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Xpress Money, a global money transfer brand, is hastening its expansion plans in India, with the rupee slide increasing remittances into the country in the last two quarters.
The company, a subsidiary of UAE Exchange Financial Services Ltd, will also be hiring about 5,000 agents in the next 12-18 months to support its expansion.
"We currently have our outlets at 37,000 locations across India. We intend to increase to 50,000 by the middle of next year," Mr Sudhesh Giriyan, Vice-President of the company, told Business Line .
In the last two quarters, there has been an estimated surge of 15-20 per cent of inward remittances by Indians staying overseas, especially in West Asia, in the wake of the rupee depreciation. "In fact, we have seen that many Indians working in Middle East and elsewhere had taken loans in those contries and remitted the money back home in India to encash the rupee fall," he said.
The company has 7,000 single agents, out of the 37,000 locations it is present. "We plan to take on board another 5,000 as part of our expansion plans. We pay the agents a monthly fee that is based on a slab system, depending on how much business they do," he said.
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