GI Technology Enters into Strategic Alliance with Prabhu Money Transfer and RBL Bank

GI Technology, a leading payment solution company, today announced its strategic partnership with Prabhu Money Transfer and RBL Bank to offer Indo-Nepal remittance services for Nepali Diaspora settled in India. This collaboration would make GI technology the first non- banking institution, to facilitate remittance transactions to Nepal using the strength of its retail agent network partners.

The strategic alliance will facilitate Prabhu Money Transfer to widen its reach through GI Technology’s widespread network of 90,000 agent locations across India. A Nepali migrant can now easily walk into any of GI Technology’s network partners i.e. mainly; The Smart Shop outlets, to instantly remit money back home in Nepal. The Smart Shops, are strategically located closer to households were migrants are largely employed.

India has witnessed significant migration from Eastern, Western and Central regions of Nepal, especially to key 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. It is estimated that 5 mn Nepalese have migrated to India to earn their livelihood.

In 2012-13, Nepali migrants in India remitted approximately US $ 396.85 mn for supporting their families and securing their future. Since 2007, the remittances to Nepal have grown at CAGR of approximately 15% with increasing migration trend and growth prospects in India, the remittances are estimated to rise at a steady pace.

Speaking on the strategic partnership, Mr. Ramu Ramsamy, MD, GI Technology said, “At present only 8.5 percent of total remittances from India are processed through banking channel, as compared to 80 percent of remittances, which are either carried by Nepali migrants when they return home or sent through their friends. This Indo-Nepal Remittance Service is a giant leap by GI technology to promote remittances through formal channels. Now, the Nepali Diaspora can conveniently access our 90,000 agent locations across India to send money to their families in a secure & hassle free manner.”

Notes to Editor:

About GI Technology:

The Group’s vision is inherent in its name – GI stands for Great Indian and its ethos is geared towards achieving the great Indian dream by improving the standard of life for every aspiring Indian through its easy to use, safe and secure products and services through its iconic payment card cum wallet ICASH.

GI Technology is a Chennai based payment solutions company that specializes in ‘Transaction Based Systems’ for Banks and various payment operators across India apart from running its own Prepaid payment instrument called “ICASH” which is primarily used for Domestic Money Transfer and e/mcommerce payments. ICASH services can be availed through its 90000+ strong The Smart Shop agent network across India. ICASH is market leading product on IMPS platform which facilitates domestic remittances across India.

It facilitates services such as money transfer, electronic payments and travel ticketing, which are indispensable to the common man, through an efficient, safe and affordable channel across the country through digitally enabled agent network. ICASH card has emerged as the largest and most preferred prepaid product used for travel purchases on IRCTC website.