Payfazz is an Indonesian tech startup that helps rural customers access banking services. Since many traditional branches are not open in rural areas, it "leaves a huge unfulfilled and underserved banking need in rural areas where banking access is very difficult.”
Payfazz allows users to deposit cash to a network of 2500,000 agents, located mostly in small stores and restaurants, who function as the "go-betweens" for banks. These agents also provide banking information to familiarize consumers with mobile banking, as many customers have not used the system before. This ensures these rural customers can have a balance in order to pay bills. Additionally, the tech startup has also launched a loan and payment option for offline retailers.
During times of restricted travel (as a result of the pandemic), services like Payfazz could be critical in ensuring the economy in smaller areas continues to flourish.
Image Credit: Payfazz