Domestic Money Transfer Service in India is on the Rise

Regardless of where you stay in India, when it comes to transferring money from one bank account to another, the most widely used method is to visit a bank, stand in the long queue and deposit money into your family members/friend’s bank account. In today’s fast paced life many people don’t have the luxury or the patience to visit a bank or post office for sending money. Some have access to net banking or use a smartphone app to send money. Most of these mobile wallets don’t have compatibility between them, so you end up having multitude of apps and depositing money in each of them. However, there is another convenient option available – visiting your nearby money transfer agent.

Money Transfer Stats

Did you know the total volume for domestic money transfer in India for 2015 was 32419 crores? With majority of this number coming from the rural areas – 25444 crores and 6975 crores from the urban landscape. The state that stood out as the top contributor for money transferring service was Maharashtra. This comes without a surprise as majority of the individuals are from other states and send money on a regular basis through money transfer agents.

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.

Paynear ONE’s domestic money transfer service is ideal for all types of businesses such as internet café, retail shops, kirana or general store, mobile sales & service shop, paan shop and many others. To begin, download the smartphone app from Google PlayStore or Apple App Store and complete the sign up process.

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