Transactions over Cross-Borders: Roaring Role of Startups in Arena of Remittance

Harnessing the Power of Mobile Technology

As the penetration of smartphones are skyrocketing in India, startups are strongly utilizing the mobile platforms to enable remittance transactions. For instance, startups including MobiKwiK and PhonePe are incorporating remittance services into their current digital payment platforms and permitting their users to send and get remittance directly from their smartphones. The simplified mode of mobile-based transactions has turned the remittances more obtainable to wider populace, particularly those in the remote areas where the access to physical banks are limited. Also they are designing it in simpler way for migrant employees to initiate payment transfers from their mobile phones and cutting down the need for in-person visits to transfer agents.

Innovating Compliance & Regulatory Frameworks

Surpassing the multifaceted regulatory landscape of cross-border remittances has always been a difficult task. In this context, startups in India are perfecting catering to the compliance requirements and also inventing new modules in regulatory systems to make cross-border transactions safer.

Startups such as Cashaa and RupeeCircle are leveraging compliance automation tools to simplify the regulatory frameworks and checks required data and information for international transactions. Such tools permit companies to validate the user identity, detect fraudulent activities in transferring channels and adhere to AML-Anti-money laundering and KYC requirements with no additional costs and delays to the remittance process.