Samish Kumar, CEO of Transfast, a leading omni-channel provider of multi-currency cross-border payments solutions to consumers and businesses around the world, recently addressed consultants at a management consulting firm in New York, where he outlined expansion plans that include growing market share for remittances to India, boosting mobile and online transactions and focusing on cross-border business payments.
Speaking to consultants at global management consulting firm Oliver Wyman, Kumar said Transfast is scaling up its operations across India, encouraged by the continued strength of inward remittances, which topped $70 billion in 2015 and is expected to see continued strength in 2016. With the company’s strong base in the U.S., head start in online funds transfers, and network in more than 120 countries, it is well equipped to handle increased remittances to India, he said.
“Over the next few years, we’re looking to grow our leadership position in the Indian market,” Kumar said.
He cited the company’s success in the world’s third-largest remittance-receiving market, the Philippines, as a model to replicate in India. In the Philippines, the company is one of the top three players, and offers a mobile and online service that was recognized by the World Bank in 2015 as the lowest-cost remittance for sending $200.
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In India, in addition to high committed exchange rates, multiple funding and payout options and in-house customer service operations, Transfast has 45,000 cash pick-up locations. Cash and bank deposits arrive either instantly or within 24 hours.
Kumar said the company’s mobile apps for iOS and Android will be key drivers of growth.
“We’re expecting mobile transfers to continue to gain share,” he said. “And we’ll be leveraging our competitive advantage of being the first and only company to offer instant transfers for both cash pick-up and bank deposit, 24 hours a day, every day of the year.”
Kumar said he feels great confidence moving into 2016, adding, “Transfast will continue to provide innovative and cost-effective solutions that make us the smarter way for getting money from Point A to B, anywhere in the world.”