Remittance service provider TimesofMoney plans to launch DirecPay — a product that enables merchants to facilitate online shopping across a spectrum of banks and credit cards.
The product, whose trial has already been conducted in select sectors, will hit the market in a month.
It would enable merchants to facilitate transactions online, without holding an account with any particular bank, TimesofMoney President Avijit Nanda said.
"The service is targeted at enabling merchants who currently have limited payment options on the website as well as those who want to have an E-Commerce-enabled website and enhance business," Nanda told PTI here.
The product enables merchants to avail a comprehensive realtime MIS module, flexible withdrawal options and dedicated relationship team, he said.
The company has already launched White Label, a technology platform for banks, enabling their NRI customers to remit funds directly to beneficiaries.
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Cross-border remittances worldwide is estimated at $300 billion per annum, of which India is the top destination with $40 billion, Nanda said.
TimesofMoney offers remittance services from the US, the UK, Canada, Europe, Australia to India. At present, it remits $1.5 billion annually and targets to take the figure to $2.5 billion by the end-fiscal, he said.