The Online Success Story

India’s growth rate is escalating and is on an indefinite rise. Although there are stark disparities, this is an indisputable fact. Also more people today are going abroad for jobs and other motivations. With increasing number of NRIs over the years who invest in the growing Indian market, consumer behavior has evolved. 

In an exclusive conversation with Adgully, Avijit Nanda, President of TimesofMoney dwells about this space and gives an insightful understanding.

Nanda said, “Consumer behavior has shifted from merely using a remittance channel for family maintenance needs to a wider spectrum such as gifting, real estate investments, etc. TimesofMoney is a digital payment service provider that started in India and today serves a varied clientele in India and abroad. “ 

It offers NRIs services such as online remittances, gifting, and property services. In the domestic market it offers e-payments and co-branded cards. Incorporated in 2001, TimesofMoney commenced operations with its brand Remit2India, the online money transfer service for NRIs from the U.S. It further launched the first ACH (Automated Clearing House) based direct debit remittance service in the U.S. Furthermore in 2003, TimesofMoney extended services to NRIs in UK, Europe & Australia. Today Remit2India allows NRIs from 23 countries to send money to India. Over the years it has created a mark for itself both with customers as well as the industry by introducing features like direct debits, SMS alerts, transaction insurance, 24×7 support, etc. 

Nanda further added, “In September 2003, TimesofMoney expanded the scope of its operations by creating a white-label remittance engine for other banks and exchange houses to use. This enabled TimesofMoney to offer their technology, operations and service platform to its partners. This move has enabled TimesofMoney to contribute extensively to the field of remittances by empowering other players to extend their remittance service offerings. Key bank partners are Axis Bank, HDFC Bank, Citi Bank, Yes Bank, Etc.” 

During the last few years TimesofMoney has diversified into global remittances services with Remit2Home.com, its global online money transfer service. Along with home based products like DirecPay, that acts as a one-stop payment gateway solution that accepts payments from over 72 payment options including credit cards, debit cards, net banking transfers using the Internet, Mobile Phone or an IVR. TimesofMoney also operates co-branded card service ‘Times Cards’ which is in partnership with Barclays, It’s an infotainment card that provides discounts and offers across restaurants, movies theatre, apparel stores and others. 

Commenting on the marketing initiatives, Nanda said, “We have traditionally followed extensive marketing activities online. A well-defined and measured matrix is followed to check results of campaigns executed. From modern tools of acquiring to conversion of its in-house managed system to track every movement of the customer life cycle. “ 

TimesofMoney also has an in-house customer services call center that not only takes care of customer queries but also serves as active on call sales force. While the business is online, it has also carried out Above the line (ATL) & Below the line (BTL) activities to reach out to its audience. From television, print, radio campaigns to local area catchment activity to participating in India based community shows, TimesofMoney has always been innovative when it comes to acquiring customers which are spread around the world. “Marking its 10th anniversary this year, it institutionalized an award called ‘Remit2India The Light of India Awards’ to recognize and honor the contribution of the Global Indian community,” he explained further. 

TimesofMoney has brands and offerings like Remit2India – facilitates money transfers to India for Non-Resident Indians from around the world, Window2India – exclusive service for Non-Resident Indians, Remit2Home- global money transfer service provider, Times Card- India’s first entertainment credit card service, DirecPay – unique payment gateway service in the e-commerce space of India.

Nanda then stated, “With a unique challenge of targeting NRIs globally without a physical presence, Remit2India has relied online to reach out to its target audience. With focus approach through carefully learning their behaviors Remit2India has extensively targeted its base through modern modes of search engine optimization (SEO), social media optimization (SMO) and Online advertising through partners and publishers.”

He also added, “However with the NRI community (Remit2India’s target audience) being spread across the world its major challenge has been to optimize its marketing spends and acquisition strategies. Not to mention communicating across continents with a non-personal approach in itself is challenging.” 

Talking of plans going forward, Nanda said, “We would want to reach out to our audiences more selectively, through our PR efforts constantly educate our customer on the benefits of online money transfer, streamline our operations and customer experience on our site. We also have some exciting new product launches and innovations this FY to enhance our service offerings.”

Remit2India’s focus has been to build affinity with its audience, educate the nuances and benefits of online money transfer, participate in industry forums and spread the word

2 Responses to The Online Success Story

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