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Start up Creates India’s First Reverse Bidding Platform for Currency, Prepaid Forex Cards and Remittances
Nafex India also aims to simplify money changing for international travel
Fintech
Foreign exchange buying and selling is now a transparent and convenient process with the rates aggregation platform from Nafex India.
Nafex India has collaborated with more than 900 RBI-approved money changers and authorised dealers, who bid real-time for any individual currency, prepaid forex card or remittance requirements put up on the platform. Rates comparison allows consumers to compare rates offered, proximity of the money changer, and make an informed decision to get the best deal for their forex requirements.
This is a significant shift from the traditional model of rates dictated by banks, travel agencies, and grey market operators. The reverse bidding for currency exchange, forex cards and outward remittances is uniquely available only on the Nafex India platform.
Annie Kumar, co-founder and MD, Nafex India: “The money changer market in India and several parts of the world is currently going through a disruptive phase. Monopolistic rates controlled by few agencies is no longer working out with consumers. Flexibility, transparency, convenience and value are emerging as key considerations for forex buyers and sellers. Nafex India endeavors to safeguard interests of consumers and build trust in transactions.”
The promoters of the company, Jeethmal Mutha and Annie Kumar, have spent two decades in the forex and travel & hospitality industry. The company has tied up Pan India Money changers like Weizmann, Poundwize, UAE Exchange, Spice Money, Centrum along with several hundreds of regional money of changers are participating in the reverse auction. Leisure travel, education, medical treatment are key areas of focus for Nafex India.
Nafex India platform includes currencies from US, Canada, UK, Australia, Europe, UAE, Saudi, Singapore, China, Sri Lanka, Malaysia and Thailand. Forex is delivered at the consumer location. Within a short time. From its launch, the Nafex India platform has witnessed 100,000+ transactions worth USD 40+ Mn in currency alone apart from Forex cards and remittance.
