India’s importance is probably not new to you. For years, we have all sat in meetings, read articles or attended conferences that highlighted the importance of India. Anytime you have an emerging economy that is comprised of over 1.2 billion people, you are going to get people’s attention. Per a UN Report on migration trends, India has the largest diaspora population in the world at over 16 million living worldwide. Any competent executive involved in a global business will be focused on India.
For Global Payments professionals, having a comprehensive India strategy is a requirement in today’s business environment.
Whether you’re a retail agent giant like Western Union or an up and coming online star like TransferWise, you need to capture market share in the India. With over 16 million Indians living and working around the world, India has become the largest money transfer corridor in the world. According to the Migration and Remittance Factbook 2016, India receives more in remittances than 4 countries in the top 10 combined and almost $10 billion more than the number 2 country, China. Over $72.2 billion was sent to support families in India and impact the local economy. These numbers are for officially recorded remittances. The true size of remittances, including unrecorded flows through formal and informal channels, is believed to be larger. If you don’t have Diwali on your marketing calendar, then stop reading and do that now.