Cross-border payments service provider Earthport has announced that it is launching a new payments route into India. This is part of its continuing investment in enhancing its service. The new route will allow clients to leverage Earthport’s local payment clearing capabilities to offer predictable, transparent and cost-efficient payments into India.
India is the top remittance destination and largest remittance market in the world. This is evidernt when considering a USD70 billion inflow of remittance payments in 2012. The cash inflow from remittance payments is contributing to India’s economic growth which is expected to grow by 6.4% in 2013.
Remittance flows to developing countries are forecast to rise by 8% and 10% respectively in the next two years, reaching USD534 billion in 2015. This significant growth will boost the cash flow between the main remittance corridors for India with diasporas in the UAE and USA generating the highest volume of remittance payments to this country.
“The expansion into India will allow us to offer access to the Indian marketplace as part of a global network of more than 50 countries with local payment clearing capabilities,” said Paul Thomas, Executive Director at Earthport.
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