The procedure of starting a Domestic money transfer (DMT) business in India

What is Domestic Money Transfer (DMT)?

Domestic Money Transfer (DMT) allows users to transfer money to their desired bank account. The mentioned method of money transfer is available on a 24/7 basis for its customers. It is not the same as an international money transfer, because, in terms of international money transfer consumers are sending money outside of a country, on the other hand, domestic money transfer occurs within one single country.

DMT is a secure method of transferring your money because it uses the bank details of a beneficiary and mobile number to transfer money.

Here are the simple steps for starting a domestic money transfer (DMT):

Before you start your money-transferring business, there are a number of things that must be done,

Registration of your business: To start a domestic money transfer business in India, you must first register your business as a company. The registration process can take anywhere from a few weeks to a few months. To learn more about how to register your business, please read this article published by India Today.

Licensing: The next step would be to create your money-transferring license. You can obtain your money transfer license from the Reserve Bank Of India (RBI) and after that, you'll be ready to start your domestic money-transferring business.

Set up your business: Once you have obtained your license, you should establish your business with a professional business name and set up your bank accounts.

Partnering with banks and other financial institutions: You will need to partner with banks and other financial institutions in order to start transferring money.

We can help you with this step!

All you need to do is to become an Ezypay Domestic Money transfer agent and you'll be able to start your domestic money transferring (DMT) business immediately.

You can visit our website to learn more about the benefits of our domestic money transfer agents as well as all the other services offered by us.

Benefits of Domestic Money Transfer Business

So, you started your domestic money transfer business. Now what are the benefits of starting a domestic money transfer business?

Low budget requirements:

Domestic money transfer business requires a lower budget compared with other forms of business. The primary reason for this is that the domestic money transfer business can be managed from anywhere and the business can be started with just your computer and a stable internet connection.

Better customer satisfaction:

Domestic money transfer offers a seamless experience for your consumers and by providing this service, you'd be able to satisfy your consumers to a different level.

Try your API with DMT and 3 other services

You can also become an API partner to get Domestic Money Transfer (DMT) along with 3 other services including Micro ATM (MATM), Aadhar-enabled payment system (AePS), and recharge services.

Here is a detailed overview of all the other services included in our API:

Aadhar-enabled payment system (AePS): Aadhar-enabled payment system offers a much more secure payment solution for your consumers. AePS uses 2-factor authentication to secure each payment of yours.

Micro ATM (MATM): Through our MATM service you can certainly turn your shop into an ATM for your consumers. You'll be able to withdraw cash and check the available balance at any time during the day.

Recharge: We offer recharge services for both mobile and DTH for our partners. You'll be able to start your recharge business immediately and start meeting your consumer's basic requirements.

You can check our API page to learn in detail about all the benefits.