Yes Bank has tied up with Times of Money to launch its own online remittance solution called Yes Remit, allowing non-resident Indians (NRIs) to send money to any Yes Bank account or other bank accounts in India.
The company stated that the service will be available in Gulf Cooperation Council (GCC), United Kingdom and Eurozone countries. Interestingly, Yes Bank also stated that it will be incentivising customers who use the service by offering free e-gift vouchers. However, it didn’t disclose any specific information on this initiative.
Going forward, Yes Bank plans to extend this service across various geographies and currencies in a phased manner.
Times Of Money Remittance Services: It’s worth noting that Times Of Money has its own online remittance services called Remit2India and Remit2Home and was recently acquired by UAE-based Network International, allowing the latter to launch an online remittance service between Gulf Cooperation Council and India and introduce new value-added remittances and retail based services in the Indian subcontinent.
Yes Bank mPOS: Last month, Yes Bank had launched a mobile point of sale (mPOS) solution which allowed GPRS enabled mobile phones to act as Point of Sale terminals. The company had claimed to have partnered with several insurance players in the country for this service and were running tests with several other retailers in the Internet space and food retail segment.
Other Players: Online payment solution provider Avenues India* had tied up with IndusInd Bank to launch an online remittance service called Remit Guru, allowing non-resident Indians (NRIs) to send money to their friends and family. While the service was initially limited to United Kingdom, Avenues India had stated that it plans to extend the service to Canada, United States, Australia, Germany, Singapore and others shortly.
What’s interesting about the service is that the site is planning to allow NRIs to purchase products and services from various India-based online shopping portals, directly from their local bank account. These include online travel portals, online recharge services, religious Institutions, apparel and garment retailers, automobile companies, energy and telecom company websites and popular online gifting portals. While there was no specific information on Remit Guru’s partners for this initiative, its website suggested partners like e-commerce portals including Flipkart, Infibeam, Futurebazaar and websites like Bose, Mango, Satya Paul, Seasons, and bebe among others.
In October 2012, Mobile payment solutions company PayMate India had partnered with the gold financing company Muthoot Finance Ltd, to launch a domestic remittance service, allowing customers to send money all over India, even if the sender didn’t have any bank account.
Besides this, several banks like State Bank of India, HDFC Bank, Axis Bank, Kotak Mahindra Bank, ICICI Bank, Standard Chartered Bank, and Bank Of Baroda also offer their own online NRI remittance services. Western Union is among the largest remittance services in the world.
*Disclosure: Avenues India is an advertiser with MediaNama