via forays into domestic money transfers

In an attempt to offer a larger number of services to its agents and make them more profitable, has partnered with Prepaid Payment Instruments (PPIs) licence holders to launch its Domestic Money Transfer (DMT) facility in India. VIA is offering these services through its vast network of partners/agents, who accept cash from customers and get it transferred directly to the bank accounts of beneficiaries using DMT services on VIA agent portal.

According to Sanjay Gupta, Business Head – India and Middle East,, the aim of the recently launched service is to facilitate more income generating features for the agents. “Users will now be able to make payments to any bank account of family and friends, shopkeepers by just visiting a VIA agent in the area and depositing the money with them”. The facility is 24X7 and the beneficiary will receive the money in real time in his bank account, he adds.

As per the present Domestic Money Transfer guidelines of the Reserve Bank of India a person can transfer up to Rs 25,000 per month (by submitting their full KYC) in India. Currently VIA has 17,000 unique agents utilizing the DMT services and does over 800,000 transactions a month in India.

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