The private sector bank, Axis bank has formed a tie-up with UAE Exchange and Financial Services to introduce a service which would facilitate inward remittances by mobile phones.
The bank issued a statement which said that the tie-up would enable people to send money to recipients in India to a registered mobile using agent locations of UAE Exchange and Financial Services, named Xpress Money.
At present, Xpress Money, uses the services of 1.35 lakh agent locations across 125 countries.
In order to receive the money, the beneficiary needs to be registered with any branch of Axis bank. The registered beneficiary will then use the codes sent to the registered mobile number to withdraw money sent from any Axis bank ATM.
On the matter, Axis bank's president and head of treasury and international banking, Mr. P Mukherjee said, "This solution will help customers eliminate the need to visit physical agents and provide documentation every time they receive a money transfer."
The bank statement also mentioned that a maximum of 30 transactions in a year can take place, and the maximum amount per remittance is fixed at Rs. 18000.