Transfast aims to boost inward remittances

Published by Metro India News on January 06, 2016 00:19:40 AM
Samir Vidhate

New York based money transfer company Transfast is targetting to strengthen in inward remittances to Telangana and Andhra Pradesh which stand among the top five States of India receiving remittances from foreign countries.

The company aims to drive growth via mobile apps that provide smart options for NRIs who send money to India, Transfast CEO Samish Kumar told Metro India during his visit to Hyderabad as part of the company’s five-city tour.

“Many skilled workers in North America and Gulf nations hail from Telangana and AP. Through Transfast’s mobile app and online platform, they can instantly send cash to their beneficiaries at real-time committed Forex rates, multiple payment/ disbursement options and added security in authenticating customer’s identity.

Customers can send funds to a bank account, or to be picked up in cash. Cash is available instantly at 45,000 cash pick-up locations throughout the country,” he said while explaining about the mobile app platform. “Because money coming in has a multiplier effect, facilitating remittances can push GDP growth in a very positive way.

We’ve been encouraged by the strength of inward remittance to Telangana and as a result, we are scaling rapidly across the region. We are committed to the region and will be closely partnering with banks and cash disbursement partners for continued growth,” said Kumar.

“We want customers from Telangana to know that Transfast always delivers value while sending money home.” Samir Vidhate, director of the company said, "As per a report issued by the World Bank, remittances to India will total $72 billion in 2015, meaning that India will remain the world’s largest remittance-receiving country.

Growth in remittances to South Asia region is expected to grow at $126 billion in 2016 and $132 billion in 2017. We are looking to capture over 8 per cent of the inward remittances to India in the next four years.” Transfast is an omni-channel provider of cross-border funds transfer and payments globally to more than 120 countries.

Kumar said that as a global player the company understands the vital lifeline provided by remittances being sent back to Telangana. He said the company is working daily to drive greater awareness of its service to the people from the State living and working abroad.

Last month, Transfast has partnered with Enjaz, the remittance arm of Bank Al Bilad of Saudi Arabia. Indians working in Saudi Arabia can send money to India at any of Enjaz’s wide branch network, in local currency, direct to the beneficiary’s bank account 24/7, or for cash pick-up at more than 45,000 payout locations in India. Saudi Arabia is the third-largest source of remittances to India globally, according to the World Bank.