mBnk: Enabling Financial Services For The Under-Served And Under-Banked Sections Of The Country
India’s FinTech market is said to evolve in a very big way in India. Inclusion of tier 4 and 5 and rural populations into the mainstream is expected to propel that growth. RBI too, recently announced that the UPI payment system can now work on a feature phone through a feature called UPI123PAY. This will surely bring a drastic change among people who are still not versed with digital transactions and push them to get equipped with the changes in the financial system.Cutting edge FinTech services will become more accessible to Indians across every corner of the country. To address such progressive transformation in the financial sector, one of the leading FinTech startups such as mBnk is offering a plethora of innovative retailer-backed financial services to cater to the needs of the under-banked sections of the country.
The major expectation of clients from FinTech startups are simplified payment solutions, easy access to payments or financial services and security of their transactions. In order to meet these expectations of the clients, mBnk has launched its Phygital Financial Services Market place. It serves as an umbrella and a one-stop easy to use platform where users can avail all financial services at a go.
The platform offers an unmatched phygital experience of navigating through it, thus making the user feel comfortable. In addition, users can now avail the services seamlessly with the help of retailers even if they are not well acquainted with the know-how of any specific feature on the platform. “Currently, we are positioned as the Digital Bharat's Phygital mBnk.
We are the only Fintech startup in the country that is empowering consumers with multiple choices of financial services on a single platform from sending money to loans and insurance services”, says Shashank Joshi, Founder, mBnk.
Often it has been seen that in rural areas the access to a physical ATM can be over 15Kms. Upon travelling such long distances, consumers can find that the ATM is out of cash or has internet connectivity issues. Comprehending this issue the company has launched a unique product called the micro ATM.
This device replicates the transaction that a consumer does when going to an ATM. The mATM is used not only for cash withdrawals but also for balance enquiries and as a POS device. The only difference is that they receive the cash amount that they have chosen to withdraw from the ATM traditionally but with the mATM, they receive the amount through the retailer.
The retailer is hence powered by the device to carry out withdrawal and deposit of cash. On every transaction that takes place, the retailer stands to gain a commission, this helps the retailer increase their income with minimal investment.
Incorporated in September 2020, mBnk is currently servicing consumers through over 100000 retail outlets and it is looking for¬ward to growing this number to over a million outlets in the next two years. “We are on a mission to bring in financial services for the masses and ensure that they are well aware and educated about the same. We want to revolutionize ways in which India carries out their financial transactions”, Shashank concludes.
Often it has been seen that in rural areas the access to a physical ATM can be over 15Kms. Upon travelling such long distances, consumers can find that the ATM is out of cash or has internet connectivity issues. Comprehending this issue the company has launched a unique product called the micro ATM.
This device replicates the transaction that a consumer does when going to an ATM. The mATM is used not only for cash withdrawals but also for balance enquiries and as a POS device. The only difference is that they receive the cash amount that they have chosen to withdraw from the ATM traditionally but with the mATM, they receive the amount through the retailer.
Users can avail the services seamlessly with the help of retailers even if they are not well acquainted with the know-how of any specific feature on the platform
The retailer is hence powered by the device to carry out withdrawal and deposit of cash. On every transaction that takes place, the retailer stands to gain a commission, this helps the retailer increase their income with minimal investment.
Incorporated in September 2020, mBnk is currently servicing consumers through over 100000 retail outlets and it is looking for¬ward to growing this number to over a million outlets in the next two years. “We are on a mission to bring in financial services for the masses and ensure that they are well aware and educated about the same. We want to revolutionize ways in which India carries out their financial transactions”, Shashank concludes.
