News Column

Cash to card remittance to be extended to more ATMs

June 18, 2014

Times News Service

Muscat:Xpress Money, which has introduced a cash to card remittance facility for Indian customers with Axis Bank, is planning to extend the facility to other bank's automated teller machines (ATMs).

"We have introduced this service two years ago for Indian customers," he added.

The money goes to an Axis Bank ATM machine in India and the beneficiary gets two code numbers on his mobile phone. He goes to an ATM machine and punches the codes, his mobile number and the amount.

"He is allowed to withdraw up to a maximum of Rs18,000. We are now looking at partnership arrangements with other banks in India so that the number of ATM machines from where the money can be withdrawn increases."

He added that Xpress money is the only money transfer organisation that has arrangement with two Indian banks Punjab National Bank and State Bank of India for cash to card remittance facility. The company is planning to replicate this model in Pakistan, Bangladesh and Philippines.

Cash to mobile

Xpress Money also plans to introduce its cash to mobile service in several countries, after its success in Pakistan.

The customer has a virtual wallet on a mobile, which can be used for bill payment, ATM withdrawal and payment in stores, noted Giriyan.

"We are about to launch this service in the Philippines with Globe Telecom. One of the exciting markets where this product is available today is Kenya," he added.

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Source: Times of Oman

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