How iServeU Helping Rural Economy and catalyzing Growth | iServeU
ISU Rural Economy

How iServeU Helping Rural Economy and catalyzing Growth

Modern technology is breaking the Urban-rural divide. Many fintech companies like iServeU are trying to reach rural areas and providing digital financial solutions to them so they can stay updated with the latest payment solutions like UPI(unified payment Interface), AEPS(Aadhaar enabled payment system), DMT( Domestic money transfer), (Bharat bill payment services) BBPS, Quick Response Code, and Micro ATMs. iServeU is providing easy and secure financial services that are flexible and adaptive to customers. These financial services will help rural people to generate an additional source of income from their smartphones. Micro ATM users can easily connect the device with their smartphones and help people to withdraw cash within a few seconds and users can earn some commission after every successful transaction.

(Aadhaar Enabled Payment System) AEPS Service

 An AEPS service requires the con­sumer’s Aadhaar number, name of the bank where they have an Aadhaar linked account, and the user’s fingerprints. It is an ideal solution for the average rural consumer who is not presumably digitally literate. After the demonetization, the rural economy was hard hit but thanks to Micro ATMs, AEPS service, and DMT. Setting up ATMs is more costly than doing transactions with Aadhaar micro ATMs.

Earning a commission through a successful AEPS transaction is just the tip of the iceberg.  Through this system, people don’t have to stand in a long queue in banks or visit ATMs.  iServeU agents won’t ask you for documents other than your Aadhaar number. The transaction will happen in front of you and without your finger impression, one can’t withdraw money. Even the technology hesitant people can able to use and operate iServeU web portal and mobile application.

mATM Service

 Micro ATM is a small portable device that can be easily connected with smartphones via Bluetooth and its operation is very simple that only one can use it without any tutorial guide. One needs to install the iServeU mobile application and start providing mATM service. One can easily swipe the card and tell the mATM user to enter the amount for cash withdrawal. The amount will be deducted from the person’s bank account and transfer to the mATM user’s account.  mATM service can help rural people to generate an extra source of income and boost the rural economy.

 Domestic Money Transfer (DMT) Services

 Domestic Money Transfer (DMT) Services are transferring money from one bank account to another within the same country. One can deposit the required amount to the iServeU agent then, the authorized agent will transfer the fund using NEFT or IMPS to the receiver’s account. Distributors or agents will earn a 1% commission on every successful transaction. ( In every Rs. 10,000 fund transfer, you will earn Rs. 100 as per RBI guidelines). In rural areas, one can start providing Domestic Money Transfer (DMT) Services and earn some commission for generating extra revenue.

Bharat Bill Payment Services (BBPS)

 People in rural areas face a lot of problems while paying their utility bills. At the end of every month, they have to go from one office to another to pay DHT, internet bills, mobile recharge, or gas bills. To solve this problem the government of India initiated the BBPS services. But how will every section of the society avail BBPS service? iServeU Web portal users can easily provide BBPS services to rural people. It is a one-stop solution that permits payment of all bills anytime and anywhere.

 LIC premium collection

 In rural areas, people are not technically advanced. They need to visit the banks and other offices for everything. Even for LIC premium collection, they go to the offices and sometimes fail to deposit the monthly premium. iServeU agent can help in monthly LIC premium collection.

The Bottom Line

 Nowadays, FinTech like iServeU is providing a plethora of growth opportunities to the rural economy. One can use these financial services through their smartphones to laptops, shopping malls, to even local Kirana shops. These mobile applications and AEPS admin portals allow all the day to day required activities, like a mobile recharge, utility bill payments to managing big & complex business records and accounts. With the advancement of technology, iServeU will have a more profound impact on the rural economy. The growth of financial technology will surely bring growth in industries, the GDP, and the rural economy. For more info, visit iserveu.in or call on 08338088000.