The Muthoot Group has announced a partnership with Wiki Technologies Inc of the US to open a US-India payment corridor by leveraging the power of the WikiPay platform.
Under the partnership, the group will initially market the WikiPay platform to its 22,000 employees and subsequently to its 6 million customers in India. Through the platform, people residing in the US can use the WikiPay online platform to send payments to friends and family to any bank account in India and more than 8,000 cash pick-up locations across the country.
The association with WikiTechnologies will expand Muthoot Group’s reach in the US, while allowing Wiki Technologies to leverage the international money transfer licence of the group’s wholly-owned subsidiary, Royal Exchange USA Inc, for transactions to India, K.R. Bijimon, CGM, The Muthoot Group, said.
According to Ted DeFeudis, Co-founder and President, Wiki Technologies, this agreement is an important step in the evolution of Wiki Technologies into a company focused on serving the needs of enterprise level organisations.
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