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 that it just requires its end customer to register his/ her
Aadhar and require just his biometric information to make the transactions, the
money transfer services, thus, empower the rural and uneducated population of
the nation.
BANKIT,
India’s one of the most leading Fintech Company, provides these money transfer
services to the customers through local retailers, kirana store owners etc.
also availing these small businesses to increase their incomes. The AEPS
and money transfer services from BANKIT bring the transaction points closer to
the customer for hassle-free and convenient transactions.
BANKIT
attempts to empower small shops and retailers by furnishing them with products
and services to help them offer different services to their consumers like
recharges, PAN Card assistance, AEPS, domestic money transfer, bill
payments and much more through a single platform.
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