Xpress Money is a prominent player in the remittance industry in India. Mr Sudhesh Giriyan, Vice President, Xpress Money Services Limited shares his views on the market, the industry outlook and expansion plans of the company in an exclusive interaction with IBEF. Edited excerpts:
What is your view about the remittance market in India?
India is one of the most attractive remittance markets in the world. The remittance market in India has registered healthy growth over the past years to cross the US$ 71 billion mark. The remittances received from abroad represent close to 4 per cent to the GDP.
How do you see the road ahead for the industry?
Considering the ongoing migration to countries in the Middle East, the US and UK, the remittance market is expected to continue to grow in the coming five years. With the Dubai Expo scheduled for 2020 and Qatar expected to host the soccer world cup in the same year, the Middle East market is expected to continue to be the largest source country for remittances inflow.
Can you briefly tell us about the Xpress Money’s journey in India?
Xpress Money has been operating in the Indian market for over 12 years now. We are looking at entering new segments like Cash to Account which represents around 2/3rd of the remittance market in India. We are confident about a robust growth for the industry in the coming years.