With the rise of digitalization and a cashless economic system, our country has started to witness increased demand for banking facilities. Here is where the role of Fintech companies has started to emerge.
India is a land of rural, scattered, and full of untapped markets which are yet to be equipped with proper banking infrastructures like ATMs, Bank outlets, etc. due to the high cost of setup and low returns expected because of the low population.
To resolve this problem, many Fintech companies have introduced Micro ATM Machine, AEPS portals, doorstep banking, and money transfer system, etc, which can meet the basic banking requirement of underbanked sectors at low set-up costs.
Here, the Fintech companies do tie-ups with retailers to offer banking services to their customers and in return, these retailers can earn a good amount of profit.
Here are some of the FinTech trends transforming the industry:
– Micro ATM Machine
Micro ATM Machine is a hand-held device that can be used by Fintech agents to facilitate the service of cash withdrawal. This device functions like an ATM machine only. Here, customers have to swipe their debit cards to withdraw money. The micro ATM machine can be used as a POS device, to take payments from customers.
– AEPS Portal
AEPS (Aadhar-enabled payment system) is a system that allows users to withdraw cash using their unique Aadhar number and biometric punch.
AEPS Service is further used by the government to disperse government pensions like NREGA, Social security pension, Handicapped, old age pension, and other various government funds for various causes.
– Doorstep banking
FinTech companies, with their hand-held devices, have made the facility of door-step banking a reality. Agents carry portable devices like biometric scanners, Micro ATMs, etc. to any person’s house and offer the facility of cash withdrawal, balance inquiry, money transfer etc This is especially suitable for very remote areas where the entire village meets at an open space, once a week, to use these facilities – possible only due to Aadhaar banking and devices like Micro ATM.
How to start your own FinTech franchise and offer banking services?
Any individual person can start their own Money Transfer business franchise, or in fact provide all FinTech services at the click of a button. All one needs to do is to download Biznext Mobile Application from their play-store or signup with Biznext through the website and login using your phone number and OTP.
After logging in, complete the process of E-KYC.
Once you complete the signup process, you can activate the services you want to avail from the service panel on the left hand side.
On successful activation of the service, you can offer 27+ services like AEPS, Micro atm, Money Transfer etc, to your customers and earn a lucrative commission on every transaction.
To know more, contact Biznext at 022 42123123.