Transfast bets on India for growth

Global money transfer firm is eyeing $2-bn business in the country during 2016
Hyderabad: New York-based Transfast, a global money transfer firm, is looking to double its run-rate in India to $2 billion in 2016 as it bets big on the country which emerged as top nation for overseas remittances in 2014 with over $70 billion flowing in. “Given the large population of NRIs (Non-Resident Indians) living around the world, India is key market for us.

We have been growing at a rate in the excess of 100 per cent in the country. Our run-rate was around $1 billion last year and we expect the number to be around $2 billion this year,” Samish Kumar, Chief Executive Officer, Transfast, told media here on Monday.

Kumar who was in the city as a part of the company’s five-city tour in the country to meet partners and customers said that Transfast would expand its network of payout locations and tie up with more banks in the country. “At present, we have over 45,000 payout locations in the country.

Besides, we also have tied up with 21 major banks for instant money transfer,” he said, adding that talks were underway with more banks. Listing out reasons for the company’s success in India, he said instant fund transfer, competitive foreign exchange rates and hassle-free process were the key differentiating factors that helped it to clock higher growths.

Transfast has also launched a customer-friendly app which is currently available in the US and Canada. Established in 1989, Transfast has operations across 120 countries. It forayed into India in 2012. The company is targeting global business of $7 billion in 2016.