Of the nearly 1.4 billion people in India 900 million are living in rural or semi-urban areas. These citizens are vastly underbanked, with limited access to physical banks and ATMs. There are approximately 22 ATMs per 100,000 people in India (by comparison, the US has 174, Russia has 161, and China has 97), with most of these concentrated in the country’s urban areas.
BlocPal partnered with mBnk to create a digital retail solution that lowers the drawbridge to financial services for hundreds of millions of Indians.
The solution — including an innovative mATM™— enables small, local retailers to provide “mini-banking” financial services to their regular customers.
These people can now deposit and withdraw cash, execute domestic money transfers, purchase pre-paid credit cards, buy air-time and pay for utilities— all from the shop they’re used to frequenting for everyday household items.
Powered by BlocPal's innovative technology, mBnk is helping drive digital engagement and financial inclusion for millions of people in India. This economic mobility will further accelerate India's booming economy.
Our goal is to build a network of retailer partnerships across the rural population of India where essential financial services are within a 5 km reach to every community. This project is not only an amazing entrepreneurial challenge but represents, for me, a chance to truly improve the lives of millions of deserving people across the country. I am thrilled to be undertaking this challenge with the help of BlocPal and their advanced digital platform.
