UAE: Remit2India launches credit-card remittance services for NRIs

Friday 4 July 2014 11:46 CET | News

Remit2India, an online cross-border remittances provider and a subsidiary of Times of Money, a payment solutions provider in the Middle East, has launched a remittance service aimed at non-resident Indian customers in UAE (NRIs) who want to transfer moneyvia their credit cards to any bankaccount in India, reports.

Bhairav Trivedi, Chief Executive Officer at Network International, mentions that according to figures issued by World Bank, India is the largest destination for international remittances, reaching a notable USD 70 billion in 2013. Trivedi also points out that around 20% of foreign-located remittances bound for India came from the UAE and that Non Resident Indians (NRIs) in the Arab country demand for remittance money services.

Avijit Nanda, CEO, TimesofMoney, informs that the number of NRI citizens in UAE has reached 1.8 million. This population remitted around USD 14 billion in 2013.

Remit2India services are available online 24/7 in order to allow money transfers to any Indian bank account and to require no paperwork on behalf of the customers.

NRIs interested in using this service need to register on www.remit2india.comand, a platform which also includes the recipient bank account details in India. A remittance transfer can be made through entering the UAE card details or bank details and the amount to be transferred. Payment processing is powered by Network International, which ensures the security of the transaction and confidentiality of the customers details.

Presently, Remit2India is offered to NRIs across 23 countries and it also provides a delivery network in India spanning 90 banks across 62,500 branches.

Remit2India provides various offerings including retail online remittances (Remit2India & Remit2Home), specialized NRI Services (Window2India), managed white-label remittance platforms and online payment gateway solutions (DirecPay). The services offered center around the diaspora of ethnic communities across the globe - facilitating money transfers to their home country.

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Keywords: UAE, India, Remit2India, credit card, remittance, NRI, online payments, cross-border money transfers
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce