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Necessity brings about change in society. The change is brought by the people who create ideas to fulfil the needs of people whose lives are backdropped by backwardness. One such example of backwardness is digital financial illiteracy. It is a situation where certain people stand privileged and some stand underprivileged in terms of digitalisation and modernisation taking place in the field of banking, financial and payment services. Today, the most advantaged thing is to have access to these services as we all need money near at hand even for our trivial day-to-day activities.

Major Problem Areas

Money and functions related to money hold importance in everyone’s life. However, not everyone holds the knowledge of using modern means of availing themselves of basic banking and financial services. People who are less educated and don’t know how to use ATMs or fill out the forms of a bank or migrants who live far away from their hometowns and might need banking services on an urgent basis or labourers who could lose a day’s wage if they have to visit a bank and those who don’t have enough time to visit a bank are in dire need of around the corner availability of banking, financial and payment services. Rural, semi-urban and certain urban areas where the absence of ATMs and bank branches is painfully noticeable call for a swift and permanent solution for the same.

Solution Provided by the FinTech Industry

The FinTech industry has been transforming the way banking and financial services are imparted today. Many FinTech start-ups have been providing solutions to eradicate the digital financial illiteracy that prevails. With this new age answer to the deep-rooted question of the existence of digital financial backwardness and illiteracy; unbanked, underbanked and migrant people are enabled to enjoy banking, financial and payment services in the neighbourhood, at their footsteps. Job opportunities have grown double their size and local shop owners and people who want to add to their income or start to own a livelihood have been supported highly to start an earning and to become of service for the people of their respective areas.

BANKIT’s Role in the Eradication of Digital-Financial Illiteracy

BANKIT being one of the FinTech start-ups has been incredibly of assistance to the unbanked, underbanked and migrant population of India. It has enabled people to relish all the basic banking, financial and payment services at their doorsteps. The agents of BANKIT consisting mainly of local shop owners are delivering money transfer services like Domestic Money Transfer (DMT), cash withdrawal services like Aadhaar Enabled Payment System (AePS) and Mini ATM, one-stop bill payment services like Utility Bill Payments, Prepaid Recharges, Travel and Stay Bookings, payment services like Prepaid Cards, FASTag, Cash Management Services, Aadhaar Pay, LIC Premium Payment, Credit Card Bill Payment, etc., to the people of their vicinity with convenience, reliability and with an availability of 24 hours, 7 days a week.

FinTech start-ups like BANKIT stand firm to revolutionise the way payments are made, bills are paid, recharges are done, and money is transferred and withdrawn in the blink of an eye. The coming time has been forethought as the time of digital supremacy, empowerment of each individual and successful reach of basic banking, financial and payment services at the doorstep of the digitally backward and migrant population of India.

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