Capital India Finance Limited (CIFL) has announced the launch of RAPIMONEY for providing forex services to its customers.

CIFL is the first listed NBFC in India to receive authorised dealer category II license from Reserve Bank to build & conduct Foreign Exchange business under the brand name -”RapiMoney”.

RapiMoney is an integrated Foreign Exchange Service Provider platform which is presently offering comprehensive forex solutions to various customer segments in  Delhi.. The services consist of

·         Currency Exchange.

·         Multicurrency Prepaid Forex Travel Card.

·         Overseas remittances (for Foreign Studies, Medical Treatments etc.) .

·         Travel insurance.

With an aim to increase education & Travel consultant network tie-ups across India, RapiMoney plans to expand its branch network across Metros, major Tier 1, 2 and 3 cities in India. Some of the cities it plans to expand immediately are Jaipur, Jalandhar & Agra.

The company has developed dedicated B2C platform: www.rapimoney.com & Blocked Account Platform: http://gba.rapimoney.com for its customers. The B2C platform is dedicated to various types of travellers including travel enthusiasts, business & leisure travellers & students traveling across the world for studies.  The Blocked Account portal is dedicated to the students interested in travelling to Germany; wherein they have to mandatorily open a blocked account to apply for a Visa.

Speaking on the launch of RapiMoney, Dr Harsh Kumar Bhanwala, Executive Chairman, CIFL said, “Through RapiPay we are already present in domestic remittances market with a wide merchant base. Launch of RapiMoney gives us an opportunity to be present and further grow our business in Forex market. .  Our growing presence in the financial services sector helped us to identify immediate need of a one-stop solutions platform offering forex related services to an individual. RapiMoney, with an experienced team of specialists, backed by a cutting edge technological platform, aims to provide superior experience to all our customers. We aim to extend superior experience in outward remittances related to Education and Travel.”

RapiMoney aims to provide forex related services to the Indian Student Community which remits funds to Universities in USA, Canada, Australia, UK, Ireland, New Zealand, Germany and Russia and other countries and to Education Consultants, Travel Companies & Visa Processing Companies catering to students.

The outbound travel is presently on a stand-still on account of travel restrictions due to COVID-19, and it is expected to resume by first quarter of FY 21-22. Despite the halt in overseas travel, the overseas remittance activity among the student and their parent fraternity is expected to continue specially to receive admit cards / admission offers. RapiMoney aims to gain a significant market share in this space and later build up on it.

The business in foreign exchange markets in India has shown a steady increase as a consequence of increase in the volume of foreign trade in the country It is also expected to recover faster from COVID-19 impact as well.