Why Your Retail Store Should Embrace Kiosk Banking?

By Author: Arif Alvi
Total Articles: 22
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Believe it or not, there’s a plethora of rural places around India that still don’t have access to banking services. In order to put an end to this gruelling problem, the Reserve Bank of India has been implementing measures to ensure financial inclusion. This is where Customer Service Point or Kiosk Banking comes to play. This is an initiative wherein retail shops opt for CSP registration to deliver minimalistic banking services to the rural communities.

How Customer Service Point Makes Banking Accessible?

Customer Service Points (CSP) or Kiosk banking facilities serves the following two categories:

- Villages or rural areas where bank branches are pretty much non-existent.

- Low income individuals – such as migrant or factory workers – who don’t have an ID proof/address proof to open a bank account.

Lack of access to banking facilities makes financial security and management nearly impossible. This is when CSPs or kiosk banking services are a godsend. Post successful CSP registration, retailers can offer the following facilities to their customers:

- Open a no-frills account ...
... that doesn’t have a minimum balance requirement.

- Maximum balance will be Rs 50,000.

- Rupay ATM card will be issued.

- Customers can send and receive funds.

- Fixed deposit and Recurring deposit are available.

- Maximum limit of transactions will be Rs. 10,000 per day.

- Availability of social security schemes including PMJJBY, PMSBY & APY

Benefits for Retailers Offering CSP:

CSP offered by State Bank of India is one of the best options worth considering. Pay Point India, a reliable Business Correspondent for SBI since 2011, has been providing kiosk banking services for participating retailers. Once you do the CSP registration online, your business can enjoy the following benefits:

- Generate Additional Income:

Opening up a mini banking facility for customers arriving at your store is basically a new revenue stream for you. As you work hand-in-hand with a CSP provider, you will be earning a good commission for the banking transactions performed.

- Easy to Use:

The facility offered by Pay Point India is quite intuitive and easy to setup. After training, you will get easily familiarised with its functionality. All you need is a decent PC and a reliable internet connection. The transactions are biometrically secured as well.

- Brand Equity:

Working with reputable banks like SBI definitely benefits your business by improving your goodwill and brand name in the market. This way, you will earn more loyal customers too.

- Increased Sales:

People will most likely make purchases at your store once they fulfil their banking needs at your kiosk facility, simply because it is convenient to do it all in one place. Not to mention kiosk banking also increases your store’s visibility.

Now that you realise the benefits of kiosk banking or CSP for your business, why not discuss with Pay Point India to get started? If you’d like to know the CSP registration fee or anything else, talk to the experts today.