Xoom Announces Instant Deposit Service to HDFC Bank Accounts in India
Xoom’s revolutionary technology enables instant deposits to one of the largest banks in India
SAN FRANCISCO, CA, March 31, 2014 – Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, today announced a partnership with HDFC Bank Limited (NYSE: HDB), by offering instant deposits to INR denominated HDFC Bank accounts in India. This breakthrough service allows Xoom customers to instantly deposit money directly into their recipients’ HDFC Bank accounts in India. The instant service is available 24 hours a day, seven days a week, 365 days a year–even on banking holidays.
“Unlike other transfer services to India which typically take five days or more, Xoom is relentlessly working towards providing ‘instant’ for all of our services, and we are excited to launch instant deposits to HDFC Bank,” said Julian King, Senior Vice President of Marketing and Corporate Development for Xoom. “This is great news for people who send money to HDFC Bank accounts. Now NRIs can send money anytime, anywhere from their computer, mobile phone or tablet and their bank deposits reach their recipients’ HDFC Bank account instantly.”
“At HDFC Bank, we are consistently looking at new ways in which we can make a difference in the lives of our customers. Through this tie-up with Xoom we will be able to provide this breakthrough service of instant deposits,” says Mr. Rajender Sehgal, Group Head, Financial Institutions Group, HDFC Bank. “We look forward to bringing a whole new world of convenience and flexibility to our account holders, allowing them to receive money from the US in a secure manner, at any time of the day or night.
Xoom provides great locked-in exchange rates for money transfers to India, and there is no fee when customers send more than $1,000 and pay with their U.S.-based bank account. Plus, Xoom continues to provide fast bank deposits within four hours to all other banks in India, including to NRE and NRO accounts, when sent during bank processing hours in India. Customers can also download the Xoom App for Android and iOS mobile devices for free. Visit Xoom.com/india for more information.
Xoom is a leading digital money transfer provider in 31 countries, focused on helping consumers send money in a secure, fast and cost-effective way using their mobile phone, tablet or computer. During the year ended December 31, 2013, Xoom’s more than one million active customers sent more than $5.5 billion to family and friends. The company is headquartered in San Francisco and can be found online at Xoom.com.
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India’s leading housing finance company, HDFC Bank is one of India’s premier banks providing a wide range of financial products and services to its 28.5 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the Bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The Bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 19 years, the Bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of December 31, 2013, the Bank had a distribution network with 3,336 branches and 11,473 ATMs in 2,104 cities/towns.
For the quarter ended December 31, 2013, the Bank’s total income was INR 127.39 billion (`12,739.0 crore) as against INR 108.18 billion (`10,818.1 crore) for the quarter ended December 31, 2012. Net revenues (net interest income plus other income) were INR 67.83 billion (`6,783.1 crore) for the quarter ended December 31, 2013, as against INR 59.09 billion (`5,909.4 crore) for the corresponding quarter of the previous year. Net Profit for the quarter ended December 31, 2013, was INR 23.25 billion (`2,235.7 crore), up by 25.1% over the corresponding quarter ended December 31, 2012.
Total income for the year ended March 31, 2013, was INR 419.175 billion (`41,917.5 crore).
Leading Indian and international publications have recognised the Bank for its performance and quality.
For more information please log on to: www.hdfcbank.com