Independent online remittance services provider TimesofMoney is looking at entering the mobile and domestic remittance services, a top company executive has said.
“We are looking at entering the domestic and mobile remittances. However, this is under work and we are yet to approach the Reserve Bank of India for permission,” TimesofMoney President, Mr Avjit Nanda, told PTI.
The firm, which has become one of the top independent inward forex remittance service providers in India, said it has developed a new tool that helps online merchants increase their trade by up to 40 per cent by tracking those shoppers who have dropped out at the last moment.
“The tool has been developed as a part of the firm’s aggressive diversification into providing payment gateway solutions with its flagship service, DirecPay, which is a bank-neutral payment processing platform for online merchants,” Mr Nanda said.
Besides, it has also developed another tool called risk analytic engine that can help merchants detect fraudulent shoppers, he added.
Pegging the e-commerce market at Rs 50,000 crore, he said as much as 80 per cent of this comes from ticketing. The domestic e-commerce market has been logging in a CAGR (compound annual growth rate) of 54 per cent since the past five years.