US-based fintech HUMBL has entered into a strategic partnership with Digital India Payments (DIPL) to foray into India.
The partnership seeks to provide Indian users with money transfer services.
HUMBL offerings include a mobile app that offers remittances, bill payments and merchant payments.
The company also supports physical agent locations called HUMBL Hubs that offer cash pickup, foreign exchange and bill payments services. Customers can also visit the HUMBL Hubs for travel bookings, fair lending and other purposes.
HUMBL Hubs agents will leverage DIPL retail network to offer such financial services.
DIPL managing director Hari Prasath said: “HUMBL is doing to global financial services what Uber did to the local taxi markets.
“Delivering high quality financial services by pairing local consumers and merchants together through mobile technology, anywhere in the world.
“Our younger Indian customers don’t want to visit multiple service branches to wait in long lines, pay expensive fees and highly variable rates. HUMBL gives them mobile financial services – faster, cheaper and in nearby locations.”
Additionally, both the companies agreed to support ‘Smart Grid’ programmes that utilise biometric technologies to enable banking services at local HUMBL Hubs.
HUMBL CEO Brian Foote said: “We look forward to putting HUMBL technologies to work for 1.4 billion India customers alongside them.
“The total cost of sending and exchanging money into many emerging markets still hovers around 10%-20%, with short-term loan rates in excess of 30%, for people who can afford it the least.
“HUMBL is working to cut those costs in half, while saving customers billions of dollars at scale and getting more people into the India tax base at the same time.”