Friday, 6 November 2009

INDIA: MasterCard eyes $50 bn inward remittance market

MUMBAI: Mastercard is scouting for new opportunities in India. The payments company is eyeing the $50-billion inward remittance market and is
also registering its presence in mobile banking.

Some banks have joined hands with MasterCard for an inward-remittance product which will allow a worker based in say the UAE to send money to India using his MasterCard. The money transferred will be credited to a MasterCard account in India, which can be either a debit or a credit card account. “In this case, customers on both sides have bank accounts. The transactions can be done on a real time basis and we can provide the service at a much cheaper cost. Also checks and controls can be maintained,” points Joshua L Peirez, group executive, innovative platforms Masstercard. Read more

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