In the digital era, the ways to send money have evolved and became technologically smart and much more convenient. The Domestic Money Transfer or DMT business works very effectively in India as through it, you can transfer money to any Indian bank account. Now, you don’t have to worry about visiting bank branches at a particular time, as DMT transactions can be processed at any time of day or night. Moreover, you get to choose from the various DMT ways, such as cash wallets and online and mobile banking. With DMT, one does not have to wait for the transaction to be processed, as they are conducted in real time and are completely safe. In order to get started with domestic money transfer in India, you need the bank account details of the beneficiary and a working mobile number.
Domestic Money Transfer is an aided service developed by NSDL Payments Bank to help the unbanked, underbanked, and migratory workers in India with their money transfer needs.
The process of domestic money transfer in India
Here is the step-by-step process of domestic money transfer in India –
- Starting the transfer: The sender chooses the “fund transfer” option after logging into their mobile app or online banking platform.
- Entering information: They input the amount they want to transfer, the bank account number of the recipient and the IFSC code.
- Authentication: The sender may need to use an OTP (One Time Password), password, or other security procedures to verify their transaction.
- Processing: After completing the transaction, the bank transfers the money using the selected payment method (NEFT, RTGS, or IMPS).
- Confirmation: The sender is notified or receives a confirmation message when the transfer is successful. In case, the person does not have a bank account, they get assisted by the agents or business correspondents.
The benefits of using money transfer application
While using a DMT platform, the Business Correspondents (BC), who are available around the nation, make the transactions on behalf of their clients. Customers can use this service to send money instantaneously to any Indian bank account that accepts IMPS or NEFT. One can get the money sent even if one doesn’t have a bank account. The money gets credited to the recipient’s bank account in a matter of seconds. It is accessible year-round, even on banking holidays and outside of regular business hours.
Using a money transfer business app has the following benefits:
- The beneficiary gets the money quickly, usually within 24 hours
- Convenient to use
- Carrying cash is no longer required
- Safe and secure transactions
- Accepted payment method
Become an agent with Religare’s Digipay
Now that you know the advantages of the money transfer business app, do you feel like taking up the job of working and earning on it? If you want to work as an agent and offer domestic money transfer services, we have an incredible opportunity for you. With Religare Digipay, you can become an agent to provide the Digital Money Transfer service to different consumers, and earn a substantial income. Just register yourself as a Digipay retailer in just a few steps to provide several services from one mobile app, such as AEPS, DMT, MATM, travel booking, mobile recharge and DTH recharge. The opportunity of Digital Financial Services begins from the app in your mobile phone. Our main goal is to digitise currency and expand its reach in the future by providing services to those who need it through local agents placed throughout the country.
The benefits of Religare’s Digipay are –
Quick, safe, and secure transactions
Religare Digipay uses a robust framework to guarantee a totally secure transfer of funds to the required bank account within the nation. Our business agents are equipped with knowledge and necessary tools to quickly send money to their family, friends or acquaintances through a secure DMT system.
Assisted transfer of funds in India
Even without a bank account, you can send money to your family members or friends right away. You can transfer funds to any Indian bank account that accepts IMPS or NEFT using our DMT service.
Nominal charges
For as low as just 1% of the transaction value, including GST, one can take advantage of the quick services on Religare’s Digipay platform.
Available 365 days a year, 24 hours a day
Through its robust digital money transfer software, Digipay makes it easy for you to transfer money to any bank account in India.
Earn with Religare Digipay
Digipay mobile app provides good commission to its agents for every transaction that you complete.
To conclude, Religare’s Digipay is most likely the best opportunity for you to work with if you want to make a good business with less capital. Since the industry is growing and along with it our cutting-edge technology is also thriving, this brings to you the opportunity to grow your career with us. Register with Religare Digipay today and begin your journey towards financial independence and success.