WorldRemit and YES BANK launch instant money transfers to India
29/8/2017 | 1 minute read
New partnership significantly improves payout options for the Indian diaspora
New Delhi and London, 29 August 2017: Leading digital money transfer service WorldRemit has partnered with India’s 5th largest private sector bank, YES BANK, to launch a new instant money transfer service to India.
YES BANK has an extensive network of 1,000 branches and 1,800 ATMs.
The partnership is expected to further support the growing demand for remittances in the country and over 16 million Indians living abroad. Currently, India is the top-remittance receiving country in the world; it received $69 billion in remittances in 2015, according to the World Bank.
WorldRemit customers living abroad will now be able to send secure, instant bank transfers to friends and family in all 29 states and 7 Union Territories in India, from their mobile phone.
YES BANK will disburse funds using its instant payment service. It has built a network of partnerships across the globe to enable remittances and instant payments into India, using its state-of-the-art API banking platform.
WorldRemit enables the Indian diaspora in over 50 countries around the world to send money home as easily as sending an instant message. Since the start of its operations in India, WorldRemit customers have completed 1.2 million money transfers.
Globally, WorldRemit customers send 700,000 transfers every month to over 140 destinations. WorldRemit makes sending money as easy as sending an instant message.
Ismail Ahmed, Founder and CEO at WorldRemit, comments: “We’re excited to expand our fast demonstrates our long-standing commitment and convenient service to Indian migrants abroad. YES BANK is a highly respected financial institution with an extensive network throughout the country. Our partnership ent to ensuring our Indian customers in the diaspora have the widest choice of payout options when sending money back home.”
Arun Agrawal, Group President of International Banking at YES BANK, added: “Our partnership with a leading digital remittance company like WorldRemit provides Indians from the UK & around the world in 50 countries access to a revolutionary and seamless service to send money back home, hassle-free. It also enhances our comprehensive Global Indian Banking programme for NRIs.”
For more information please contact media@worldremit.com
About WorldRemit
We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.
Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
About Zepz
Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.
Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.