Unregulated financial institutions such as the Primary Agricultural Credit Society, Non-Banking Financial Companies and Nidhi Limited are not part of the payment system. Currently, these institutions rely on banks to access payments (NEFT, RTGS, IMPS, UPI, etc.).
Since more than 95% of transactions are done in cash, Rimit allows them to connect with each other and transact digitally.
Real-time P2P transactions
Rimit allows the user of the institution to make payments in real time with other users and SMEs. It has a high flexibility to deposit and withdraw cash.
Debit and credit transactions take place in realtime. And it automatically reverses for incomplete transactions.
Upgrade to a cashless economy
Rimit bring these institutions to be part of the cashless economy and the Digital India campaign as they are currently more involved in cash based transactions. More than 95% of the transactions are done in cash.
Digital transactions help to achieve greater transparency in finance.
Real-time payments will be processed immediately as transactions occur without delay.
Yes. Rimit is a real-time payment platform. Debit and credit work without delay. Even reversal of failed payments can be completed without delay.
P2P transactions (also known as peer-to-peer transactions, person-to-person transactions, or P2P payments) are electronic money transfers from one person to another through an intermediary, commonly referred to as the P2P payment application.
There are several benefits to using a Rimit. Rimit helps rural people to make digital transactions instead of cash transactions and to be part of a cashless economy. Users can pay for online and offline shops.