The COVID-19 pandemic has created unforeseen challenges for the global economy. The sharp decline in global business, liquidity issues, difficulties in accessing credit, disrupted income streams, bad debts, and lack of access to finance. Consumers without access to basic banking services have been the most affected
In the purview of future contingencies such as the COVID-19, banks and payment companies have adopted an omnichannel strategy, which is agnostic and can serve the clients. This is where branchless banking offers innovative distribution while seamlessly speeding up reach. But to go branchless, traditional banks have to adopt a branchless banking solution to provide best in class services to their customers.
And if you are a bank, then adoption of a branchless banking business model is the best choice for you. In this blog, we will provide you with a brief introduction of branchless banking. Also, we will show the challenges of the traditional banking system and how implementing a branchless banking solution can help you overcome it. So, let’s start.
READ MORE : How branchless banking is facilitating financial inclusion?
Reviewed as one of the best peer to peer payment app, Cash App has eased out the way people used to make payments.
It is easy to make payments nowadays as compared to early ’90s.
The reason these digital payments are recommended and legalized is that these have inspired paperless transactions and are thus bio-friendly.
The money that is sent or received via these payment applications, can be sent directly to customer’s bank account or can be left in P2P payment app wallet, which can be used in future for more transactions.
App development firms consider three categories of P2P Money Transfer apps, before sketching out their own version:
