Payfazz Gives Rural Customers Access to Banking
Grace Mahas — July 6, 2020 — Business
References: payfazz & techcrunch
Payfazz is an Indonesian tech startup that helps rural customers access banking services. Since many traditional branches are not open in rural areas, it "leaves a huge unfulfilled and underserved banking need in rural areas where banking access is very difficult.”
Payfazz allows users to deposit cash to a network of 2500,000 agents, located mostly in small stores and restaurants, who function as the "go-betweens" for banks. These agents also provide banking information to familiarize consumers with mobile banking, as many customers have not used the system before. This ensures these rural customers can have a balance in order to pay bills. Additionally, the tech startup has also launched a loan and payment option for offline retailers.
During times of restricted travel (as a result of the pandemic), services like Payfazz could be critical in ensuring the economy in smaller areas continues to flourish.
Image Credit: Payfazz
Payfazz allows users to deposit cash to a network of 2500,000 agents, located mostly in small stores and restaurants, who function as the "go-betweens" for banks. These agents also provide banking information to familiarize consumers with mobile banking, as many customers have not used the system before. This ensures these rural customers can have a balance in order to pay bills. Additionally, the tech startup has also launched a loan and payment option for offline retailers.
During times of restricted travel (as a result of the pandemic), services like Payfazz could be critical in ensuring the economy in smaller areas continues to flourish.
Image Credit: Payfazz
Trend Themes
1. Rural Banking Access - Payfazz addresses the unfulfilled and underserved banking need in rural areas by providing access to banking services through a network of agents.
2. Mobile Banking Familiarization - Payfazz's agents help rural customers familiarize themselves with mobile banking, introducing them to a new way of managing their finances.
3. Offline Retailer Payment Solutions - Payfazz expands its services by offering a loan and payment option for offline retailers, allowing them to easily manage their financial transactions.
Industry Implications
1. Financial Technology - The fintech industry can capitalize on the opportunity to develop innovative solutions that address the banking needs of rural customers.
2. Mobile Payment - The mobile payment industry can tap into the potential market of rural customers by offering convenient and secure banking services through their platforms.
3. Retail Industry - The retail industry can explore partnerships and collaborations with fintech startups like Payfazz to provide integrated payment and financial solutions for offline retailers.
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