Yes Bank and TerraPay tap into India’s migrant market
TerraPay provides its clearing and settlement service, and via a “Rupee Drawing Arrangement”, its network partners can make the transfers to bank accounts in the country.
According to the firm, this means that Indian migrants around the world can walk into TerraPay’s partner outlet anytime and send money to their family and friends back home, instantly in their bank account. For bank accounts other than Yes Bank ones, Yes Bank will disburse funds using the immediate payment service, known as IMPS. The service is available 24×7.
Ambar Sur, founder and CEO of TerraPay, says India is the “world’s largest recipient of remittances” and these “remittance inflows from the Indian diaspora community have contributed immensely to the macro and micro economic development of the country”.
Sur also cites World Bank reports, which show that Indian migrants sent $62.7 billion in FY 2016-17, which is “greater than foreign direct investment (FDI) inflows to India”.
Yes Bank is India’s fourth largest private sector bank with a presence across all 29 states and seven union territories. It is headquartered in Mumbai.