Boost financial inclusion with branchless banking services

Simplified branchless banking services

Agency banking is a win-win situation for both banks and customers as it allows the banks to cut their costs and customers to avail banking services in a simplified manner.

Empowering people with financial inclusion.
Parallel economic development
Social stability
Overcoming poverty

Components of the agency banking ecosystem

Agency banking consists of many participants that are involved in achieving a common goal. Below mentioned are all the participants that are a part of the agency banking ecosystem.

Regulatory compliance

DigiPay’s agent banking solution comes with all the major regulatory compliances like GDPR and PCI-DSS.

Agent network

DigiPay enables you to manage hierarchy, commission structures, and reconciliation of the agent network.

Adaptation

DigiPay’s agent banking solution is easily adaptable to the functionalities of the central banking system.

Use cases

DigiPay’s agent banking solution comes with multiple use cases like KYC, cash withdrawal/deposit, loan, insurance, etc.

Security

DigiPay’s agent banking solution employs advanced security parameters like 3DES security, SHA1, and bcrypt hashing.

Customer acquisition

The NFC integrated Digipay solution offers a highly secured communication protocol that facilitates contactless

DigiPay’s agent banking solution empowers its various participants

Agency banking consists of many participants that are involved in achieving a common goal. Below mentioned are all the participants that are empowered by DigiPay’ agent banking solution.

Financial Services Provider

The agency service provider performs various functions such as operating service, cash handling, license & regulatory compliance for services, and marketing branding. DigiPay offers financial service providers with:

Additional earning resources
Acquisition of new customers
Opportunity to upsell specific services to newly acquired customers

Customer

The customer is the one who gets the benefits of agency banking. Generally, the customer is an individual who doesn’t have a bank account but has access to mobile services. With DigiPay’s agent banking, the customer receives benefits like:

Transactions in assistance mode
Easy and convenient depositing
Financial services for the unbanked

Banking agents

Banking agents are simply the retailers that are authorized by the respective banks and financial institutions to perform a variety of banking functions like cash deposit/withdrawal, and many others. DigiPay offers them with:

Increased revenue from additional walk-ins
High-grade secure transactions
Additional business offerings

How does it work?

To understand the process of agency banking, we must try to understand its different participants viz. banking agent, banking service provider, and customers and the interaction among them. Below we have mentioned the entire process of agency banking in a step-by-step manner.

1

Gets authorized as a banking agent

In the first stage, the retailer gets authorized as a banking agent by his respective banking service provider.

2

Creates mWallet

After authorizing, the banking service provider creates a mWallet for the banking agent where he deposits a prepaid balance.

3

Customer creates their bank account

Now, for customers to create their bank account, all they need to do is to simply visit the nearest banking agent with a valid ID.

4

Deposit money

Customers can deposit money by paying cash to banking agent. The agent then transfers the same amount from his mWallet to customer’s account.

5

Withdraw money

Customers use USSD menu on their phones to transfer money to the agent. The agent then pays the same amount to the customer in cash.

6

User-friendly application

The banking agent seamlessly performs all the mentioned banking functions via a user-friendly application on mobile phone.

Use cases of agency banking

With agency banking in place, customers can access numerous banking services at supermarkets, retail outlets, and many other places. Customers no longer need to go through bank’s complicated procedures. Few of the agency banking services are mentioned below.

Customer On-boarding

Deposit and Withdrawal

Loan Application

Loan Disbursement

Saving Products

Merchant Payments

Insurance

Remittance

Top-Up & Bill payments

Enterprise payments

Inter - banking transfers

Government Subsidies

Critical features of
Digipay’s agency
banking

Digipay has an agency banking module that provides branchless banking services. It comes with a number of advanced features. Few of them are mentioned here.

Reach to retail outlets

With Digipay’s agency banking, you can reach out to all the retail outlets by making major banking services available there.

Secure platform for un-banked

Digipay’s agency banking provides a great opportunity to for all those who don’t have a bank account to save their money in a secure way.

NPCI’s payment structures

Digipay’s agency banking has interfacing with NPCI’s various payment structures like AEPS, ABPS, and IMPS.

Long distance remittances

Digipay’s agency banking also allows its user to send money through long distance remittances quickly and securely.

Mini statements and balance checks

Digipay’s agency banking makes it easy for users to check their balance with services like balance checks and mini statements.

Money transfers

Users can perform functions like cash-in and cash-out. They can also transfer money to unregistered and registered accounts.

Loan repayment

Digipay’s agency banking allows its users to repay their loans by using funds which are present in the micro banking accounts.

Supports multiple services

Digipay’s agency banking supports various services like payments interfaces on wireless devices, biometric, PIN base, and card base.

What can you achieve with Agency Banking?

With Digipay’s agency banking module, you can gain a plethora of benefits. Few of them are mentioned here below.

Low operational cost

Banks can cut their operational costs as agency banking allows them to outsource all the banking services via banking agents.

Wider reach

With agency banking, the banks can extend their services over a large geographical areas without investing on new bank branches.

Real-time transactions

In agency banking, all transactions take place in real-time. This saves customer’s time as transaction completion in bank takes a long time.

Top-notch security

Apart from reducing cash transactions, agency banking also provides customers with bank pin and magnetic chip card which ensures top-notch security.

Transaction compatibility

Agency banking is compatible for voucher-less prepaid top-up, merchant services, account balance queries, and loan repayments.

Simple platform

Agency banking provides customers a simpler platform where they can access all the banking services such as money deposit, withdrawal, fund transfer, etc.

DigiPay’s success over the years

Over the years, DigiPay has successfully delivered several customized and top-notch digital wallet solutions for its clients. You can get a glimpse of a few of those works here.