wordpress blog stats
Connect with us

Hi, what are you looking for?

Axis Bank Now Allows Cross Border Inward Remittances Via Mobile Phones

Axis Bank has partnered with UAE Exchange and Financial Services, the remittances and currency exchange subsidiary of the UAE Exchange group, to extend its mobile based Instant Money Transfer (IMT) for cross border inward remittances.

The company claims that this service is the first of its kind for mobile remittances and will allow NRIs to send money to a registered mobile number of their choice in the country, by using any of Xpress Money’s 135,000 locations present in over 125 countries. It claimed that recipients will have instant access to this money and they can withdraw it from any of the 10,000 Axis Bank ATMs by using the codes sent to their registered mobile number.

Limitations: That being said, there are some limitations to the service. Users can receive only a maximum 30 remittance transactions in a year and the remittance has to be in multiples of Rs. 100 up to a maximum of Rs 18,000 per transaction.

Instant Money Transfer: In September 2010, Axis Bank had partnered with Empays Payment Systems to launch Instant Money Transfer (IMT), a mobile based domestic remittance service for its customers in India. This service allowed bank customers to make instant money transfers to any receiver in the country on their mobile number, who can then withdraw money from any Axis Bank ATM irrespective of whether he has an Axis bank account or not.

Similar developments: In May 2012, Axis Bank had partnered with Airtel to launch ‘Airtel Money Super Account powered by Axis Bank’, which essentially offered a no-frills account with the Bank on Airtel’s mobile platform and offered cash withdrawals to Airtel Money customers in Mumbai, Delhi, East UP and Bihar.

Last week, Blackstone backed mobile financial services firm FINO had acquired Nokia Money service in India to launch a prepaid mobile payment service ‘Takatak Money’ which focus on prepaid payment services and offer services such as money transfers, utility bill payments, mobile and DTH recharges among others. FINO had claimed to have a network of 31000 transaction points across 50,000 villages.

Advertisement. Scroll to continue reading.

By Vikas SN & Aman Rai

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.


Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.


Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.


The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.


For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