Indian financial services provider, Axis Bank, has reached an agreement with money transfer firm, UAE Exchange and Financial Services, to launch a mobile remittance service across India, reports The Times of India. As part of the deal consumers will be able to transfer money through agent locations of UAE Exchange and Financial Services called Xpress Money to registered mobile numbers in India.
Xpress Money has around 135,000 agent locations operating in around 125 countries. To use the service, recipients register at an Axis Bank branch and can then withdraw money sent from any Axis Bank ATM with codes sent to their registered mobile number.
The announcement comes after UAE Exchange recently launched MyBranch, a remittance and bill payment transactions kiosk.