While technology has blessed rural India with several digital facilities, there is still around 20% of the rural population who live beyond the cashless economy.
Either they don't own a bank account or the Jan Dhan Account agenda has fallen to cover every corner of the rural sector. To bridge this gap, the idea of Domestic Money Transfer (DMT) comes as a savior that suits the comfort of fund transfer at every door.
What is DMT?
Domestic fund transfer is a cash-to-account transfer service open to every Indian citizen with a valid mobile number.
You do not require owning a bank account or going through the hassle of linking your account with your number.
The process of fund transfer is free from any restrictions and easy and straightforward to use. Through this benefit, users can transfer a specific amount of money immediately to any bank account in India.
It offers 24 hours access facility to the users and allows them to make funds transfer through any IPPB access point/post office or DMT agent nearby.
Benefits of DMT
- This service is available 24/7 hours throughout the year irrespective of public holidays or nonbanking hours.
- A person who doesn't have any bank account can also avail of the benefit of fund transfers.
- It's a quick and easy mode of transaction with no fear of data theft.
- Small business owners and shops can earn additional sources of revenue by offering this service.
How to use a domestic money transfer service?
As an agent or distributor, you can use this service in the following steps:
First, choose an online portal or app to carry out fund transfers.
Let's say you choose 'Netpaisa DMT'
- In the Netpaisa app or portal, choose your preferred payment mode among various options available.Now enter the mobile number of the sender(the sender must be registered to the platform)
- Further check if the beneficiary account is registered with the sender or not( Register it by filling in his basic details like bank name, mobile no.
- Click on Pay now
- You will receive your commission in your wallet.
How to start your online money transfer business?
DMT not only profits the customer but also delivers an opportunity to local Kirana shops or small business owners to shift their shops into mini-banks.
By registering as an agent or distributor of a Money Transfer franchise with Netpaisa, you can start your Domestic Money Transfer (DMT) business.
To turn this business into promising, you as an agent have to confirm more and more people register through the platform and transfer their funds. The more customers transit via the portal, the more commission you earn.
Platforms that serve as a money transfer agency.
As a DMT agent, you can offer money remittance benefits to the customers. You can begin your money transfer franchise with Netpaisa by registering via the portal as an agent.
Netpaisa is a user-friendly platform that assures smooth fund transfer across the portal. Any registered agent to the portal can operate as a local bank to the customers. With minimal investment and 0 risks, it allows people to turn their business profitable and achieve a stable career.
The perk of being a tatkal money transfer agent is that it provides users financial freedom and rewards each transaction with an increased commission.
Gone are the days of traveling long distances to find any nearby bank or a relative with a bank account to transfer your funds.
With DMT, People from remote areas can avail benefit of financial services from the comfort of their homes.