Domestic Money Remittance is a service which allows people living in one part of India to transfer money to a bank account anywhere in the country. The money is transferred using the Immediate Payments System (IMPS) or Unified Payments Interface (UPI). The money is transferred immediately to the Beneficiary’s Bank Account.
India has a population of 135 crore people living in different parts of the country. There are five metropolitan cities, hundreds of smaller cities and towns and thousands of villages. Many people from villages and towns migrate to larger cities and metros in search of jobs. They include labourers, technicians, helps, graduates and people with higher qualifications. Many of these people do not have a bank account or a smartphone, or they are unable to transfer money to their families instantaneously because of limited education. Furthermore, their family members may not have a bank account or access to an ATM. Payment systems such as the IMPS and UPI provide a seamless, secure and instantaneous transfer of funds to their families back home.
Bankit is a leading service provider in this domain. Bankit facilitates the transfer of money from the remitter to the beneficiary instantaneously and seamlessly. A person can transfer up to twenty-five thousand rupees per month, to the bank account of their family members or relatives using Bankit. The beneficiary can withdraw the money immediately at the bank or through an ATM once the transfer is processed.
Benefits of Bankit:
• Seamless, Secure and Instantaneous transfer of money to any bank account in India.
• Point of Presence in multiple cities, towns and villages.
• Transaction limit of 10,000 rupees per person
• Monthly transaction limit of 25,000 rupees per person.
• Facility to pay in cash at the Point of Presence.
• Facility to withdraw cash at the Point of Presence.
• Geographically spread throughout the length and breadth of India; even in remote villages.
• Low transaction costs.