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Transactions are funded through the customer’s bank account or registered card. In India, the fintech ecosystem operates on a multi-layer model.
Transactions are funded through the customer’s bank account or registered card. In India, the fintech ecosystem operates on a multi-layer model.
For repatriable-basis transactions in the secondary market, NRIs need to open an NRE (Non-Resident External) bank account in India. For non-repatriable basis transactions, they require an NRO (Non-Resident Ordinary) account.
Cross-border transactions have grown dramatically over the past decade, particularly due to the presence of a large number of Indian expats.
There has been a strong shift towards ecommerce, contactless digital payments, and cash displacement.
In April last year, India passed the Finance Act 2020, which brought several changes affecting money transfers made after September. This passing of this Act caused some confusion and concerns among NRIs about having to pay taxes on the money
The Indian Rupee has become far more attractive for those remitting money to the country. Amid a pandemic-stricken 2020, the rupee lost almost 3% against the US dollar to reach close to Rs.74 to a dollar.
The banking industry has been shifting to accommodate the needs of an increasingly discerning customer base, trying to provide them a seamless and satisfying digital experience.
In 2020, India was the largest recipient of inward remittances, as per the “Migration and Development Brief” report released by the World Bank.