Xoom Announces Instant Overseas Remittance Facility to India, Powered by IMPS (Immediate Payment service) – an NPCI initiative
Xoom and Punjab National Bank partner for a revolutionary launch of instant deposits to bank accounts in India
NEW DELHI, INDIA, June 17, 2014 — Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, has partnered with Punjab National Bank (PNB), to roll out instant bank deposit services to bank accounts in India using the revolutionary IMPS (Immediate Payment Service) platform.
IMPS is a unique remittance processing platform, considered to be one of the latest technology in account-to-account remittance offered by the National Payment Corporation of India (NPCI), offering instant electronic fund transfer service 365 days a year.
“Xoom is committed to providing ‘instant’ in all of our services. Thanks to the great partnership with Punjab National Bank and the IMPS system, the families of Xoom users will receive their deposits instantly, even on bank holidays and weekends,” said John Kunze, President and CEO of Xoom. “This truly is instant gratification and a magical experience.”
Xoom’s breakthrough technology and IMPS’ cutting edge technology will let Xoom customers send money from the United States instantly to many prominent banks in India via the IMPS system in the coming weeks. Currently, IMPS has 63 banks as part of its ecosystem.
According to Mr. A.P Hota, Managing Director and CEO, NPCI, “the future of remittance is IMPS and we are delighted that Xoom and Punjab National Bank are already setting new standards by offering this innovative service so quickly to their customers, and helping NRI’s send money to their families, safely and instantly.”
“We are excited to incorporate IMPS and take our partnership with Xoom to a higher level, by providing instant deposits to NRI’s,” said Mr. K.R. Kamath, Chairman and Managing Director of Punjab National Bank. “This revolutionary IMPS system and Xoom will provide instant deposits for NRI’s sending money to Punjab National Bank and other bank accounts in India.”
To promote awareness of instant deposits, Xoom has created an innovative ad campaign with its brand Ambassador, screen legend Amitabh Bachchan. The TV commercials showcase the unique benefits of instant deposits from Xoom.
Xoom offers deposits to bank accounts in India including NRE and NRO accounts. Xoom also provides great locked-in exchange rates, and no fees when customers send more than $1,000 and pay with their U.S.-based bank account.
Xoom is a leading digital money transfer provider that enables consumers to send money to 31 countries in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended March 31, 2014, Xoom’s more than 1.1 million active customers sent more than $6.1 billion to family and friends. The company is headquartered in San Francisco and can be found online at Xoom.com.
About Punjab National Bank
Punjab National Bank is a leading Public Sector Bank in India headquartered in New Delhi with over 6,200 branches and 7,000 ATMs spread across the country. It serves over 80 million customers. The Bank has developed an advanced computerized module for speedy payments of remittances received.
The underlying concept behind IMPS is to provide customers “24/7, safe, secure and convenient” real-time remittance access that customers can avail during holidays also, to meet their various retail payments needs. By using IMPS, a customer can transfer funds real-time to another person or to a merchant, for any personal or commercial purpose.
IMPS which was initially conceptualized as a mobile-based person-to-person (P2P) instant remittance solution, has evolved as a channel independent, interoperable, multi-dimensional remittance platform to cater to widespread customer needs. In other words, IMPS facilitates in transferring funds seamlessly from one interface to the other – be it mobile, internet, ATM, USSD, etc., and from one service provider to another, from banking entities to non-banking entities (PPI), or vice versa, making it a truly interoperable platform.
About NPCINational Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India. It is set up by the banks in India with the support and guidance from the Reserve Bank of India and Indian Banks’ Association.
Mexico continues to be an appealing destination for automotive manufacturers around the globe. For instance, General Motors recently announced plans to invest $691 million in the country, which could significantly impact the nation's residents and those who live outside of Mexico and send money to friends and family members back home.
According to Reuters, GM intends to set up a new factory in central Mexico in the near future, allowing the company to take advantage of a lucrative international automotive market. As the global economy recovers from the downturn of the late 2000s, GM may be able to noticeably boost its profits thanks in part to this recent investment.
GM Mexico president Ernesto Hernandez notes that Mexico may be able to overtake Brazil as Latin America's top automotive manufacturer over the next few years as well. Because Mexico features a talented labor force, GM can make the most of its growth opportunity by investing in its operations in this country.
"The automotive sector is today one of the pillars of the [Mexican] economy, representing more than 20 percent of manufacturing GDP and continues to be, for many reasons, a fundamental industry in attracting investments to productive sectors of the economy," Hernandez told the news source.
GM will add jobs to the Mexican economy
While unemployment was a major problem during the recession, more Mexican job seekers could benefit from GM's recent investment. The news source reports that this automotive manufacturer already employs about 15,000 staff members at its Mexico locations and plans to add team members to its staff soon.
