Wirecard continues to expand its business in India
Partnership with Weizmann Forex enables international money remittance via Western Unionthrough Wirecard’s Indian subsidiary GI Technology
Aschheim (Munich)/Chennai, Wirecard is on the rise in India. Through its partnership with Weizmann Forex, the international payment expert now enters the international remittance business in the world’s biggest remittance market. Weizmann Forex Ltd., is one of Western Union’s largest and most trusted principal agents in India. By signing a multi-year agreement with Weizmann Forex, Wirecard offers an easy and secure money transfer service in India through GI Technology, one of India’s leading payment companies owned by Wirecard.
The service will be rolled out to thousands of locations across all major cities and districts in India within the next couple of years. Locations that will be offering international money remittance are part of the 150,000-strong SmartShopagent network of GI Technology.
India is the world’s largest recipient of remittances, the World Bank estimates approximately $62.7 billion had been sent to India in 2016.Through the SmartShop agent network people will be able to receive fast and reliable remittances from Western Union even in rural areas of India, immediately after the money has been wired by the sender. SmartShops are usually owned by local shopkeepers who count receivers among their customers and who are trusted by them. Other locations that Wirecard is adding Western Union Money Transfer services to will include travel agencies, foreign exchange houses and locations that currently focus on domestic remittances.
Georg von Waldenfels, Executive Vice President, Consumer Solutions and Member of the Board GI-Technology at Wirecard points out: “International remittances represent a key pillar in Wirecard’s retail network strategy in India. Theywill be a key anchor service for us to cross sellother products to consumers at ourretail agent locations. By adding more products to our vast network of agents,we get even closer to consumers across this dynamic country.”
“Our mission is to scale greater heights by providing consistent customer satisfaction in the field of money transfer. By partnering with Wirecard, we are able to give greater access to people across India for receiving money remittances in a very convenient and fast manner”, adds ChetanMehra, Vice Chairman at Weizmann Forex.
India’s digital payments market is expected to more than double to reach $470 billion by 2020. The 150,000 SmartShop agents provide access to affordable financial services and retail-assisted e-commerce to people who don’t have internet access, smartphones or bank accounts. Wirecard, Weizmann and Western Union will jointly promote the product to consumers.
Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provide companies with an end-to-end
infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit www.wirecard.com
About Weizmann Forex Limited:
Weizmann Forex Limited – part of the INR 60 billion Weizmann Group, is a public limited company listed with Bombay Stock Exchange and National Stock Exchange. Weizmann Group has a diversified portfolio focused on Foreign Exchange, International & Domestic Money Transfer, Import and Export Payment Solutions, Tours & Travels, Textile Processing & Exports and Renewable Energy Generation. With its 30 years of Business expertise. A RBI certified Authorised Dealer – Category II, Weizmann Forex which has a strong network of 200+ branches, 54,000+ customer touch points across India and strong agent partnerships for its inward remittances business, has grown exponentially to become a leading player in the Foreign Exchange and Remittance market.