How Fintech Start-Up is helping rural India avail banking services amid the pandemic?

Around two-thirds of the population in India comes from a rural area. Hence, a large part of the population lacks in availing the banking facilities. There are no ATM facilities found in the rural areas, and if there are ATMs most of them often run out of cash or out of service.

With this scenario in mind, many companies have come up with the concept of Fintech. These are basically two terms “Financial” and “technology” and refer to the companies who automate financial services using technology. The Fintech industry has evolved very rapidly. During the pandemic, the neighbourhood stores have provided 0a great help in terms of sending services to the customers’ doorstep. Last mile or door step banking has been possible due to such fintech partners who have provided services even in the days when the bank is not working.

Many companies have come up with startup business ideas in order to push financial inclusion and promote digital transactions in rural areas. These companies’ tie-up with agents and retail stores in villages to offer different banking services like money transfer, cash withdrawal, cash deposit, balance enquiry etc. The agents would give these services to local people and that sector of people who barely have any knowledge in banking. By providing these services the retailer also earns a huge amount of commission on each and every single transaction.

One such company is Biznext, which is one of the renowned companies in the field of Fintech solutions. Biznext offers amazing opportunities and advantages to its partners, which makes them one of the best options for those who are willing to start a business. They basically reach out to local stores to offer assisted digital financial services like cash deposit, cash withdrawal, balance enquiry, bill payment, money transfer etc.

The retailer incurs very less investment, just having a mobile phone and active internet connection is sufficient. Then download the Biznext mobile application and sign up, fill in all the personal and business details, upload the KYC and activate the services. A single mobile application offers multiple services like micro ATM to withdraw cash, check balance and accept payments from customers through credit /debit cards.

AEPS (Aadhaar Enabled Payment Services) this service helps the Aadhaar cardholder to smoothly perform the banking services like cash withdrawal, mini statement etc using Aadhaar Number and Biometric Authentication.

DMT (Domestic Money Transfer business) where the sender is able to transfer money to their near ones even if he does not have any bank account. Cash to Bank transfer facility is also available. Just like these it offers many more services.

The retailers get the commission on every transaction. The more transactions the more commission retailer gets. With the help of the Biznext app, a retailer can earn more than Rs. 50,000 commission monthly. The commission is transferred to the retailer on a real-time basis. This helps the retailer to grow his business, earn more income and help his community by making banking transactions easy.  

All the banking services are provided to the customers under one roof.  This has been a great help to the retailer and the customers during this pandemic. The retailer was able to earn more and the customer was able to avail of the banking facilities.

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