The MTSS license will enable GI Technology to receive foreign inward remittances up to USD 2,500 per remittance from Indians living abroad and sending money to their families in India apart from tourists receiving money for their local spend in India. GI Technology has been appointed as the principal agent by Transfast (Globe Foreign Exchange).
Transfast is an inward money remittance provider in India. The partnership with GI Technology enables Transfast customers to remit money to their families at an affordable cost across India.
The number of remittance transactions originated by GI Technologys prepaid card / wallet ICASH on India’s mobile banking switch, IMPS, is the highest amongst non-bank issuers and is the second highest amongst bank and non-bank issuers.
GI Technology shall launch the MTSS service through the 145,000 Smart Shop agents network across India. GI Technology and Transfast have proposed some new features like same day reimbursement. The service is expected to be commercially launched in the second week of April 2016.
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