Banking Through Networks of Retail Agents
CGAP Focus Note, No. 47, May 2008
24 Pages Posted: 9 Aug 2010 Last revised: 22 Aug 2010
Date Written: May 1, 2008
Technology can enable banks and their customers to interact remotely in a trusted way through existing local retail outlets. Customers can be issued bank cards with appropriate personal identification number (PIN)-based or biometric security features, and the local store - the “banking agent” - can be equipped with a point-of-sale (POS) device controlled by and connected to the bank using a phone line or wireless or satellite technology. Infrastructure requirements can be further reduced by using mobile phones both to hold “virtual cards” for customers and as a POS device at the store.
Keywords: Branchless Banking, Microfinance, Electronic Payments
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