Transfast looking at larger growth in India

The multi-currency cross-border payments solutions company is looking at driving growth through mobile apps

Transfast, an omni-channel provider of multi-currency cross-border payments solutions, is looking at capturing over eight per cent of the inward remittances to India in next few years. The company is also expecting a significant share of its digital transactions to happen over mobile phone, said company officials.

Speaking about the company's plans in India, Samir Vidhate, director of the company said that it would look at replicating its success story of Philippines, which has been recognised by the World Bank recently.

"We plan to do the same activity here and we are on the right track to achieve probably 8-10 per cent in future, that will bring us among top two or three companies in India," he told reporters here. He added that according to the World Bank data, the inbound remittance to India is currently over $70 billion and is expected to see a good growth considering the growth fo the economy.

Samish Kumar, CEO, Transfast said that the company has a triple digit growth rate and considering the product network, it is expected to achieve the goal in next three to four years. However, he refused to reveal what the current per cent of business the company handles.

He added that the company is looking at driving growth through mobile apps. It is expecting a significant portion of its digital transaction to be switched over to happen over mobile. Cash is available at 45,000 cash pick-up locations throughout the country.