Timesofmoney to nearly double its reach by end FY12
Mumbai, Aug 14 (PTI) Online remittances player
Timesofmoney is planning to nearly double its network to 60
countries this fiscal ."We are serving non-resident Indians(NRIs) in 24
countries and serve the diaspora of ten other countries
providing them the opportunity to repatriate money back to
their homes," the ten-year-old company's President Avijit
Nanda told PTI here.He added that by March 2012, the company is targeting
to take the NRI countries to 40 and add ten more to the
non-Indian diaspora.The company has necessary tie-ups domestically to help
the money reach the final beneficiary, but has to make a new
tie-up each time it adds up to serve a non-NRI diaspora.While entering a new geography, Timesofmoney typically
starts with educating the target audience about the benefits
of online money transfer and then communicates using media
consumed by the diaspora by pitching on an emotional note,
Nanda said.It prefers to enter relatively untapped markets which
have a sizable Indian diaspora, Nanda said, adding that last
year Indians remitted USD 55 billion and only 20 per cent of
it was through the online medium. .
Source : IBN Live
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