Inching towards transforming Remittance & Cross Border Payments
It is pretty challenging for those who want to send money to support their families while working overseas since the cost of remittance put a significant impact on the amount sent to a person’s family Exchange rate and transfer fees are put together specifically for people in grey and blue color jobs who travels to another country to earn money and transfer money back to their family in their home country from all over the world under a great deal of stress
Due to a lack of understanding about the numerous accessible channels, many consumers believe that it is preferable to pay conversion rates and band fees than to find more affordable services to remit money. Even though they could appear to be a tiny cost for a transaction. However, what at first appears to be a direct transaction with a small conversion fee becomes a significant amount when examined in a larger context, with the worldwide remittance sector accounting for more than $800 billion.
However, when consumers are looking for efficient solutions to circumvent the remittance systems, XeOPAR® enters the scene and makes a difference. It has carved out a place for itself in the fintech sector as an esteemed forex platform for micro and small P2P remittances or B2B payments.
Arvind Gupta and Vikas Saxena, the partners who created and visioned XeOPAR®, sat down for an exclusive tete a-tete with our team to provide details about their company model, procedure, operations, strategies, and much more.
They both came from humble backgrounds and decided to start their entrepreneurial voyage together based on their experience and knowledge of the international payments & remittance industry and micro-small transactional consumer market. As a cutting-edge fintech business, XeOPAR has been able to add a spice of ingenuity to the money transfer process for international transactions to protect the hard-earned money of the common citizen.
The motto that drives the company’s functions is to ensure high adaptability to all generations by one-touch mode be it personal remittance or business payments.
Operated by an apt team of corporate professionals specialized in Forex Management and Forex Trading, Xeopar Fintech Pvt. Ltd. began its operations on 24th August 2018 under the Companies Act, 2013.
The business demonstrates its effectiveness by holding a Full-Fledged Money Charger License form the RBI. As its legitimacy Xeopar is recognized by the Startup India Programme under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MCA), Government of India (GoI)
“The forex market, where we conduct business, is one of the largest financial marketplaces, with yearly trades estimated to exceed US$ 156 trillion as per EY report 2022. In comparison to other markets around the world, this one is thought to be the most liquid. The forex market aims to be the link between all of these centers, including banks, nonbank dealers, or be it, forex dealers or brokers. Value fundamental, Timeline, and Processing Cost are the three main components of global payment systems.
The three couldn’t possibly be in unison with one another. Only those in blue- and black-collar jobs today make 80% of the income. This process involves spending a sizeable sum of money on foreign exchange fees and other necessary costs, which is very burdensome for someone who must work away from home to make ends meet.
With the help of our foreign exchange services, you may exchange Indian rupees for any other foreign currency, such as the US dollar, the Euro, the pound sterling, and others while still saving your hard-earned cash. Our foreign exchange solutions are renowned for being provided at the most affordable rates anywhere in the globe, and we take pride in saying that,” quotes the duo.
Transparency, a commitment to delivery, and the exclusion of hidden fees are the corporate values that guide business operations. Peer-to-peer transactions using the platform are simple, regardless of the transaction size (1 to 100,000 pounds).
There is no denying that banks have a direct role in operations to secure their legitimacy. They understand the stress inflicted both emotionally and financially on folks who have trouble transferring money across borders. In order to help its customers, save their hard-earned time and money while making overseas transactions, it came up with a solution. With their footprints firmly established in India, they are moving on to Sri Lanka, Bangladesh, Nepal, South East Asia’s Philippines, Indonesia, and Thailand.
Remittance is a global phenomenon that has been growing around for centuries, but its impact has grown exponentially in the last two decades. It becomes equally important for lower to middle-income countries in terms of their PPP. As a result, these countries hold an account for nearly 4% of their GDP. However, such remittances are estimated by its exchange rate market forces based on the trade, investment, tourism, and geopolitical risks in the country which may also help in determining the value of the industry.
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