Xpress Money plans free insurance, remit card to boost biz

Xpress money

Global money transfer brand Xpress Money will launch a free, short term insurance scheme for money remitters from the Middle East from April, besides promoting remittance cards to boost marketshare.

"We will offer free 30 days insurance of around Rs 1.9 lakh from some time in April for remitters through Xpress Money from the Middle East. We have also launched remittance card for the first time in the industry in 2012," Xpress Money global VP (marketing) Vinesh Nair said here today while speaking on strategies to boost marketshare.

Xpress Money marketshare was 20 per cent of the USD 25-27 billion cash to cash prepaid inward remittances into India with 44,000 points of presence across the country, he said.

The company has tied up with Punjab National Bank and ICICI Bank to offer a remittance card that works as a debit card.

Nair said the company was also working on extending online transfers from the US and UK markets beside Canada where it was introduced in September 2012.

Meanwhile as part of CSR activity, the company has adopted St Xavier English school.

"We have adopted this school as it serves the needy and is not under church support," Nair said.

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