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Reliance Money partners Western Union

— PHOTO: G. R. N. SOMASHEKAR

MONEY MATTERS: Sudip Bandyopadhyay (right), Director and CEO, Reliance Money, and Christina Gold, Worldwide CEO, Western Union, at a function in Bangalore on Saturday.

BANGALORE: Reliance Money, part of the Anil Dhirubhai Ambani Group, on Saturday announced its new brand TRavelmate Services, combining the company’s money transfer business in association with Western Union.

The Director and CEO of Reliance Money, Sudip Bandyopadhyay, told reporters that “India is the single largest recipient of global remittances of $27 billion annually, more than ten per cent share of the total global remittances estimated at $240 billion. This is continuously increasing due to labour migration and increasing wages in most countries where Indians work”.

Reliance Money transfer business currently handled close to one lakh transactions a month with a daily inward remittance equal to $1.4 million, he said. The forex and currency exchange business in India was around $7 billion annually and growing at a CAGR of 20 per cent and Travelmate Services expected to garner a good share in the next two years.

In addition to its outlets in 800 cities and towns, plans were on for opening 10,000 standalone kiosks reaching the Tier-2 and Tier-3 towns. “In money transfer, we are now second after Indian Posts and may overtake them in two or three years,” he added. Christina Gold, President and Worldwide CEO of the $4.5 billion Western Union, said their association with Reliance was from 1993 and India was a large and growing market for remittances from overseas.

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