India-based Muthoot Group has joined forces with Wiki Technologies to expand its remittance business to all the 49 states in the US.
The partnership will see the group marketing the WikiPay platform to its 22,000 employees and subsequently to its 6 million customers in India.
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Using the WikiPay platform, customers in the US can send payments to friends and family to any bank account in India and more than 8,000 cash pick-up locations across India.
The deal will also strengthen Muthoot Group’s presence in the US.
K.R. Bijimon, CGM of The Muthoot Group said that Wiki Technologies will use international money transfer licence of the Muthoot’s subsidiary, Royal Exchange USA, for transactions to India.
"The technology tie-up will help us operate in all the states. Muthoot also has a special tie-up with Federal Bank wherein the transfer can happen in four minutes," he added.
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