aspects for the money transfer businesses. Enabling immigrants to send and receive money, the money transfer business , centers and cash transfer shops help empower the unbanked and underbanked population of the country. As one of the major advantages of the DMT service is