The increased migration of people to urban areas in search of livelihood creates the need for easy access to banking services, especially money transfer. According to some studies, the domestic remittance market is estimated at around Rs. 1.2 lakh crores, of which, only around 30% of domestic remittances are routed via formal channels. Majority of the migrant population uses expensive and unsecured informal channels for their money transfer activities.
Payism’s innovative online payment solutions and extensive reach offers customers a safe, reliable and quick means to transfer money back home, market that is currently served by informal players.
Without a doubt, there is not only a huge demand but also earning potential through money transfer service. India’s mobile wallet market is projected to reach 1150 crores by 2022. Business owners can provide money transfer option in their shops and earn extra income through commissions. A smartphone app topped with sufficient money is all that it takes to provide a money transfer service to individuals.
Customers get the convenience of visiting their nearby money transfer agent and sending money instantly through IMPS to any bank account in India anytime. They don’t have to visit banks during banking hours or wait in long queues. Moreover, by providing money transfer service can increase the customer reach and footfall in their shops.