BANKIT: Fastening the Urban, Rural India With Digital Payment Solutions

Amit Nigam,Executive Director & COO
Amit Nigam, Executive Director & COO

Banking sector of India is waking up to new realities; thanks to digitization, seamless banking and digital payment solutions. Banks are constantly working to bring change in payment method for 1.3 billion people of the country but still, very few use the financial services available. The lack of bank branches in rural areas is still a challenge. More than 100 million Indian labours face the burden of the unorganised financial system, where they are unaware of their rights to financial security and are subjected to loss of money, negative assertion over money transactions and loss of daily wages. The families too bear little or no knowledge of transaction processes and face acute economic distress, thanks to complicated mess that has been existential in our system for decades.

With the rising need of digital solutions, Noida-based digital payments organisation BANKIT is helping stakeholders, namely technically challenged audience and consumers lacking a proper banking infrastructure for their hard-earned money to enjoy a seamless experience of digital money transaction. It not only helps people to be a part of the cashless economy, but also creates employment and entrepreneurial opportunities by appointing business correspondent as its retailers/distributors ensuring delivery of services to the end consumers and also to corporate partners a proven business model. This way business owner saves on technology with ready-to-use BANKIT services with low investment cost.

India is a diversified market and to reach the requirement of consumers both in urban and rural areas simultaneously is not an easy task. With rise of technology, retail outlets are loaded with excess of opportunities. “At BANKIT, we work closely with our
customers in India and build open platforms to provide them services which create employment opportunities,” says Amit Nigam, Executive Director & COO, BANKIT. “We welcome people throughout India to be a part of our digital initiative and give a new shape to their earnings. We are reaching people through our agent model/business correspondents, and trying to make a difference for a lot of people who are using the services providing a single stop counter for money transfer, recharge, bill payments, prepaid cards, AEPS and others. Local stores providing the cash in & cash out services, converting the electronic money into rupees making the life free from banking chaos & alongside sales to brisk their business,” he further adds.

"Through its services, BANKIT not only helps people be a part of the cashless economy but also creates employment and entrepreneurial opportunities, especially within the local community"

BANKIT’s service offering plays a dual purpose. Through its services, BANKIT not only helps people be a part of the cashless economy, but also creates employment and entrepreneurial opportunities, especially within the local community. Here the agents/distributors can sync their online presence with BANKIT’s gamut of services and sell them as channel partners, while earning profits. This way, the business owners save on technology with ready-to-use BANKIT features and catapult their presence at a low investment cost. These opportunities extend to Kirana Stores, ex-Army Officers, Widow Welfare Associations, Retired People Associations, and unemployed youths of the neglected regions and many others who can avail attractive commissions, easy management, and a dedicated support team to help them. The company also provides APIs for all its services which are secured and ready-to-use plug-ins and can be used to make personalized B2B portals.

Elaborating further, Amit says, “We are creating employment through entrepreneurship, and also providing the opportunity to earn extra money for our channel partners in every corner of the country. Through our CSR programme 'Unnati ka saathi', we
are enrolling underprivileged section of the society like physically able, widows, Ex-army personal and others”. At present, BANKIT’s channel partners are present in more than 22 Indian states and many remote villages now have BANKIT outlets, earlier having no any banking facilities nearby.

Imagine the employment growth rate that can positively impact the nation’s economy! In addition to the core offerings, these agents can also help consumers who might not harbour the ability to transact over apps and the internet with utility services like bill payments, recharges, travel bookings and many others. They can simply show the phone number, the bill or the customer id number to the agent and process the bills and pay them immediately and conveniently.

Technical Reinforcement
BANKIT works in adherence to the regulations. Thanks to its embedded API service, it assures a layered protection against infiltration and also leverages its partner banks’ infrastructure to securely encase customers’ money. Moreover, it is a part of the Indian Blockchain Consortium, which also boasts of some of the top Indian and Middle East banks as members and is working on incorporating Blockchain technology to the operations. BANKIT is in the process of shifting to the more advanced cloud servers which would further create a foolproof ecosystem and enhance the security measures for better. “We want to extend our presence to the entire nation where we are able to cater the service they need and create a pull in the market that lacks push of any kind; that is our mission,” concludes Amit.

Key Management
Amit Nigam, Executive Director & COO
Harbouring more than 20 years of expertise in Sales & Marketing, Operations and overall supervision, Amit leverages his industrial know-how in directing BANKIT towards a one-stop-payment solution provider,catering to all regions across the country and creating new strategies that help BANKIT grow as one-of-its-kind organisation.

Head Office: Noida