Tuesday, 24 June 2014

Network International and TimesofMoney's Remit2India launch 24/7digital remittance services for NRIs in UAE

New service ensures convenient, speedy and secure money transfers Enables use of local credit cards and bank transfers to send money to bank accounts in India

June 23, 2014, Dubai/Mumbai: UAE-based non-resident Indians can now use a locally issued credit card and bank transfers to seamlessly transfer money to any bank account in India through Remit2India, a global leader in online cross-border remittances. Remit2India is a service offering from TimesofMoney, which is majority owned by Network International, the leading payment solutions provider in the Middle East.

"While India remains the largest recipient of international remittances according to World Bank figures, touching US$ 70 billion in 2013 alone, it is interesting to note that the number one source country for outflows to India is the UAE," said Bhairav Trivedi, Chief Executive Officer, Network International. "More than 20% of the total remittance to India last year, was from the UAE, and Non Resident Indians (NRIs) in this country are always on the lookout for speedy, secure and convenient means to remit money to their loved ones back home. We are delighted to launch this new service offering through Remit2India, which will enable NRIs to transfer money to a bank account in India, anytime and from anywhere."

Avijit Nanda, CEO, TimesofMoney, said: "Remit2India always makes a positive impact on its customers. We have added new ways of sending money to India from the region, where an NRI can use his local credit card or a bank transfer to send money home. With our service, customers get simple, cost-effective and transparent methods of sending money home. With a strong NRI population of around 1.8 million in the UAE, remitting around US$14billion last year, we are confident of offering a superior product to meet this growing need of Indians in the UAE."

The new service enables NRIs to use a locally issued credit card or a bank-to-bank transfer to send money seamlessly through Remit2India, and have it deposited into any bank account in India. The service also comes with 24/7 customer support and real-time transaction alerts to ensure peace of mind for the customer.

Since Remit2India services are 100% online, it saves the customer precious time by eliminating the hassles of visiting an agent's office and standing in long queues. With no paperwork involved, the online remittance service can be accessed 24/7, any time of the day or night.

NRIs interested in using this service need to register on www.remit2india.com and also include the recipient bank account details in India. A remittance transfer can be made through entering the UAE card details or bank details and the amount to be transferred. Payment processing is powered by Network International, ensuring the security of the transaction and confidentiality of the customer's details.

With its state-of-the-art technology and unmatched reach, Remit2India currently offers NRIs across 23 countries a safe, secure and speedy way to send money. With a wide delivery network in India spanning 90 banks across 62,500 branches, it is now offering the same superior service to NRIs in the UAE.

About TimesofMoney
TimesofMoney is India's leading digital payment service provider catering to a diverse base of Indian and international clients, individuals and companies across the globe.
Headquartered in Mumbai, it provides a wide spectrum of offerings including retail online remittances (Remit2India & Remit2Home), specialized NRI Services (Window2India), managed white-label remittance platforms and online payment gateway solutions (DirecPay). The services offered center around the diaspora of ethnic communities across the globe - facilitating money transfers to their home country and offering the convenience of using an internet or mobile platform.
With over 13 years of rich experience in the payments and remittance space, TimesofMoney is now driven by an even stronger backing of Network International, the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa region (MENA). As the largest stakeholder, Network International brings huge complementary synergies, adding even more value to the businesses of TimesofMoney.

About Network International:
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa (MENA) region. The company's service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants. This includes credit, debit and prepaid card processing, ATM management and monitoring, merchant acquiring and processing, fraud management, ecommerce services and mobile solutions for the payments industry. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions with the objective of enabling speedy, secure, convenient and efficient payment transactions for customers. Network International has Operation centers in the UAE, Egypt and India, with its corporate office in Dubai. The company continues to invest in strategic partnerships that will increasingly see its influence spread across the region.

Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club Franchise in the UAE, Egypt, Lebanon and Jordan. In 2013, the company launched a GCC based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International, a Payment Card Industry Data Security Standard (PCI DSS) certified company, is also a major player in the international remittance industry and owns a majority stake in TimesofMoney Ltd., a leading global online remittance and digital payments company facilitating cross-border remittances and domestic payments in emerging economies.

For further information, please contact:Sudha Chandran ASDA'A Burson-MarstellerDubai, UAETel: 971-4-4507600 Fax: 971-4-4358040Email: Sudha.chandran@bm.com

Monday, 23 June 2014

Remittances to Pakistan

Remittances to Pakistani reached US $ 12.895 billion during first 10 months of current fiscal year against US $ 11.57 billion in comparable period of 2012-13. According to the ministry of overseas Pakistanis, the government is considering a proposal to substantially boost foreign remittances and foreign exchange reserves as Gulf region is to be effectively tapped by exporting the maximum manpower. The government is expecting good opportunities of manpower export during the event of Expo 2020 in Dubai. Moreover, massive new construction plans in Saudi Arabia will also provide opportunities for Pakistani manpower which will decrease not only unemployment rate in the country but also boost up the remittances.

The ministry said the vision of government was to promote export of Pakistani manpower abroad to elevate the living conditions of working class and secure the decent working conditions for them. It said since 1971 up to March 2014, around 7.4 million overseas Pakistanis working/living around the globe with main concentration of Overseas Pakistanis are in Middle East 49.2 percent, Europe 28.3 percent and America 16.2 percent.