By FintechNews staff
India is one of the fastest growing financial economies in the world.Today the number of bank accounts – approximate 440 million in the country. But many of these accounts are dormant. Customers also lack access to wealth creation and financial management tools, such as credit, investment and insurance products. Underdeveloped last mile infrastructure remains a primary barrier to scale usage of banking products in India’s remote hamlets.
FSS (Financial Software and Systems)), a globally leading provider of integrated payment products and a payments processor, and CSB Bank, one of the oldest private sector banks in India, have joined forces to deliver hyperlocal banking services to financially underserved segments.
Under the aegis of this partnership, CSB Bank and FSS plan to open 1,000 Smart Cash franchisees in semi-urban and rural areas across India to expand financial services adoption among underserved segments.
FSS and CSB Bank will open 1,000 Smart Cash outlets in rural and peri-urban areas to boost financial inclusion
Modelled on a a ‘Branch in a Box’ concept, Smart Cash franchisees will function as a one-stop shop for banking, insurance, investment and lending services.
Smart Cash would operate on a franchise model. Entrepreneurs can become Smart Cash franchises by paying a one-time fee of 250,000 INR. The expect ROI for Smart Cash outlets is 10 months
Smart Cash kiosks are customized for the rural populace. The kiosks would have the capability to dispense cash similar to an ATM as well as offer customers to ability to conduct financial transactions such as deposit and transfer monies
Smart Cash outlets would retail CSB as well third-party partner products such as micro-insurance, micro-savings, micro-credit, Bill Pay and Money Transfer, improving opportunities to monetize the Smart Cash network
Smart Cash is an interoperable service powered by Aadhaar Enabled Payments Service (AEPS). Customers of any bank can conduct transactions at Smart Cash outlets, improving service for consumers and providing better reach to Smart Cash franchisees