“One of our competitive advantages is the fact that we look at compliance and regulations, and work with local government. In November, it signalled its intent to tap the local market by launching domestic payments option. Amidst growing privacy concerns, there is awareness among governments that individual financial data when moved outside the country without oversight could be damaging for the economy. For its remittance firm Xoom, India is among the largest end markets for people to send money home from overseas. The percentage of cash transactions around the world and even in India is still fairly large,” he said.

Source: Economic Times April 10, 2018 02:03 UTC