5 Key Features of CSP That Customers Will Love

Did you know that a large number of rural population still don't have access to mainstream banking services? To address this issue, the Reserve Bank of India introduced the concept of Customer Service Point or CSP.

Also known as Kiosk banking, CSPs allow individuals to open a new bank account and perform regular financial transactions even without visiting a bank. Bank CSP, the largest payment solutions provider in India, is collaborating with State Bank of India to help with CSP apply. If you are a retailer, you can general extra revenue by becoming a CSP. Here are five key features of a CSP that your customers will appreciate.

Open a Zero Balance SBI Bank Account Easily:

Kiosk banking or CSP facilities are mainly intended for people who do not have a bank account. Migrant workers or people with low-incomes will benefit immensely by taking advantage of CSP services. Through SBI kiosk banking, a no-frills savings account can be opened, which doesn't require a minimum balance. This enables better financial freedom for a large number of people.

Fully Safe and Secure:

Unlike walk-in banks, kiosk banking facilities are biometrically secured, so you can rest assured your money is safe even if you don't visit a bank office. This means that cash transactions are only processed only after a customer's fingerprint is successfully authenticated in the machine. This prevents fraudsters from illegally accessing your bank account. Even better, a printed acknowledgment is also issued after each transaction.

No More Travelling Long Distances to Visit Banks:

Most customers would agree that there's no need to travel long distances to visit banks when they can access safe banking facilities at a CSP located close to their home. Imagine how much more time and money you could save if you didn't have to make a round trip to your bank every time you needed to do something.

Once a retail business successfully apply online for CSP, they can set up a kiosk banking facility that the local community can use at any time. There's little to no queues, so transactions can be performed quickly too.

Availability of Rupay ATM Card:

An ATM card is issued to the customer to access the funds on the account. The card can be used at any ATM that accepts that bank's cards and at many retailers who have point-of-sale terminals. Rupay ATM card is offered to new bank account holders free of cost and can be used anywhere in India.

Other Facilities:

- CSP also offer other services including:

- Fixed Deposit and Recurring deposit schemes

- Micro finance

- Atal Pension accounts

-Insurance, and more.

Now that you know how kiosk banking offers a comprehensive banking experience for your customers, why not get started with the CSP online application and set it up at your store? You can earn more revenue in the form of commissions and attract more customers to your brand at the same time. Talk to the staff of Bank CSP if you have any questions.

The author is working at Bank CSP, India's largest Payment Solutions Provider that helps with CSP online application. He often writes articles on banking and finance for several publications. To know more, visit https://www.bankcsp.com/

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