India based Axis Bank has formed a partnership with the UAE Exchange and Financial Services to roll out inward remittances through mobile.
The service will help customers to send money any agent locations of UAE Exchange and Financial Services named Xpress Money to a registered mobile number in the country, said the bank.
As per the data released by the Financial Services, Xpress Money manages 135,000 agent locations operational in 125 geographies across the globe.
The users who wish to avail the remittance services will have to register at any Axis Bank branch once and can withdraw the money sent from any Axis Bank ATMs with the help of codes sent to their registered mobile number.
Axis Bank president and head of treasury and international banking P Mukherjee said, "This solution will help customers eliminate the need to visit physical agents and provide documentation every time they receive a money transfer."
The bank said that a beneficiary can receive a maximum of 30 transactions in a year and the maximum amount one can receive is presently capped at Rs 18,000, per remittance transaction.