In many parts of India, especially rural and semi-rural areas, sending money to family members who live far away is essential. Migrant workers, in particular, often need to send money back home to support their families. But how did we get to the point where transferring money is so quick and easy? Let’s take a look at how money transfers have evolved, from traditional banks to innovative solutions, and how BANKIT is contributing to the same with its DMT services. 

A Look Back at Money Transfers 

As the time passed, people exchanged goods and services through barter. As society advanced, we started using currency, which made transactions easier. However, sending money over long distances was still difficult. 

With the rise of banks, people finally had a safe place to keep their money and send it to others. But even though banks made money transfers possible, they also had their problems. The process could be slow, expensive, and hard to access, especially for people living in rural areas. Many people couldn’t use these services, creating a gap in the financial system.  

Why Safe, Secure, and Efficient Money Transfers Matter 

Today, it’s more important to have a reliable way to send and receive money. Whether you’re an individual or a business, you need to trust that your money will arrive safely and quickly. This is especially true for people living in rural or semi-rural areas, where banking services may be limited. 

Unfortunately, traditional banking doesn’t always meet these needs. The process can be slow, and the fees can be high. That’s where fintech companies come in, offering faster, easier, and more accessible options for everyone. 

Traditional Banking: Useful, But Not Always Convenient 

Banks could be the main way to transfer money for years. They provide a safe place to keep your money and a way to send it to others. But while banks are trustworthy, their services come with some drawbacks too: 

• High Fees: Banks often charge a lot for transferring money, which can add up, especially if you’re sending small amounts. 

• Slow Process: Bank transfers can take a long time, requiring you to fill out forms and wait for approval. 

• Limited Access: If you live in a rural area, it can be hard to get to a bank, making transfers inconvenient. 

• Manual Work: Bank transfers often involve a lot of paperwork, which can lead to mistakes and delays. Also, people prefer to avoid such work.  

The Rise of Fintech Solutions 

Fintech companies started offering new ways to transfer money when they saw the challenges people faced with traditional banks. These companies use technology and appoint their agents to every corner of the country to make money transfers faster, cheaper, and easier to access with security and reliability. 

This is all because of the fintech companies like BANKIT, you can now send money easily. The process is simple and fast, and your money reaches its destination in seconds. You can now send money across the country in seconds, without having to visit a bank. 

Meet BANKIT  

BANKIT is one of the leading fintech companies, focused on empowering every Indian with affordable and accessible banking and financial services with innovative fintech solutions, with a mission to leverage phygital* network and technology to deliver financial services to the last mile. 

"Phygital" is a simple way to describe something that mixes both physical and digital experiences. It's when you combine the real world with the digital world. 

BANKIT’s Domestic Money Transfer (DMT) 

BANKIT’s Domestic Money Transfer (DMT) service allows you to send money to any bank account in India. Whether you’re a small business owner, a farmer, or a homemaker, BANKIT DMT is designed to be easy and reliable. Through DMT money can be sent to IMPS/NEFT supported banks all over India. BANKIT DMT service is cash to bank account digital money transfer service provided to customers by its business correspondents (Agents / Retailers). 

Key Features of BANKIT DMT / Why Becoming a BANKIT Agent is a Great Opportunity 

Becoming a BANKIT agent is a fantastic way to make a positive impact in your community while earning a good income. As a BANKIT agent, you’ll help your neighbors with money transfers, bill payments, and other essential financial services. Here’s why joining BANKIT can be a great choice for you: 

• Affordable Services: BANKIT offers low-cost money transfer services, so you can provide your customers with a cost-effective option for their financial needs. 

• Instant Transactions: With BANKIT, you can process money transfers instantly, ensuring that your customers’ money reaches its destination quickly. 

• Convenient Access: By becoming a BANKIT agent, you’ll be able to offer financial services right in your neighborhood, making it easy for people who may not have easy access to a bank. 

• Safe and Secure: BANKIT uses the latest technology to ensure that every transaction is safe and secure, giving you and your customers peace of mind. 

• Easy to Use: The BANKIT platform is designed to be user-friendly in assisted way, making it simple for you to assist your customers with their transactions. 

How BANKIT DMT Compares to Traditional Banking 

When you compare BANKIT’s Domestic Money Transfer (DMT) service to traditional banking methods, the benefits become clear: 

• Lower Costs: Unlike traditional banks, which often charge high fees for transfers, BANKIT keeps costs low, making it more affordable for everyone. 

• Faster Service: While traditional bank transfers can take several days, BANKIT processes transactions instantly, saving time for you and your customers. 

• Better Accessibility: Traditional banks might be far away, but as a BANKIT agent, you’ll be able to offer financial services right in your community. 

• High Security: Both banks and BANKIT prioritize security, but BANKIT uses advanced technology to ensure that transactions are safe and protected. 

• Convenient: BANKIT’s services are designed to be straightforward and hassle-free, so you can serve your customers quickly and efficiently. 

Why Merchants Should Choose BANKIT 

For merchants in rural and semi-rural areas, traditional banks can be challenging. They often involve long waits, complicated paperwork, and language barriers that make transactions difficult. 

BANKIT offers a solution tailored for merchants. As a BANKIT agent, you can provide local businesses with easy and reliable money transfer services. BANKIT’s nearby stores and assisted service ensure that transactions are smooth and efficient. By choosing BANKIT, you can support local neighbors and build strong relationships within your community. 

Money transfers have come a long way, and with BANKIT, you can bring modern, convenient financial services to your community. Becoming a BANKIT agent allows you to offer valuable services that make a real difference in people’s lives, all while earning a good income. 

Choose BANKIT – because with us, you’re not just helping people transfer money; you’re helping to build a better future for your community and yourself.