By deepening its cooperation with Weizmann Forex Ltd in India, Wirecard will enable consumers to receive more international money remittances at thousands of locations nationwide.
Today, India is the world’s largest remittance market with $62.7 billion of inward remittances received in 2016. Given the fact that international money remittances are crucial for Wirecard’s financial inclusion efforts in India, the global payment expert continuously strives to leverage its vast agent network in the country.
Bringing financial services such as remittances closer to consumers keeps Wirecard on target and supports its growth strategy in India. In collaboration with Wirecard, Weizmann Forex Ltd intends to make selected agents from Wirecard’s more than 150,000-strong SmartShop network in India available to its partner, Ria Money Transfer, the third largest money transfer company in the world.
The agents operated by Wirecard are mostly shop owners who provide digital financial services to their customers – for example remittance services, bill payments or bookings of bus, train and flight tickets. Thanks to this collaboration, they can now receive money from friends and families abroad as well. With this, the agent network is becoming even more relevant to local communities.
Georg von Waldenfels, Executive Vice President Consumer Solutions, and Managing Director of Wirecard in India, explains: “We are very happy to expand our successful remittance business in the world’s largest market. With the new cooperation, we are increasing our relevance to consumers by offering them products which are useful for their daily life.”
Karthikeyan Balasubramanian, Managing Director of Weizmann Forex, adds: “We continuously work on increasing our reach in order to provide more convenience to our customers receiving remittances from their relatives working abroad. With Wirecard we have found a reliable partner for moving one step closer to this vision and thus we are very much looking forward to the future collaboration.”