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Remit2India.com claims to have attracted 5 lakh registered users

by Satrajit Sen

The Times Group’s e-payment service provider TimesofMoney claims that its online remittance service Remit2India.com has attracted 500,000 registered users from across the world. According to the company, Remit2India now allows NRIs from 23 countries to remit money to India.

by Satrajit Sen

The Times Group’s e-payment service provider TimesofMoney claims that its online remittance service Remit2India.com has attracted 500,000 registered users from across the world. According to the company, Remit2India now allows NRIs from 23 countries to remit money to India.

Recently, Remit2India.com launched a customer engagement programme, titled ‘Remit2India’s Penalty Shootout’ where customers can participate in a contest and win World Cup jerseys and Jabulani footballs. The campaign will be live till July 11, 2010.

According to Avijit Nanda, president, TimesofMoney, both the personal B2C (business to consumer) business and the institutional B2B (business to business) solutions which Remit2India.com caters through its alliances, have grown significantly over the years.

“Although we started with the B2C business our alliance business is showing great promise, we are now in partnership with 16 banks and three portals for remittance. However, the B2C business still enjoys the lion’s share of the revenue,” Avijit Nanda has told AlooTechie.

Speaking about other brands of TimesofMoney, Avijit Nanda said that Remit2Home, the group’s global money transfer service has around 24,000 registered customers whereas Window2India, the shopping and gifting portal for NRIs, has a registered user base of 1.5 lakh customers.

Avijit Nanda further informed that DirecPay, the company’s payment gateway service, has around 250 merchants and TimesCard, an entertainment credit card service in collaboration with Barclays, has around 1.5 lakh customers to its credit.

“India still is developing when we talk of ecommerce, however, the trend in travel and ticket booking is tremendous. We foresee a change in the acceptance of e-platforms as a mode of transacting and purchasing anything from day-to-day necessities to gifting,” Nanda said while speaking about DirecPay.

According to the TimesofMoney president, understanding of different banking codes and laws were tough at the beginning but now the combined knowledge across countries has become the group’s strength.

“With the ever increasing technology and 3G around the corner, we can sure see some advance e-payments mechanism. On the remittance space too, we are working on some products in line with our other businesses. For us, India is the focus moving forward while we keep growing our existing businesses,” Avijit Nanda added.

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