Payment Aggregator
Literacy refers to the ability to read and write. Similarly, computer literacy refers to the ability to use computers. Now the word financial literacy is being heard anew. What is it?
Simply put, financial literacy is the ability to manage or use money, being aware of the opportunities and risks associated with it. When a person becomes financially literate, he can use his earned money properly. It involves accounting of money as well as other uses of money like savings, investment, borrowing etc. When a person is financially literate he can manage money efficiently.
People who are not financially literate may not be able to make financial decisions or remain blind. They are more prone to financial fraud, fraud or other risks than financially literate individuals. So acquiring financial literacy is very important.
Financial literacy does not require education. It is a matter of knowing and understanding. You need to have an understanding of the existing financial market in the country including banks, financial institutions, savings schemes, insurance etc. related to investment or savings or loan related products. It is known from the fact that the concerned institutions have information or campaign programs. It is also known by word of mouth. Nowadays most mobile users use internet. It is possible to easily find information on all these topics by searching the internet.
Zaytoon Business Solutions is working as a payment aggregator by creating a streamlined payment infrastructure to connect merchants and customers in rural Bangladesh.
Partnerships with Banks and Fintech
Zaytoon has partnered with Mutual Trust Bank PLC and Brac Bank PLC to leverage ‘Agent Banking’ and ‘Bangla QR’ services. These partnerships allow Zaytoon to offer a unified payment platform to rural merchants, enabling them to accept a variety of payment methods such as cards, mobile wallets, QR codes, and internet banking.
Digital Payment Acceptance
Zaytoon provides merchants with digital solutions that simplify the process of accepting payments. This includes enabling QR-based payments through Bangla QR, which makes it easier for customers to make transactions using their mobile wallets or banking apps without the need for POS terminals. This is particularly effective in rural areas where the adoption of smartphones is increasing.
Merchant Onboarding and Support
Zaytoon works on onboarding rural merchants onto their platform by offering streamlined onboarding processes and documentation. Zaytoon provides training sessions and hands-on support to merchants, helping them understand how to accept digital payments, handle transactions, and manage their accounts through the platform.
Centralised Payment Platform
Zaytoon has developed a centralised payment platform that integrates multiple payment channels. This platform acts as a single access point for merchants, consolidating payments from various sources, thereby simplifying the collection and reconciliation processes.
Agent Banking Model
Through its partnership with Mutual Trust Bank PLC and Brac Bank PLC, Zaytoon leverages agent banking to provide financial services to underserved rural populations. The agent banking model extends Zaytoon’s reach and allows customers to deposit or withdraw cash at agent locations while making digital payments through the aggregator platform.
Transaction Security and Compliance
Zaytoon prioritises the security of financial transactions by implementing security measures that comply with national regulations. This involves the use of secure digital wallets, strong authentication methods, and compliance with guidelines set by the Bangladesh Bank for electronic transactions.
Revenue Generation Model
As a payment aggregator, Zaytoon generates revenue through transaction fees and commissions on payments processed through its platform. By offering additional services to merchants, such as financial reporting tools or premium support, Zaytoon aims to explore alternative revenue streams.
Awareness and Digital Literacy
To drive the adoption of digital payments, Zaytoon focuses on creating awareness about the benefits of its platform through training sessions, community outreach programs, and tailored marketing strategies. This helps rural merchants build trust in digital transactions and adopt new payment methods.
Zaytoon Business Solutions operates as a payment aggregator by establishing strategic partnerships, building a secure and unified payment infrastructure, onboarding and supporting rural merchants, leveraging agent banking services, and promoting digital literacy in rural communities. This integrated approach enables them to bridge the financial gap and facilitate a smooth payment experience for merchants and customers alike.