PRNewswire
Bangalore (Karnataka) [India], April 16: Fairexpay, a pioneer in digital payment solutions, today announced a strategic partnership with RemitX, a division of Capital India Finance Limited and a leading player in the foreign exchange and remittance industry. This collaboration marks a significant milestone in revolutionizing the way Indians manage their cross-border financial transactions.
* Strategic alliance combines Fairexpay’s digital innovation with RemitX’s remittance expertise to deliver seamless international payment experiences
The partnership establishes RemitX as an AD-II (Authorized Dealer Category II) partner that will process Liberalized Remittance Scheme (LRS) remittances initiated through Fairexpay’s digital platform. This synergy enables Fairexpay customers to benefit from RemitX’s processing capabilities while enjoying Fairexpay’s innovative digital experience.
“I am thrilled to announce our strategic partnership with RemitX, a leading name in the foreign exchange and remittance industry,” said Bhaskar Saravana, CEO of Fairexpay. “Together, we aim to simplify and enhance the way individuals and businesses manage international transactions, offering lower FX costs, faster processing, and seamless digital experiences. This collaboration underscores our shared vision of making global remittances more accessible, transparent, and efficient.”
Transforming India’s Remittance Landscape with Digital Innovation
India’s LRS market has grown significantly, with outward remittances reaching Rs2.6 lakh crore in FY 2023-24, showing a remarkable 41% increase from the previous year. This growth highlights the rising demand for efficient cross-border payment solutions among Indian customers.
Fairexpay addresses this demand through its comprehensive digital platform offering:
* Multiple Digital Payment Options: Seamless transactions through UPI, net banking, and card payments
* Digital KYC: Paperless customer verification that eliminates traditional documentation hassles
* Payer & Beneficiary Validation: Advanced verification systems ensuring transaction security
* Real-Time Transaction Tracking: Full visibility into payment status at every stage
This partnership comes at a time when UPI transactions in India have reached unprecedented levels, processing over 10 billion transactions monthly, demonstrating the country’s rapid shift toward digital financial solutions.
Ravindran Menon, CEO of Capital India Finance Limited – RemitX, expressed his enthusiasm about the partnership: “Partnering with Fairexpay has been one of the best decisions for our business. Their expertise in online solutions to their partners perfectly complements our strengths, allowing us to grow faster and to serve the net-savvy customers better. Our collaboration has been built on trust, transparency, and a shared vision for success. We have tackled challenges to find solutions together, and we are looking forward to continued success along with Fairexpay.”
Meeting Critical Market Needs for Students and Emigrants
The alliance is particularly focused on addressing the needs of Indian students studying abroad and emigrants, who require reliable, cost-effective means to manage tuition payments, living expenses, and family support. With over 1.3 million Indian students studying overseas and significant emigration flows, this partnership directly addresses a crucial market segment’s financial needs.
“The shift from traditional money transfers to direct bill payments is bringing real, measurable benefits to Indians worldwide,” noted Saravana. “Our platform eliminates multiple currency conversions and reduces transfer fees that have long eaten into hard-earned money, providing students and working professionals abroad with greater control and visibility over their finances.”
About Fairexpay:
Fairexpay is a leading financial technology company specializing in digital payment solutions that enable seamless, secure, and cost-effective cross-border transactions. With a focus on innovation and customer experience, Fairexpay is committed to breaking down barriers in international finance through its state-of-the-art digital platform.
About RemitX:
RemitX, a division of Capital India Finance Limited, is a trusted name in the foreign exchange and remittance industry. Authorized by the Reserve Bank of India, RemitX offers a wide range of services including outward remittances under the Liberalized Remittance Scheme (LRS), ensuring compliance with regulatory requirements while delivering exceptional customer service.
Media Contact:
Ankit Som, Head – Partnerships
ankit.som@fairexpay.com
+919611092116
https://www.fairexpay.com/
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