UAE Exchange to launch new remittance facility

Kochi: The UAE Exchange is to launch an innovative remittance facility called Wallet Telephone Software in Dubai on January 10.

The Exchange has tied up with C-Sam, led by Sam Pitroda, to launch the facility. The facility will soon be extended to other Gulf countries and India, said B R Shetty, managing director and CEO of UAE Exchange Group.

The software enables the customer to remit money from his account using a four-digit number from his mobile phone. The facility, claimed to be the first-of-its-kind in the world, could be used for money transfer, bill payments, credit and debit card payments, besides utility bill payments, Shetty added.

The annual remittance of the exchange to India is expected to touch Rs 6,000 crore this year from the current Rs 5,600 crore. Kerala accounts for more than 70 per cent of this, he said.