Fairexpay has been authorized by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalized Remittance Scheme (LRS) Regulatory Sandbox. Since then Fairexpay is operating as a global aggregator platform offering competitive currency exchange rates from numerous exchange partners worldwide.
With its fund collection capabilities in various markets, Fairexpay also plans to expand into new corridors, including Latin America, Southeast Asia, Europe, and other regions. This expansion will offer fund collection services and reach a wider global user base.
Last month, Bangalore-based treasury risk consulting firm White Matter Advisory had announced the acquisition of 90 per cent stake in Fairexpay for an undisclosed amount.
Students and travelers can use the platform for payment of visa fees, tuition fee, GIC & blocked account payments, student living expenses, travel, medical expenses, emigration and students accommodation payments. Students traveling from India to the US, Canada, Europe, Australia, and New Zealand can now conveniently make digital payments from the comfort of their homes.
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
Liberalised Remittance Scheme (LRS) market is estimated at USD 31.73 billion.
“Fairexpay’s platform is designed to help millions of students and travelers save on excessive charges levied by banks and other remittance platforms. By eliminating hidden fees and streamlining the entire process digitally, Fairexpay is saving customers up to 3-5% on every transfer. Fairexpay enables users to complete their entire remittance journey within the platform. Students and travelers can now track their remittances in real-time, ensuring transparency and ease of use,” said Mr Saravana Bhaskar, Chief Executive Officer, Fairexpay.
Fairexpay platform has already integrated with various fintech companies involved in cross-border remittances, gaining access to a user base of over 300,000. These users can utilize the platform for a wide-range of LRS use cases, including education, travel, medical expenses, emigration, and rental payments.
Fairexpay facilitates remittances to 130 countries with multi-currency transfer capabilities, providing a seamless experience for its users. The platform partners with Banks and AD’s (Authorized Dealer) partners to remit funds abroad, ensuring reliability and security in the transfer process.