# Indonesian Financial Tech Startups Payfazz Gives Rural Customers Access to Banking By Grace Mahas | Published 2020-07-06 | Business Source: Trend Hunter, https://www.trendhunter.com/trends/payfazz References: [techcrunch](https://techcrunch.com/2020/07/06/payfazz-gets-53-million-to-give-more-indonesians-access-to-financial-services/) & [payfazz](https://www.payfazz.com/) Payfazz is an Indonesian tech startup that helps rural customers access [banking services](https://www.trendhunter.com/trends/financial-accessibility). 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](https://www.trendhunter.com/trends/mercury), 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](https://www.trendhunter.com/trends/adyen-launched) 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 ## Trend Insights (Trend Hunter) - Score: 0.5/10 - Popularity: 1% | Activity: 4% | Freshness: 9% - Audience gender: 50% men, 50% women - Primary generations: Millennial, Gen X - Top markets: Asia ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Business](https://www.trendhunter.com/business) ## Key Themes ### Why This Trend Is Growing - **Rural Banking Access:** Payfazz addresses the unfulfilled and underserved banking need in rural areas by providing access to banking services through a network of agents. - **Mobile Banking Familiarization:** Payfazz's agents help rural customers familiarize themselves with mobile banking, introducing them to a new way of managing their finances. - **Offline Retailer Payment Solutions:** Payfazz expands its services by offering a loan and payment option for offline retailers, allowing them to easily manage their financial transactions. ### Industries Being Reshaped - **Financial Technology:** The fintech industry can capitalize on the opportunity to develop innovative solutions that address the banking needs of rural customers. - **Mobile Payment:** The mobile payment industry can tap into the potential market of rural customers by offering convenient and secure banking services through their platforms. - **Retail Industry:** The retail industry can explore partnerships and collaborations with fintech startups like Payfazz to provide integrated payment and financial solutions for offline retailers. ## Related on Trend Hunter - [Simplicity-Focused Mobile Banking Apps](https://www.trendhunter.com/trends/mobile-banking-apps.md) - [Auto-Savings Digital Bank Features](https://www.trendhunter.com/trends/superbank.md) - [Banking Super Apps](https://www.trendhunter.com/trends/bankifi.md) - [Nigerian Fintech Apps](https://www.trendhunter.com/trends/fintech-app.md) - [Neobank-Backed Super Apps](https://www.trendhunter.com/trends/aspire-1.md) - [Cash-Based AI Access Services](https://www.trendhunter.com/trends/my-instant-ai.md) - [All-In-One Asian Super Apps](https://www.trendhunter.com/trends/grab-1.md) - [International Professional Neobanks](https://www.trendhunter.com/trends/zolve.md) - [Financial Accessibility-Focused Partnerships](https://www.trendhunter.com/trends/financial-accessibility.md)