Earthport, the cross-border payments service provider, today announced that it is launching a new payments route into India as part of its continuing investment in enhancing its service.
The new route will allow clients to leverage Earthport's local payment clearing capabilities to offer predictable, transparent and cost-efficient payments into India.
With a $70 billion inflow of remittance payments in 2012, India is the top remittance destination and largest remittance market in the world. The cash inflow from remittance payments is contributing to India's economic growth which is expected to grow by 6.4% in 2013.
Remittance flows to developing countries are forecast to rise by 8% and 10% respectively in the next two years, reaching $534 billion in 2015. This significant growth will boost the cash flow between the main remittance corridors for India with diasporas in the UAE and USA generating the highest volume of remittance payments to this country.
The opening of the new payments route will enable Earthport's clients to expand their payments services in the region and quickly launch retail and corporate payment products into India.
"The expansion into India will allow us to offer access to the Indian marketplace as part of a global network of more than 50 countries with local payment clearing capabilities," said Paul Thomas, Executive Director at Earthport.
"This is a logical step in expanding our global reach into a key market with a growing economic and geostrategic importance. The new payments route will allow us to offer more predictability, transparency and convenience for clients looking to launch payment services in the region."