DMT is a facility. It ensures that finance reaches every part of India. The service will help fulfill the customers’ growing financial needs.
One can start a money transfer business online. All they need is a smartphone and an internet connection. You do not need a lot of investment to manage a DMT business, and you can do it from anywhere. The money transfer agency franchise is one such business model. It has been blooming many folds and has seen a constant rise. How does the business of Domestic Money Transfer work in India? Domestic money transfer is a business. Anyone can send money from one part of the country to another. Using this, customers can transfer cash to their bank account this and send money to their loved ones.
You will use Domestic Money Transfer. We will send the money in 2 minutes. The agency will be open on bank holidays and 24/7. This is unlike banks, which have fixed hours. The money transfer business correspondent will be at a location near the customer. There will be no queues like in a bank, making it very convenient for the customer.
The customer will give the amount to the money transfer correspondent. The correspondent is an agent or retailer. They will also give their phone number. Here, the agent uses IMPS or NEFT for bank-to-bank transfers. They use a Fintech portal for cash-to-account transfers. The DMT agent completes it in a minute and earns a handsome commission on every transaction. The money transfer agent can earn up to Rs. 50,000 per month depending on the volume of transactions. Best tips to choose the right money transfer portal to start your business with!
To start an online money transfer business, the retailer needs to pick a fintech company. He will use the company’s money transfer portal. Before you choose any money transfer franchise, you should consider the following factors:
- Charges: Study the charges that the FinTech portal takes for the franchisee. Also, study the charges per transaction. It is very difficult to make good profits if your portal charges a lot on every transaction.
- The portal should be easy to use. It should be in your language. The web and mobile applications of the money transfer app should be easy to navigate. You can carry your whole DMT business in your pocket. use the best money transfer app on your smartphone.
- Income: The main aim of starting the money transfer franchise is to make a good profit. Study and compare the commissions that each portal offers before starting your franchise.
- Secure & Trustworthiness: The money transfer franchise should have a secure online portal. The company should be in the industry for some years and should have a happy client base. The portal should be working well. It should have no downtime or technical issues.
- Support and grievance redressal: The Money Transfer business requires monitoring and support. Thus, you should check and opt for a Money Transfer portal that has a responsive team.
- Other Services: Any online money transfer portal should offer more services to help you earn money. Offering Services like Aadhaar Payments, Recharge, and Micro ATM can multiply your income. In case you are an existing retailer, look for the additional factors before starting a domestic money transfer business:
- Marketing & Branding Support: The money transfer franchise should provide Shop Banners or posters. This is to increase awareness about your money transfer business.
- Retailer Login: The company should provide retailer login for free or for a very low cost.
- Growth Opportunities: Many portals offer a distributor status to their higher earning retailers, and offer extra income opportunities by asking them to map the retailers in their nearby area under them. This is an excellent way to multiply the current income.
- Location: Is your current setup located near a site where construction work goes on? Or where laborers are staying or lodging? One of the biggest clients of the domestic money transfer business is migrant laborers. Regular access to them will provide higher business. Migrant workers send money to their families back home using Money Transfers.
How to become a money transfer agent?
Follow the below-given steps to become a money transfer agent.
- After choosing the best money transfer app for your business, download it from the Play Store.
- Complete the Sign-Up process. Share your PAN Card, Aadhaar card, Email, phone number, and shop details.
- Once we verify your KYC, you can sign in and start using the money transfer service!
You can now offer the service of sending money to any bank account in India. This will help increase your monthly income up to Rs. 40,000 – 50,000. Earn a handsome amount on each transaction. You get it for transferring money using the DMT app retailer login.
Also read – How to earn more from your existing Kirana shop
What is the market size of the Money Transfer business in India?
According to the latest 2023 report, the money transfer market is about 130 crore. About 9 crore+ people use it, making it a prominent business model in India. According to a survey, a money transfer agency averages up to 20,000 to 30,000 rupees monthly in earnings.
Any person can start a Money Transfer franchise with minimal investment. Or, they can start for free if they have a retail outlet or an existing customer base. Domestic Money Transfer is one of the few low-risk businesses. It has low investment and high returns. You can maximize your earnings by telling customers that this service is in your store. Then, you will reap the benefits!