With the second largest vehicle output in Mexico, GM has already established its presence in the nation. However, the next few years may prove to be vital for the company's long-term success.
By increasing its presence in Mexico, GM will be able to create top-notch vehicles that can be enjoyed by motorists worldwide. This automotive supplier has operated in Mexico for 78 years and continues to be a major contributor to the Mexican economy.
Meanwhile, Mexican citizens could reap the rewards of GM's investments as well. The business will continue to search for ways to provide dependable support to drivers, and numerous Mexican workers can help this company achieve its long-term goals.
New cars released in Mexico
To extend its global reach even further, GM also unveiled new options to Mexican consumers recently. The Detroit News notes that this automobile provider began offering OnStar services to Mexican motorists this month, allowing more people than ever before to stay safe while driving.
"This is an important step in GM's global growth and in making connectivity services available to more consumers around the world," GM spokesperson Mary Chan told the news source.
Available since 1996, OnStar makes it simple for motorists to receive immediate support if an accident occurs. Currently, OnStar services are offered to millions of drivers in Canada, China and the U.S., but the recent expansion into Mexico may make it simple for motorists to safely navigate the roads throughout the nation.
A Mexican OnStar call center has also been launched to assist motorists who require urgent assistance. Live operators will be readily available to help drivers should they encounter problems, making it simple for them to get the support they need around the clock.
GM continues to make a difference in the lives of many Mexicans, a trend that is likely to continue. As this automotive supplier evaluates various ways to bolster its global reputation, it could make new investments in Mexico that may help the nation over the next few years.
In an effort to improve its sales in India, Google has released first-rate LG Nexus 4 smartphones that feature Quad 4 processors, among the fastest of their kind on the market. According to The Financial Express, these mobile devices became available to Indian consumers on May 16, 2013, and could significantly affect smartphone shoppers around the country and those who live in the U.S. and send money to family members back home.
"LG Electronics is pleased to partner [with] Google on the release of the Nexus 4 in India," LG Electronics India managing director Soon Kwon told the news source.
The new Nexus 4 smartphones could be attractive for Indian consumers
With its recent releases, Google could boost its profits and extend its reach throughout India. The new Nexus 4 smartphones are available at retailers in Delhi, Mumbai, Thane, Bangalore, Chennai, Kolkata, Pune, Gurgaon, Noida, Ghaziabad and Ahmedabad, and these shops may find large groups of patrons attracted to the mobile devices' myriad features.
Each Nexus 4 smartphone supports both 2G and 3G networks, and the gadgets have near field communication technology that enables users to make purchases or transfer data from their phones. Additionally, these smartphones have built-in cameras that allow users to snap photographs or complete video calls.
More smartphones will become available in India
Google is not the only smartphone manufacturer that is making its mark in India. The Economic Times reports that Panasonic also launched new smartphones in India in May 2013, the first time this company has unveiled devices to the country's consumers in more than half a decade.
Panasonic officials noted that the smartphone manufacturer is increasing its investments in its electronics sector, which may help it extend its global presence over the next few years. With its latest gadgets, Panasonic may study the devices' sales to see how they will respond before releasing them globally.
The Panasonic smartphones could help this electronics manufacturer make headway against Apple and Samsung, the two companies that currently dominate India's smartphone market. Panasonic's devices, Android phones, have 5-inch high-definition LCD screens, 8-megapixel rear cameras and other features that could make them popular choices for many Indian consumers.
If more smartphone manufacturers search for ways to extend their reach, these firms could look to Indian consumers for support. Meanwhile, smartphone buyers around the country could have plenty of options to choose from, and the nation's economy could benefit as well.
Smartphones and tablets are becoming increasingly important throughout India, particularly for those who live outside the country and send money to family members back home. The ability to interact with one another is vital, and many state-of-the-art gadgets are significantly affecting various Indian citizens. Mobile devices can make it easier for Indian residents to connect with family members and friends across great distances, and new gadgets may lead more people to invest in first-rate devices over the next few years.
NDTV Gadgets notes that electronics manufacturer ZTE will release numerous mobile devices in India this year, which could affect many of the nation's citizens. This company is focusing on premium tablets and affordable smartphones that could help it boost its profits in India.
"With our foray into the open handset market in India, we want to become a dominant player here," ZTE India chief executive officer Xu Dejun told the news source.
Many Indian business owners could purchase tablets soon
The corporate world moves quickly, and Indian business operators are just some of the professionals who are looking to keep pace. By investing in tablets, these company leaders could help their firms grow exponentially in short periods of time.
In AMI-Partners' 2013 India SMB Mobility Landscape, Opportunity Assessment & Outlook, researchers found that more small and medium-sized Indian businesses could use tablets to manage everyday tasks in the near future. Data revealed that roughly 67 percent of these Indian companies intend to purchase at least one tablet over the next 12 months.
