We have time and again written about our merchants and how they are the agents of change in their locality, inspiring the masses and enabling them through various digital services and promoting the benefits of the same. In our blogs, we have already mentioned about our products like Pay1 Digi and how it has been equipping the retailers with cardinal services and earn substantial benefit from them.
Out of all the services mentioned in our previous blogs, Pay1 Merchant’s DMT and recharge services have been one of our oldest services. A few years back when the digital transactions were unsettled and open to discussion, it was the Money transfer services that helped people transfer money to any corner of the country. To put into simple words, Domestic Money Transfer is a service offered by various companies/agencies to transfer money from one account to another account within the country. The end customer first deposits the required amount to the DMR agent (Domestic money remittance) The money, received by the DMR agent(in our case Pay1 retailer), is transfer processed using National Electronic Fund Transfer (NEFT) and Immediate Payment service (IMPS) technology to the receiver.
There has been continuous migration of people in search of growth and better opportunities, thus concentrating the population in the cities. Majority of them are unaware of the technology to transfer money via internet banking and banks become the only option for them to transfer money to their family. Now, since they work on a day to day basis and as contract labourers, they can’t afford to spare one day of work and wait hours in queues of banks for cash deposit or fund transfer. It was in these scenarios that the DMT services helped to solve the problem of money transfer within the country for these migrants who worked as daily wage workers to send money to their hometown. Now they don’t need to stand hours waiting in the bank to send money, with the help of a money transfer agent he can transfer money to their family instantly.
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From the very start, the DMT services always had a very wide scope because of its comparatively cheap and reliable nature. It helped to transfer money to anywhere in India in a very short time. It is also a much-secured pathway for the same. With the advent of technology and digitalisation, the DMT services were then transformed from desktop-centric to mobile screen-centric. One of the major advantages of this service for its end customer is that it doesn’t require the sender to have a bank account. Thus it becomes available to both banked and unbanked population We have been enabling our retailers to provide this service to their customers and also avails retailer with an opportunity to increase their income. We have been empowering these masses to use these services and experience seamless transactions. It is this model of money transfer that brings the transaction touch-point closer to this set of customers that is available even at non-banking hours.
Thus, through its various products and services, Pay1 is trying to empower the unorganised retailers by equipping them with a platform to provide various services like domestic money transfer, AEPS, mPOS, utility, bill payments, online mobile recharges and many more at one place. The Pay1 platform works in unison with the retailers, products and services, distributors and the last mile customers towards creating value at every touch point.