Travel services provider Thomas Cook India has partnered with digital payments solution provider ItzCash to offer remittance services to unbanked segment in India.
Under the arrangement, Thomas Cook will offer remittance services (Xpress Money & MoneyGram) across ItzCash’s 75000+ consumer touch points across India.
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Mahesh Iyer, COO- foreign exchange & head- Visas at Thomas Cook (India) said: "Inward remittances form about 22-23% of India’s foreign exchange income and having more than tripled over the last decade, is a powerful growth market.
"Thomas Cook India’s alliance with ItzCash, is hence a strategic move to leverage the powerful potential of this unbanked inward remittance market- especially in Middle India and rural and semi-rural catchment areas; and thereby offer our customers hassle free convenience and access and speedy inward remittance transactions."
ItzCash managing director Naveen Surya said: "Our leadership in this space coupled with our distribution especially in T2 & T3 locations will add lots more value to the end consumer."
According to the World Bank Report Migration and Development Brief, India is the largest receiver of remittances in the world – at approximately $71bn in 2014 (up from a mere $ 22 billion in 2005) ranking Indians as the second largest diaspora globally (approximately 25 million Indians living in 110 countries worldwide).
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By GlobalDataHowever as per the Reserve Bank of India, about 40% of India’s the population still does not have access to financial services.
