Indian financial service provider Axis Bank in July 3, 2012 said that it has entered in to a tie up with UAE Exchange and Financial Services. The two entities have joined hands to launch inward remittances through mobile.
Under the new tie up, people can now send money through any agent locations of UAE Exchange and Financial Services known as Xpress Money to a registered mobile number in the country. There are 1.35 lakh agent locations with Xpress Money operating in 125 countries. The recipient needs to register at any of the Axis bank branch once and then can withdraw the money sent from any Axis Bank ATMs with the help of the code sent to their mobile number.