Online Remittance Opportunity

Worldwide remittances, including those to high-income countries, are expected to total $534 billion in 2012, and are projected to grow to $685 billion in 2015. In 2012, foreign inward remittances to India were over USD 70 billion. Unfortunately, a large part of this amount is still sent through inefficient traditional channels such as checks and cash using money transfer agents.

Checks sent to India take anywhere between 15 and 60 days to get cleared and get deposited in the receiver’s account. During this period, there is no information whatsoever to the sender or the receiver as to what stage the check might be at. There is a huge untapped opportunity to convert these payments into safe, secure and traceable electronic transfers. Being the pioneer of electronic commerce and transactions in India, Avenues now aims to play an active part in the electronic money transfer business via web and mobile. It aims to power & partner leading banks in India through its dedicated new "white-label" remittance service,