ItzCash, India’s largest digital payments company and the leading player in domestic remittances, has further ventured into cross-border remittances through its collaboration with Prabhu Money Transfer India, a leading remittance company in Nepal.
With the partnership inked, an immigrant or any individual of Nepali origin residing anywhere in India can easily send money back home in Nepal through any ItzCash outlet by simply producing a copy of his citizenship certificate. Through this platform, migrants can also deposit money into the account maintained in any of the branches of Prabhu Bank or any other bank operating in Nepal in real time.
India has witnessed significant migration from Eastern, Western and Central regions of Nepal, especially to key Indian cities namely Chennai, Mumbai, Delhi, Hyderabad, Surat, and Ahmedabad. The other key regions for Nepali migrants are Northern Indian states like Himachal Pradesh, Uttaranchal, Punjab, and Haryana. According to World Bank report, remittances from India to Nepal accounted for more than $1 billion for the year 2015.
Mr. Ravi Singh – Chief Business Officer, ItzCash, said, “It is estimated that about 10 percent of total remittances from India are processed through formal channels which underlines the huge existing opportunity in remittances sector. With the new offering, we are aiming to digitise a sizeable chunk of the remittances business through our Phygital network inclusive of over 75,000 physical touch points and digital transfers.” He added, “Our partnership with Prabhu Money will connect customers anywhere in India at their doorstep while strengthening our cross border presence.”
Miss. Kusum Lama, Prabhu Money Transfer, said, “We are extremely proud to be associated with such a renowned brand in India. Our close liaison with almost all the major banks of Nepal enables us to cater to the Indo-Nepal remittance service efficiently. This will facilitate the huge Nepal diaspora based in India especially among the working and labor-class to remit their hard-earned money through a safe and secured network of a reliable partner while delivering a high quality end user experience.”