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 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.