IntroductionSay no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original EssayEKO India Financial Services is an Indian fintech company founded in 2007 with a mission to enable any financial transaction for anyone, anywhere. He is a Business Correspondent (BC) and has also been issued PPI license by the RBI. It provides one of the largest and most efficient domestic money transfer services in the country in collaboration with banks like SBI, ICICI, Axis Bank etc. It also provides no-frills bank accounts, deposit and withdrawal services (nearly 80% of which are migrants or a portion of the unbanked population) through mobile banking. EKO has developed a “CONNECT” portal to serve “Cash” customers through this platform. Business Model They mainly have two businesses: API Business: Aims to provide customized payment solutions to their customers. For this, the company has created powerful REST APIs that other organizations can leverage. The company also provides APIs for domestic money transfer which it carries out separately as an API business. In this activity it does not provide its own portal but only money transfer services through integration with the websites of API partners. The company is a pioneer in providing APIs. It will also soon start selling IMPS API, Verification API, EKYC API, Recharge API. Retail Business: Here it has built a technology-driven retail network to offer seamless money transfer and payment services through its state-of-the-art portal “Connect”. There is no control over how much merchants charge on each transaction, which is a disadvantage and discourages people from using DMT services. But the bright side is that this service is extremely necessary for the target audience. For merchants registered in Haryana only CGST and SGST are charged and for other merchants across India IGST rates are applicable. Core Business Value Chain Product The company is introducing a new product i.e. Biometric Enabled e-KYC and Aadhaar Enabled Payment Systems (AEPS), which is a must nowadays consider linking Aadhaar with every transaction. It will also save the company a certain amount and increase its profit margin per transaction. Transactions done via e-KYC reduce costs incurred on bank fees by 30% (for non-KYC, it is Rs. 2.5 per transaction, for KYC, it is Rs. 1.75 per transaction). The company also enjoys first-mover advantage by introducing cash withdrawal facilities at its customer service points (CSPs), which are local kirana stores through AEPS. Customer Base Target customers include lower middle class people, with an income of 10,000-50,000 per month in cash. It has 20,000 outlets in 101 cities. Based mostly in urban areas including Delhi, Mumbai, Chennai, Hyderabad, Bangalore, Lucknow, Kanpur and Jaipur as these cities have the most remittance transactions. Service Supply Chain Technology Used Revenue Model: The company's revenue model is through commissions which we have carefully researched by examining the details of the transaction. GST is applicable as a component of the services sector. The company charges a 6% commission on each transaction, which is higher than other operators in this segment. The services provided by Eko Financial Services are above average and there is no server downtime, due to which it has become the preferred transaction method for traders. This was done by reconciling the transactional data. The total number of transactions from a single BC.