How to Start a Domestic Money Transfer Business with Finkeda

India is rapidly progressing toward an entirely digital payments economy, and domestic money transfer services are integral components of this transformation. India alone had about 208.5 billion digital payment transactions in 2024, and the Unified Payments Interface (UPI) represented 83% of all digital payments by volume. This indicates high consumer confidence in real-time online money transfer methods and tremendous potential for domestic money transfer business entrepreneurs.

If you’re considering starting one, partnering with Finkeda gives structure, trust, and scale. Below is a detailed guide with facts, steps, and considerations to help you set up a successful money transfer service with Finkeda. 

Steps to Start a Domestic Money Transfer Business with Finkeda

Finkeda offers fast, secure fund transfers between bank accounts across India. Transfers can use IMPS (instant, 24×7) or NEFT (batch-wise during bank hours) depending on urgency. Moreover, merchants don’t need large infrastructure. They only need a device and a good internet connection. If you want to run a domestic money transfer (DMT) service with Finkeda, here’s exactly what you need to do: 

Step 1. Register as a Finkeda Merchant

The first requirement is to become an approved merchant. Apply through Finkeda’s official website. The following documents are required for registration: 

• KYC documents, such as PAN, Aadhaar, and business/shop proof.
• A valid bank account linked to the business.

After registration, wait for Finkeda’s team verification and approval. Upon approval, get access to the Finkeda Merchant Portal and app.

Step 2. Arrange Basic Infrastructure

Finkeda requires no heavy infrastructure investment. To get started, you only need:

• A smartphone, tablet, or computer.
• Stable internet connection.
• A small physical outlet or shop where customers can visit.

This makes it easy to set up in semi-urban or rural areas without needing a branch or office.

Step 3. Get Familiar with Transaction Flow

Merchants must know how the money transfer services work in practice. The process is simple:

1. Customers visit your outlet with cash to send.
2. They provide beneficiary details, such as name, account number, and IFSC code.
3. The merchant logs into the Finkeda portal or app and enters the details.
4. Choose IMPS for instant transfer (24×7) or NEFT for scheduled transfer during bank hours.
5. The system calculates charges and shows a summary before confirmation.

Step 4. Process the Transfer Through Finkeda

Once the transaction is logged, Finkeda’s system connects to its partner banks and routes the transfer through NPCI’s network:

• IMPS: Instant settlement, available 24×7, including holidays.
• NEFT: Batch-wise settlement during banking hours.

After completion, the recipient receives the funds, and the sender gets SMS confirmation. Finkeda merchants can also provide a digital or printed receipt.

Step 5. Comply with Rules and Limits

All DMT services run under RBI and NPCI (RBI) and NPCI guidelines, so all merchants must operate within the prescribed framework:

• Understand transaction limits (e.g., per sender per day limits for safety and compliance). Always verify sender details as required.
• Keep proper records and provide receipts to customers.

Following these rules builds trust and keeps the business legally compliant.

Step 6. Earn and Track Your Commission

One of the best advantages of starting the money transfer business with Finkeda is instant commission. Every successful transaction gives merchants an immediate earning, instantly reflected in their portal account. Merchants can also do the following: 

• View real-time transaction history.
• Download reports for bookkeeping.
• Monitor the daily and monthly income.

Step 7. Promote the DMT Outlet

Once the setup is live, let customers know about the domestic money transfer service. Some of the practical ways to promote the business are: 

• Display Finkeda banners or posters at the outlet.
• Inform existing customers about the new money transfer services.
• Leveraging word-of-mouth in the locality.

Consistency and customer satisfaction are key, as repeat customers bring in the largest revenue.

Step 8. Expand to Additional Services

DMT can be the starting point for merchants. But the best thing is that Finkeda also offers add-on services like bill payments, mobile recharges, AePS (Aadhaar Enabled Payment System), and insurance. Merchants can also add these services to: 

• Attract more customers.
• Increase transaction volume.
• Boost commission income beyond just transfers.

This gives merchants an opportunity to turn their outlet into a one-stop financial service point.

Partner with Finkeda to Launch a Profitable DMT Business Today!

Starting a domestic money transfer business with Finkeda is not complicated. With basic registration, minimal infrastructure, and adherence to guidelines, merchants can set up quickly and start earning from day one. The real strength of Finkeda lies in its secure technology, trusted merchant network, and instant commission model. If you are planning to expand your business and create a steady revenue source, this is the right time to get started. Register today with Finkeda and establish your outlet as a trusted financial service point.