Agent/Branchless banking makes financial services available outside traditional bank branches and reach last mile customer using the available technology and agency network. Agent can be a retail shop owner or post master or an independent person who is interested in providing the financial services. Agent Banking also a strong strategic step for the banks to provide financial inclusion and reach unbanked population
Customers can now go to the agent to deposit money into any bank account or wallet without visiting the bank. Both Agent and customer get notifications and Agent will get his commission. Most convenient for the customer as they don’t need to travel and stand in the queue.
Opening accounts for farmers and unbanked population even in the most remote areas is as easy as never before. With agents present everywhere, banking activities including account opening , loans, cheque deposits and all other activities can be done from the comfort of sitting at home. With a few clicks and minimal time everyone can open a new account through agents no matter where they reside which will facilitate financial inclusion of workers and unbanked population to ensure timely payment of their wages.
It is very convenient for the customer to use Agent QR code instead of entering their Agent ID. Manual input of Agent Id can be error prone, Agent can generate the dynamic QR code which include his Agent ID and Amount to pay to receive the payments.
Agent can print a receipt for every transaction so that customer can walk away with the same. Though the notifications are sent via email and SMS, Receipt is still very traditional and conventional proof for the traditional customers.
With the advancement in digital banking, banking agents can now keep a track of all their transactions and commissions on a daily, weekly ,monthly and yearly basis. This is a time saving and efficient method for your agents to know where they stand. All reports of what they do will be in one single platform making it easier for your agents to work accordingly.
Agent can book various tickets on behalf of customer and print a receipt for the same. Customers pays either cash or transfer money using his mobile banking. Account Opening, Buy Airtime, Bill Payments, School Fees, Buy Goods, Rent Collection, Pay for Govt Services etc.