Domestic Money Transfer (DMT) is a service that is provided by us to transfer money from one account to another in any part of the country.
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Contrary to the belief of unsafe nature, over the last few years the popularity of DMT has increased and it is now considered one of the safest money transfer options. The lockdown in 2022 saw a spike in DMT like never before with almost 552.26 crore digital transactions in March. In week 1, the digital transactions stood at 107.78 crore, at 95.57 crore in the 2nd week, and at 124.73 crore and 224.16 crore in the 3rd and 4th week, respectively.
While DMT is beneficial in urban areas, it is especially beneficial in rural and remote areas. For villagers who need to travel long distances to reach a bank and then stand in long lines to make a deposit, DMT is a blessing. With the help of a Mobshield agent, DMT is possible from the comfort of their homes and without a bank account. With the arrival of technology and digitalisation, the DMT services are now transformed to a more versatile option such as mobile handsets.
DMT services are now popular because of their relatively cheap and reliable nature. It is also beneficial to transfer money across the country in a very short time. DMT transactions are hassle free and seamless transactions. DMT brings the transaction touch-point closer to this set of consumers that is available even at non-banking hours. Apart from sending money, one can even pay bills and book tickets. Load and transfer money to the bank account and also through the mobile app. In Domestic money transfer, you can transfer through the National Electronic Fund Transfer (NEFT) and immediately Payment Service (IMPS) technology to the receiver’s account within the Country.
How does Domestic money transfer work?
● Visit any of the branches
● Share your address, name, mobile number for validating through OTP
● Register the receiver’s details with Bank Account details
● Show ID card
● Submit cash to any branch/agent to be transferred to the receiver’s account
● Instant confirmation through SMS
Domestic money transfer safety?
● Bank account not linked so transaction is safe
● Transfer is possible at anytime of the day
Advantages of Domestic money transfer
● Send or receive money across India, round the clock
● Remit money to any banks instantaneously at the non-banking hours
● Minimum documentation
● Lowest transaction fees and convenient to use
● 24×7 instant top-up facility
● A cost-effective and convenient mode
● Relatively safe money transfer option
