MoneyGram, the inward remittance company has major expansion plans to extend its services in tier II and III cities.
As a part of its branding exercise, the company will set up its flagship outlets called Red Shops.
The company plans to make use of IOC’s wide base for its retail expansion in the rural and urban areas. Indian Oil has presence in about 20,000 locations.
MoneyGram is also looking at tying up with retail outlets in order to provide remittance service. The company already has tie-up with retail giants like Wal-Mart in the US.
“We are talking to a couple of retail outlets in India but nothing is decided now,” said Lambah. The company has in-person bill payment and electronic payments services in the US. It also plans to roll out similar ventures in India after establishing itself well in the remittance business.
“Only identified branches of the bank or agent company would offer the remittance service, as we would want to have a well established and updated infrastructure in place before rolling out the services in different locations,” said Lambah.
For the company’s remittance services, MoneyGram’s bank tie-ups list includes names like Thomas Cook, IndusInd Bank, UAE Exchange, Catholic Syrian Bank, Indian Bank, IDBI Bank, The South Indian Bank and The Dhanalakshmi Bank.