For the first time, Kotak customers can easily transfer money internationally to their beneficiaries directly from their mobile phones, Kotak Mahindra Bank said in a statement. Kotak Mahindra Bank on Monday announced the launch of its external withdrawal service, Kotak Remit, on mobile phones that will allow users to send money overseas directly from their mobile phones.
External solution for sending money to live in Kotak Mobile Banking App. For the first time, Kotak customers can easily transfer money internationally to their beneficiaries directly from their mobile phones, Kotak Mahindra Bank said in a statement.
Private sector lenders have said it is the first act of the industry, and customers will not be required to provide any transaction documents of up to $ 25,000 or equivalent without seamless to geographies approved worldwide. One of the main focus areas includes home payments. With the launch of Kotak Remit for mobile phones, we have entered a new phase of digital transformation that includes international payments, which gives our customers the opportunity to bank on mobile through international fund transfers as well,” said Phani Shankar, President & Co-Head – Treasury. & Global Markets, Kotak Mahindra Bank.
By including transfer details and beneficiary details, customers can now withdraw up to $ 25,000 or equivalent per day up to $ 250,000 or equivalent per financial year through the new Kotak Remit. Customers will receive a notification at all stages of the transaction process, which will keep them updated and may store the details of the beneficiaries to facilitate the refund being paid.
While disbursements under the Liberalized Remittance Scheme (LRS) for residents have seen a decline this year as a result of the epidemic, remittances from India have been steadily growing before FY 2020-21 and presenting significant market opportunities, the bank said. In 2019-20, revenues from India have grown by about 36% to $ 18.8 billion in 2019-20, from $ 13.8 billion in 2018-19.