The wallet space in India continues to heat up. Remittance and foreign currency exchange player UAE Exchange has launched XPay Wallet which will offer foreign exchange services through the mobile wallet, other than services like ticket booking, loans, money transfer and prepaid mobile top-up. UAE Exchange has a semi-closed prepaid payments instrument licence from the Reserve Bank of India and also has permission from the apex bank to accept cross-border inbound money transfers. According to the RBI website, UAE Exchange got its wallet licence in 2009 and will be valid till October 2017. The company says that XPay has been structured to optimize the services and help in minimizing the time consumed in the currency exchange processes. The digital route also enables online foreign exchange booking and home delivery facilities. In addition, the app will allow users to buy currency or cards, send money abroad and check live rates of currencies. Domestic services include wallet-to-wallet transfers, wallet-to-bank transfers, merchant payments, mobile recharge, DTH recharge and wallet top-up. The app also allows flight searches and booking of airline tickets. XPay also offers payments solutions through quick response (QR) code. MediaNama's take Currently, there are no digital wallet operators in India which offer foreign currency services. UAE Exchange is uniquely positioned as a financial services company which can offer both wallet and foreign exchange services and has the RBI's permission for it. Apart from that, the only other financial institutions which can provide these services are commercial banks themselves. It's also worth noting that the RBI allowed to issue open…
