FINO PayTech has added international remittance cash out facility to its product bouquet. The company, which received in-principle approval to launch a payments bank, has tied up with Western Union, Transfast, Express Money, Money Gram and Ria Money, to provide inward remittance cash out service to its customers. The facility will be available at the company owned Money Mart outlets located in unbanked and under-banked pockets in urban and rural areas where its customer base resides or works. Money originating abroad from any of these 5 service providers can be collected by customers at any of the 400 plus Money Marts in 40 locations across 14 states, by identifying themselves. FINO already provides domestic remittance services in urban areas through Money Marts and a network of over 9000 merchant points. Ashish Ahuja, EVP & head, Products, said adding international remittance cash out to the existing domestic money transfer service will help the company serve new customers in the same service area where its points are located. Going forward as a payments bank, the company will have the opportunity to initiate international money transfer, thus offering the complete bouquet of remittance services.
