Domestic remittance and digital payments company ItzCash has ventured into cross-border remittances through its partnership with Prabhu Money Transfer India, a remittance company in Nepal to enable Nepali diaspora settled in India to remit money back home through ItzCash’s 75,000 agent network spread across more than 3000 locations.
With the partnership, 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.
In a statement to the media, the company said that India has witnessed significant migration from Eastern, Western and Central regions of Nepal, to 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.
“It is estimated that about 10% 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,” said ravi Singh, chief business officer, ItzCash.