TerraPay, a mobile payments switch, has partnered with bux, a mobile app money transfer service, to enable instant cross-border money transfers from Australia, Hong Kong, the U.K. and Europe to India.
Bux customers now are able to transfer money from their mobile phones directly to bank accounts in India. The money transfer service is up to 45 percent cheaper than competitors, according to an announcement. Traditionally when sending money home, migrants would have to travel to agent locations or bank branches and would face high fees and transaction times of up to a week to send small-value transfers, the companies said.
Based in Australia, bux offers remittances in more than 200 countries, but this partnership opens up the Indian market. Although India’s remittance volume fell by 8.9 percent in 2016, the country is still the largest recipient of remittances worldwide, according to the World Bank. India received around $62.7 billion in remittances in 2016.
TerraPay is a B2B company incubated by Mahindra Comviva, which is part of the $18 billion Mahindra Group.
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