LivQuik Technology has written to the Reserve Bank of India seeking regulatory approvals to start its foreign remittance services. Fifteen million FuturePay users will be able to receive money from outside India directly in their QuikWallet which is a part of Future Pay app.
Mohit Lalvani, founder and CEO of LivQuik told Business Standard "customers with family members working in the Gulf States or anywhere across the world will be able to receive foreign remittances in cash or bank transfers linked to their FuturePay wallet. We have fully developed the technology and integrated it with Future Group’s payments platforms.”
"We have applied as a Full Fledged Money Changer and subsequently will put in our application under RBI’s Money Transfer Service Scheme (MTSS)," added Lalvani.
Initially, by using this facility, customers will be able to get the cash pick up service which will have an upper limit of Rs 50,000. The customer will receive a reference number after the wallet has been debited and then they can collect that cash from any store of Future group.
The foreign inward remittance service will be progressively rolled out across more than 2000 retail outlets in more than 400 cities across the country, including EasyDay and Big Bazaar stores.
Until now, in order to collect money, the receiver used to visit either the banks or some small shops having the franchise of any of global payments technology companies like Western Union or Money Gram. Now they can also go to Future group stores and collect their money.
Customers need to fill a KYC form, either physically or on-line, if they are using the FuturePay app for the first time. However, existing Future group customers, who are already using the app, need not do the KYC.
From the sender side, global payments technology companies which are sharing their platform will do the KYC at their end. Sources close to LivQuik said that the company was in initial talks with MoneyGram to use their platform.
LivQuik is planning to a launch this service in a phased manner where initially the FuturePay wallet will be used for cash pick up. Later the money can be saved in the QuikWallet. Customers can keep their money in the wallet or transfer it to their bank account.
LivQuik is licensed by the Reserve Bank of India as a Prepaid Payment Issuer and has recently got into a partnership with Palo Alto-based payments and PoS solutions company, Poynt. Kishore Biyani-led Future Enterprises Ltd holds 55% stake in LivQuik Technology (India) Pvt. Ltd.