The study also showed that many company officials want tablets because the mobile devices provide immediate and long-term value. These gadgets allow business administrators to stay up to date on their regular operations, which may allow them to become more productive and efficient.
AMI-Partners official Dev Chakravarty said that Apple has produced an operating system that many Indian tablet users have enjoyed as well. The Apple OS has helped this electronics manufacturer become a market leader among Indian business owners, and researchers noted that about 40 percent of Indian companies that plan to purchase tablets in the next year intend to buy iPads.
Additionally, many Indian business leaders are making informed decisions before buying tablets, considering myriad factors to make the best investments for their firms.
"Research reveals the major factors that these companies consider before purchasing a tablet include: processor speed, high-speed wireless broadband capability, reliability of service and support, built-in security capabilities, extended battery life and overall brand image," Chakravarty said.
Tablets are also being used to promote good health
In May 2013, the Safe Water Network announced an initiative to share water safety information in some of India's rural communities. Network officials are using tablets to provide information to Indian residents, which may help more citizens understand the importance of safe water.
"In the midst of technology's growing reach, the [tablet] campaign is an innovative program that will make people aware about water safety," initiative spokesperson Dr. Aidan Cronin said.
By using tablets, Indian community members can quickly find out exactly where clean water is located. Because safe water is crucial for cooking and drinking, those who can easily access it could benefit.
Meanwhile, the increased use of technology around India may also have far-flung effects on the nation. If more Indian residents depend on tablets regularly, these people could invest in top-notch mobile devices that allow them to access a wealth of information. Quality gadgets could even help the country's economy expand, as more mobile device manufacturers may consider supplying Indian consumers with a vast array of products.
With a population of more than 1.24 billion people, India remains a world power, and the nation could increase its investments in the global economy over the next few decades. According to Reuters, several World Bank officials stated that India is expected to be among the biggest investors in the international economy by 2030.
If India invests in developing countries, it could noticeably increase its revenue in a short period of time. The news source notes that India could earn around 7 percent for every dollar it invests in these nations, and the additional funds may help Indian residents and those who work in the U.S. and send money back home.
However, World Bank spokesperson Maurizio Bussolo said that plenty of work lies ahead before a complete global economic recovery can occur. While Indian officials may invest in smaller nations, it could take time for these administrators to see significant profits.
"In terms of our projections, we see the increased importance of developing countries," Bussolo told the news source. "But behind that, there is a lot of work to do, and very little time."
The Indian economy could expand in 2013
Indian Planning Commission Deputy Chairman Montek Singh Ahluwalia told NDTV that he expects 2013 to be a pivotal year for the Indian economy. Because the nation's officials have taken numerous steps to bolster the country's economy, Ahluwalia stated that India may see a notable revenue increase in the immediate future.
"Absolutely no doubt that  is going to be a turnaround year," Ahluwalia told the news source. "I think if we do 6 [percent revenue growth] this year, people will be certain that we can do 7 [percent] and 8 [percent] after that."
India's declining inflation rate is one of several signs that the country's economy may be rebounding from the economic downturn of the late 2000s. While the recession negatively affected many countries, India's inflation rate recently fell below 5 percent. Ahluwalia said that this figure could reach 3 or 4 percent as India continues its economic recovery, which may have significant effects on business operators and residents around the country.
Meanwhile, Ahluwalia also recognized that more investors could devote resources to India, especially if the nation shows new signs of economic progress. As the country's fiscal situation improves, investors may find a wealth of opportunities in the country that could quickly deliver substantial rewards.
Egyptian conductor Hisham Gabr has earned global recognition for his work with a variety of international orchestras. Recently, Mexican residents had two opportunities to enjoy live performances from Gabr, as he visited the country in May 2013.
According to Ahram Online, Gabr performed a wide range of music in Mexico on May 10 and May 12. The performances included works from Mozart and other world-renowned composers that helped make them enjoyable for classical music aficionados around the nation.
Who is Hisham Gabr?
Gabr was born in 1972 and has performed extensively at the Cairo Opera House over the past few years. Meanwhile, Gabr has also collaborated with numerous orchestras in the past, such as the Macedonian Philharmonic Orchestra and Astana Philharmonic Orchestra.
Additionally, Gabr appeared with a Mexican orchestra during his recent performances, giving attendees opportunities to watch local musicians as well.
More music is becoming available throughout Mexico
While Mexico has garnered global praise for its music, more residents and those who live in the U.S. and send money to family members back home may have varying musical preferences. Thankfully, Spotify, a music streaming service, is now readily available across Mexico and could have far-flung effects on the area.
BBC notes that Spotify, which already has 24 million users worldwide, launched its service in Mexico in April 2013. As more people purchase smartphones, the need for Spotify and other music streaming services has increased among consumers, which could make Spotify a top choice for those in Mexico.
