Payment services company Oxigen has started an Indo-Nepal money remittance in partnership with the IME Nepal to help migrant Nepali workers. Nepali citizens residing in India, for employment, can send money through Oxigen’s 30,000 banking touch points of the total 2,00,000 Oxigen retail network locations, across India. The receivers in Nepal can receive the amount through more than 5,400 agent locations of IME in Nepal. IME will provide account deposit facilities to these customers besides cash payment options. Oxigen has tied up with RBL Bank in India and IME Nepal has partnered with Global IME Bank for fund settlements. Note that Oxigen has not mentioned charges for international money transfers and we will update once we hear from them. Traditionally, Oxigen has had a strong offline presence - it mentioned that the average ticket size of a money transfer was Rs 3,500 and has more than 50 million transactions a month in its retail outlets. Following the demonetization of Rs 1000 and Rs 500 notes, the company updated that money transfer accounts for 40% of the transactions on the wallet with the average ticket size on money transfers being upwards of Rs 1500. Established in 2001 as a money transfer company, with license from Nepal Rastra Bank, IME has an international presence spanning 25 countries with a network of over 150,000 locations worldwide. In Nepal it has a domestic network of more than 5,400 agent locations and 149 IME Centers and a customer base of millions. Move to other businesses Many had commented that UPI…
