Indians living abroad sent back $87 billion last year, the most amount of any country the World Bank has been keeping track of. With such a huge sum on the line, India is planning an alternative to SWIFT banking system whichis prone to US sanctions.
The business that created the foundation for India's digital payments intends to make it less expensive and simpler for the 32 million Indians who live abroad to send money back home, reports Business Standard.
Indians living abroad sent back $87 billion last year, the most amount of any country the World Bank has been keeping track of. According to Ritesh Shukla, CEO of NPCI International Payments Ltd., the remittances industry is ripe for disruption because it costs $13 on average to move $200 across borders.
"We have displaced cash in India to a large extent and are now looking to repeat the success in cross-border corridors," said Shukla. "Overseas Indians can use our rails to remit money inwards straightway into their ban...
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