The International Federation of the Phonographic Industry (IFPI) stated that Mexico is the 16th largest digital music market around the globe, and as such, the nation may significantly benefit from Spotify. If more Mexican residents invest in smartphones over the next several years, consumers could use Spotify to listen to music on their mobile devices without delay.
Mexico's digital music market has grown significantly in the past few years, a trend that may continue as new technologies are unveiled. IFPI officials noted that this market has grown 17 percent since 2008, and the figure could rise further thanks in part to Mexico's ongoing recovery from the economic downturn of the late 2000s. Many countries were negatively affected by the recession, but more Mexican residents could spend money on music downloads and performances as the nation's economy improves.
The Colombian national football team will look to build on its recent success during its upcoming matchup with Peru. The contest, which will take place on June 11, 2013, pits two squads against one another that have posted relatively positive results in the World Cup qualifiers thus far.
In its most recent match, Colombia battled Argentina to a 0-0 draw in the South American qualifiers for the 2014 World Cup. While Argentina remains on track for an automatic qualifying berth, Colombia moved into second place ahead of Ecuador based on goal differential.
Colombian goalkeeper David Ospina told The Associated Press that both his squad and the Argentine team played a hard-fought, even match.
''We had lots of possession[s] and [Argentina's players] had chances to score [as well],'' Ospina told the news source.
Peru poses challenges for Colombia
The Peru national squad, currently sixth in the standings, has built momentum in some of its recent matches. In its last contest, a matchup against Ecuador, Peru sealed a 1-0 victory thanks to a goal by forward Claudio Pizzaro.
To earn a place in the 2014 World Cup, South American squads must finish in the top four spots in the qualifiers. Each of these squads receives an automatic berth in next year's tournament, which makes it more important than ever for Colombia to be prepared for its contest against Peru.
With 20 points after 11 games, Colombia remains five points behind Argentina in the overall standings. However, the Colombian squad has an amazing opportunity with a strong showing against Peru.
Home-field advantage important
To date, home-field advantage has played a crucial part in various squads' success in the World Cup qualifiers. According to BBC Sport, home teams are 30-9 overall in the competition so far, a trend that Colombia hopes to capitalize on during its next match.
Entering its upcoming match against Colombia, the Peru national team has gone 20 consecutive contests without a road victory. Because Colombia is closing in on its first World Cup spot since 1998, this team has plenty to gain if it plays well against Peru. However, the Colombian national team must stay focused on its immediate goals to play well against a competitive Peruvian squad.
Get your official Colombia adidas soccer jersey for FREE* with your first Xoom money transfer to Colombia of $50 or more.
*Taxes, shipping and handling may be extra.
On June 7, 2013, the Colombian and Argentine national football teams will face off for a chance to clinch a spot in the 2014 FIFA World Cup. This match promises to be exciting, as both squads have plenty to play for in a contest between two of South America's top teams.
Whichever team wins will be guaranteed a spot in the World Cup, but nothing is likely to come easy for either squad. Football fans worldwide could see plenty of action when the Colombian and Argentine national teams take the field.
How does Colombia stack up against Argentina?
Colombian midfielder Freddy Guarin told FIFA that his team is confident about its chances against Argentina. While Guarin acknowledged that qualifying matches are never easy, he stated that the Colombian national squad has been playing at a high level lately and hopes to stay focused during its upcoming match.
"Of course it is not easy [to compete in] qualifying matches, but with all that, we are working at a level that we can respond against any team," Guarin told the news source. "[Argentina] will come out [and] attack, as always."
Ahram Online points out that Colombia was ranked seventh in FIFA's overall standings for May. However, the national squad may face an uphill battle against Argentina, a team that was rated third overall in these rankings.
What to expect from Colombia and Argentina
Colombia could use a very different approach against Argentina when the teams face off in Buenos Aires.
According to Goal.com, Colombian football coach Jose Pekerman expects to make several lineup changes, using an aggressive group of players to help spark his team's offense. Pekerman's lineup is likely to include strikers Teo Gutierrez and Radamel Falcao along with defensive midfielder Edwin Valencia.
Additionally, Argentina will be without defensive midfielder Fernando Gago for the contest. Gago had partnered with defensive midfielder Javier Mascherano to provide support in the middle, but the Argentine squad will look to Lucas Biglia to serve as a viable replacement.
Argentine forward Lionel Messi may also be absent during the matchup against Colombia. Alejandro Sabella, Argentine football coach, has yet to confirm whether Messi will be able to play, as his presence could noticeably affect both squads.
Plenty is at stake for the Colombian and Argentine national teams in this World Cup qualifier, and the matchup could be action-packed, making it a memorable game to watch for football fans around the globe.
Get your official Colombia adidas soccer jersey for FREE* with your first Xoom money transfer to Colombia of $50 or more.
*Taxes, shipping and handling may be extra.