Page 78 - AAE PR REPORT - January 2025

2/4/25, 8:21 AM Tech, promotions fuel surge in UAE-India remittances
Al Najjar says, “The UAE remittance industry has seen major transformations in

recent years, fuelled by several technological innovations. One key development

has been the introduction of digital wallets and mobile applications. Our mobile
app, for instance, empowers users to send money seamlessly, at competitive rates

with low transfer fees. Furthermore, we are also considering leveraging artificial Ali Al Najjar,
Chief
intelligence (AI) and machine learning (ML) to enhance security and improve
Operating
customer service.”
Officer, Al
Of course, another of the recent transformations is the integration of India’s
Ansari
Unified Payments Interface (UPI) with the UAE, making payments simpler than Exchange

ever between the two countries.

Mubaid from Wall Street Exchange Centre, says, “The integration of India’s UPI with the UAE has

enhanced the remittance experience by enabling faster, easier, and more affordable money transfers.

It also highlights how digital solutions improve efficiency and set new standards within the
industry.”

With faster transfers thanks to digital transformations, many exchange houses are

going the extra mile by enticing customers with promotions and unique offers,

which has created an added driving force within the industry.

Mubaid says, “At Wall Street Exchange, we have implemented a range of
promotions, including reduced transfer fees, cashback rewards and exclusive gifts, Malaz Mubaid,
COO and
to attract and retain customers. These initiatives build trust and encourage repeat
Acting CEO,
transactions.”
Wall Street
As exchange houses compete through benefits of competitive fees, loyalty
Exchange
programmes and easier transfers, ultimately, it all adds up to good news for
customers.

“The competitive landscape within the remittance industry drives innovation and better pricing for

customers. Companies like Al Ansari Exchange are constantly offering tailored services and

competitive rates, benefiting Indian expatriates,” Al Najjar points out, adding, “Cultural ties between

the two countries further contribute to higher remittance flows, particularly during festivals or family
events. All of these factors together create a dynamic and growing remittance market.”

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