In India’s fast developing digital economy, the services like DMT or Domestic Money Transfer services are working effectively towards financial inclusion. Even with the rapid adoption of UPI or Unified Payments Interface in India, which reached a record number of about 17 billion transactions in December 2024, many people still rely on cash. Particularly in rural and semi-urban areas, digital payments are gaining users gradually. Here, DMT works to fill the gap by enabling users to send money anytime, anywhere, quickly, securely, and easily even when they don’t have a bank account. If you are planning to start a Direct Money Transfer service business in your area, here in this post, we will tell you how you can work with Religare and enjoy a myriad of benefits. Here is all the information you need, including the nuances of a DMT business and the steps to start one.
Understanding DMT Service business
The term ‘Domestic Money Transfer’ describes the electronic movement of money within a nation between two or more people or organizations. Usually, the popular banking methods, such as NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service), or UPI (Unified Payments Interface) are used to carry out these transfers. However, for those who do not have a direct access to banking services, DMT services are helpful to send or receive money through authorized agents or digital platforms.
How do DMT services operate?
Accessible for just a little service cost, DMT service business operate instantaneously and in real time —
- Customers reach a nearby Religare Digital store.
- The accredited DMT agent accesses their official agent platform and connects to the DMT client portal.
- The agent then asks for the customer’s mobile number and Aadhar number to verify their KYC details and their thumbprint for biometric authentication.
- The DMT agent enters the beneficiary’s complete name, account number and IFSC code into the platform. He will enter the amount that has to be transferred.
- He will then ensure that the transaction is carried out successfully and then print a transaction receipt for the customer.
- The money transfer acknowledgement will be sent to the customer’s mobile device.
Why you should start a DMT service business with Religare
DMT service business offers scalable and low-investment opportunities, while allowing the entrepreneurs to contribute to India’s greater objective of inclusive financial prosperity. Starting a domestic money transfer business with Religare will bring you an opportunity to make a positive social impact besides being financially profitable. This can be a golden opportunity for you to create a long-lasting business in this dynamic economic environment, if you choose the correct service provider, follow all the legal requirements and follow a customer-focused business strategy.
Here are some reasons to start a DMT service business –
- Low entry barrier: There is no big investment required to start a DMT service business. All that one needs to start a DMT service business is a computer or smartphone with internet access.
- High demand: A DMT business is quite helpful for people and hence there is a steady need for trustworthy money transfer services. DMT is often demanded by the large number of people who still do not have access to bank accounts and the growing number of people moving to other places for work.
- Additional revenue streams: In addition to direct money transfers, the DMT agents can increase their revenue potential by providing more services, such as utility bill payment, smartphone recharges, and more.
- Contribution to financial inclusion: DMT Agents are important in taking the benefits of financial services to underprivileged communities.
How to become a DMT Agent with Religare
The application process to become a DMT Agent is entirely digital, fast and paperless.
Step 1: Do a thorough research about business prospects
Visit our website to find out more about the goods and services offered by Religare, the advantages of becoming an agent and the possible earnings one can make.
Step 2: Express interest
Fill out the form to express your interest in starting a DMT service business with Religare. Carefully fill out the form available on the portal with your name, contact information, and other important details.
Step 3: First conversation
Our staff will get in touch with you to have a preliminary conversation. We will respond to your inquiries and discuss the position, duties, and advantages.
Step 4: Sign up as an agent
There is no paperwork involved in becoming a Religare representative. Our staff also assists you with onboarding and necessary documentation. Following a successful DMT registration, you will receive the necessary business, marketing and training support.
The Religare advantage
Religare is a one-stop shop for all kinds of e-governance services, including domestic money transfers in India. Our registered agents have the necessary tools and expertise to process money transfer services quickly. The local Religare Agent functions as the easily-approachable representative for the users to send money to the beneficiary of their choice, at any time and from any location. The DMT service with Religare is safe, secure and digital.
DMT services are easy to use, reasonably priced, and user-friendly. It does not matter whether the user wishes to transfer money to any bank account in India from a metropolitan or semi-urban area or from a rural or distant area. Advanced authentication procedures and encryption technology drive every transaction. Consumers almost instantly receive an acknowledgement receipt verifying the success of the transaction.
Benefits of Religare Digital’s DMT Services
- The DMT services offered by Religare are safe and secure as they are driven by advanced encryption techniques guaranteeing the protection of client information and money transfers.
- DMT services instantly transfer the money to the recipient’s bank account, making the whole process hassle-free, eliminating any need to visit the nearest bank branch.
- No bank account, no problem, as senders can request for money transfers without any bank account.
- The DMT transactions are secure and guarantee only authorized transfers, as they are conducted only when the KYC details are provided for authenticity.
- The domestic money transfer service is accessible twenty-four hours a day, seven days a week, including public and bank holidays.
- DMT services with Religare are reasonably priced making them accessible to the underprivileged sections of the society to send money to friends and family.