Millenials drive the need for innovation in the remittance industry
Digital natives want physical transactions to be complemented by digital channels
Dubai, October 8, 2017: Xpress Money is doubling down on its efforts to create new digital channels and augment existing ones as research shows Generation Y – or millennials –want to be able to conduct financial transactions online and through their smartphones.
Continue reading Millenials drive the need for innovation in the remittance industry
UAE is likely to see increased cashless transactions by 2020: Xpress Money’s Strategy & Digital Chief
~Regulatory frameworks and foundations being laid for rapid transition to cashless payments~
Dubai, August 14, 2017: Cash is still the reigning king, but that is likely to change rapidly given the UAE’s thrust towards cultivating smart economies, says Xpress Money’s Associate Vice President – Strategy, Digital & BIA, Arundhoti Banerjee.
Continue reading UAE is likely to see increased cashless transactions by 2020
Xpress Money sees 12% rise in remittances in the first two weeks of Ramadan
~ Season of generosity translates to more remittances to friends and family back home ~
Dubai, June 24, 2017: Xpress Money, one of the world’s most dependable money transfer brands has recorded a 12% increase in remittances in the first two weeks of Ramadan as compared to the same period last year (first 2 weeks of Ramadan last year). The increase is reflected in outward remittances to South Asia, the Levant and other parts of the MENA region.
“Ramadan is the month of giving, and we traditionally witness that remittances back home to friends and loved ones increase during the month. This year, we have registered a 12% increase in remittances in the first two weeks of the holy month, and this figure may change once we tabulate data for the entire month after Eid-al-Fitr. The increased remittances are a sign of generosity, and also help families back home prepare for Eid festivities,” said Xpress Money’s COO, Sudhesh Giriyan.
The increased remittances are part of a broader shift in spending, consumption and behavioural habits during the holy month. Last year, a comprehensive GCC-wide survey by Xpress Money showed that 44% of UAE expatriates transferred more money to their loved ones during the month, while 69% spent more on charitable acts. 43% of respondents also said that they spend more time socialising with friends and family during Ramadan.
Xpress Money provides financial literacy training to over 125,000 blue-collar workers across the GCC
Xpress Money marketing teams visited close to 300 labour camps across the GCC in Q1, 2017
Dubai, April 2017: Xpress Money, one of the world’s most dependable money transfer brands, has reached out to over 125,000 blue collar workers across the GCC providing them with focused financial literacy training over the last 3 months. Xpress Money teams visited labour camp residents in UAE, Oman, Kuwait, Bahrain, Qatar and Saudi Arabia and educated them on important topics such as financial planning, savings, the importance of using legal, regulated channels for money transfer and how ‘hawala’ or ‘hundi’ can rob them of all their hard earned money and life savings.
Xpress Money also played a crucial role in educating Indian expats about remonetisation on every step, and how their beneficiaries could receive the money sent by them without any hassle.
“Xpress Money has a proud history of community outreach, and prides itself on being a responsible member of the global financial sector. Our program was designed to promote financial security and inclusion by raising awareness among blue-collar workers – who can be at risk of falling prey to grey remittance channels and scams. Simple but important tips on how to save money are very well appreciated by the audience. We happy to have made a small but essential difference to the lives of thousands of expats residing in the GCC ”, says Ashwin Gedam, Vice President of Global Marketing, Xpress Money.
Collectively, the financial literacy training was provided to expats from India, Bangladesh, Pakistan, Nepal, Sri Lanka, Philippines, Kenya, Nigeria, Ghana, Uganda and Ethiopia. The teams visited labour camps on a weekly basis and on an average covered 35 camps a week, across these countries.
“We want to ensure that our blue collar customers are assured that they can remit money securely, with complete traceability and a guarantee that it will reach the intended recipients safely and on time. Through this endeavor, we also want to support the regulators and authorities of the UAE in promoting the importance of financial transparency.” concluded Gedam.
Xpress Money witnessed a double-digit growth in 2016 as remittance corridors from the GCC stay strong
Dubai, January 29, 2017: Xpress Money, one of the world’s most dependable money transfer brands, witnessed a 12% growth in its global operations in 2016, propelled by customer loyalty and a strong agent network.
Xpress Money saw its traditional remittance corridors linking outward remitting countries in the GCC to the Indian subcontinent and the Philippines stay robust. Meanwhile, remittances to the Levant region – including Jordan, Egypt and Lebanon – also stayed strong. In the African continent, Kenya, Nigeria and Ghana emerged as leading destinations for remittances.
“Despite market unpredictability, key developments such as Brexit and the US elections proved to be beneficial for the remittance industry. Through 2016, the devaluation of major global currencies including the British Pound, Indian Rupee, Mexican Peso and Egyptian Pound spurred remittances to those countries as consumers took advantage of favourable rates to send money home. Our growth was also powered by strong customer loyalty, repeat business, and a very strong network of agent partners across all our core markets,” said Xpress Money COO, Sudhesh Giriyan.
The growth in Xpress Money’s business was led by outward remittances from GCC countries, which can be attributed to the brand’s strong network of sending agents. Qatar led the way in outward remittance growth for the year due to its vibrant economy, as the country prepares to host the 2022 FIFA Football World Cup.
On the receiving end, Egypt grew as an inward remittance market. The country remains the 6th largest recipient for remittances in the world, with a substantial Egyptian diaspora living and working in GCC countries.
On the consumer front, Xpress Money data shows an increase in consumer awareness, and a willingness to take advantage of better deals. Consumers are driven by convenience, the desire to obtain the best rates possible, and loyalty schemes that reward them for continuing patronage.
“Xpress Money strongly believes in rewarding loyal consumers for their repeat business. In order to meet customer aspirations for regular benefits and rewards, we launched our Xpress Money Rewards programme in the UAE, Qatar, Bahrain, Kuwait and Jordan. This translated into better audience traction in all these countries, particularly among the blue-collar segment,” Giriyan added.
Xpress Money projections indicate that remittances will continue to see an upward trend in 2017, particularly from the UAE. World Bank data shows that the UAE is currently the third-largest outward remittance market in the world. It is expected that the country will maintain its position on the leaderboard as market activity picks up in the run up to Expo2020.