Money transfer service WorldRemit has partnered with YES Bank to enable instant money transfer service to India. The partnership will allow WorldRemit customers in 50 countries around the globe to make instant cross-border money transfer to India using mobile phones. Upon receiving the funds from WorldRemit customers living abroad, YES Bank will disburse funds using its networked banking platform.
The company claims that its platform is built on top of a network of partnerships across the globe to enable remittances and instant payments into India. It allows banks to undertake multi-channel merchant payments, instant refund for Indian online marketplace, instant loan disbursement for customers with or without bank accounts, and automation of foreign inward remittance. Globally, WorldRemit claims that its customers send 700,000 transfers every month to over 140 destinations.
YES Bank is targeting the Indian migrant community in different parts of the world. In June, Mobile payments company TerraPay partnered with YES Bank to enable real-time international money transfers to bank accounts in India. Meanwhile, YES Bank has its own online remittance solution called Yes Remit, which was launched back in 2013.
In January, US-based money transfer service provider MoneyGram entered into a definitive agreement to merge its operations with Alibaba Group’s fintech arm Ant Financial. Under the deal, Ant Financial will be able to tap users registered users on Alipay—Ant Financial owned payments platform (in China), as well as users registered with Paytm (in India).
ItzCash had also entered into cross-border remittances with a partnership with Prabhu Money Transfer, a remittance company in Nepal, allowing Nepali migrants in India to send money back home.
In March, the Reserve Bank of India (RBI) said that it will allow wallets to undertake cross-border inward remittances, according to its new draft guidelines. However, the wallets need to be fully KYC compliant and issuers can enable this facility only on explicit request of the customers. Also, the maximum value in these wallets at any point of time shall not exceed Rs 50,000.
Note PayPal is reportedly looking to get a wallet licence from the RBI and the licence might allow the company to lower transaction costs for merchants to sell globally.