Dubai-based global money transfer company Xpress Money today said it is looking at a 15-20 per cent growth in its India business this year.
"We have consistently been growing at 15-20 per cent year-on-year during the past few years. We want to continue to the same growth rate this year also," its chief operating officer Sudhesh Giriyan told PTI here today.
Xpress Money has presence in 150 countries and has 1,70,000 pay-out locations across the world.
It is present in West Asia, the US, Britain, Europe, Australia and Canada, among other countries.
He said the biggest contribution to its business in the country comes from West Asia which accounts for three-fourths of its total business.
As per a recent World Bank report, remittances to the country rose to a record USD 70 billion in 2014.
"Around 22 per cent or USD 16 billion out of the USD 70 billion remittances to India comes from the UAE alone. All together, inflows from West Asia is nearly USD 45 billion every year," he said.
He said his company is now aiming to raise the share of remittances to India from other parts of the globe.
"Over the next three-four years, we want this ratio to change to 50:50 between West Asia and the rest of the world," he added.
To increase business from other parts of the world, the Dubai-based company is opening up offices in more number of countries, looking at tie-ups with other money transfer operators and launching new channels to transfer money.
"We are looking at tie-ups with retailers like Walmart, CVS Pharmacy Albertsons, Ace Express, who are also into money transfer business. These tie-ups will give us presence in thousands of stores which expats visit," he said.
The company which offers various channels such as cash-to-cash, cash-to-card, cash-to-ATM and direct account credit to remit money, is now launching online money transfer facility for NRIs.
"We will be launching online money transfer facility which many tech-savvy Indians prefer. Since the ticket size is high, it will give us volumes," he said, adding the new service will be initially be launched in Britain, followed by the US, Canada and Australia.
He expects inward remittance to increase with the current rupee slide, which will prompt NRIs to reap benefits.
"The people from the white collar segment wait for such moments to send back money. Also, there is a phenomenon where banks in West Asia, especially in the UAE, are going after customers and saying that this is a good time to take loan and send it back to their home," he said.
