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Money transfer company Xpress Money sees remittances to India grow 7-8 per cent in 2014, a top official of the company said.
As against the actual inward remittance of about $71 billion in 2013, remittance to India in 2014 is expected to touch about $75 billion, Sudesh Giriyan, Vice President and Business Head, Xpress Money, said.
Of the total remittance amount of about $70 billion, nearly $15 billion is accounted for by cash remittances.
The rest is accounted for by account credits. Xpress Money has a 10 per cent market share in cash remittances segment.
"Our aspiration is to achieve 15 per cent market share in the cash remittances space in the next five years", Giriyan told Business Line .
The international money transfer company will by this year end launch a new service--remittance to accounts--as part of its efforts to introduce new transfer channels, Giriyan said.
Once this service is launched, Xpress Money users in developed markets such as the US, Australia and Canada can directly remit money to the bank accounts of beneficiaries in India.
Currently, Xpress Money offers 'cash-to-cash', 'cash-to-mobile', 'cash-to-ATM' and 'cash-to-card' services.
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