The Reserve Bank of India (RBI) has granted the MTSS (Money Transfer Service Scheme) license to GI Technology, Indian subsidiary of Wirecard.
The license will allow Wirecard’s subsidiary to receive foreign inward remittances up to $2,500 per remittance from Indians living abroad and sending money to their families in India not including from tourists receiving money for their local expenses in India.
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Additionally, GI Technology has been tapped as the principal agent by Transfast (Globe Foreign Exchange), and will allow Transfast clients to remit money to their families at an affordable cost across India.
Transfast director for EMEAA Samir Vidhate said: "Transfast is pleased to be associated with GI Technology and to leverage the company’s extensive network. As an omnichannel provider of funds transfer services, this partnership offers strong synergy with our business."
Wirecard said that remittance transactions originated by its prepaid card / wallet ICASH on India’s mobile banking switch, IMPS, is the highest amongst non-bank issuers.
The two entities have also proposed a new feature like same day reimbursement, which is expected to be commercially rolled out in April.
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