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As migrant workers return to work, domestic remittances rise -Surabhi

-The Hindu Business Line

The trend signals normalisation of economic activities to pre-Covid levels

With economic activities reverting to normal on most fronts, domestic remittances by migrant workers, too, has touched pre-Covid level and in fact is even higher, according to payment players.

“Things have got back to normal, we see a lot of activity in the market. People have gone back to jobs and continue to send money. That market continues to grow,” said Nipun Jain, CEO, RapiPay.

The average ticket size of domestic money transactions has increased to 3,500-3,600 from about 3,000 prior to the pandemic.

Further, as remittances have increased, cash withdrawals too have grown, Jain said.

India received $87 billion in remittances in 2021; US is the top source

Average cash withdrawn by RapiPay customers is now in the range of 3,000-3,100 compared with about 2,700 pre-Covid.

Similarly, Fino Payments Bank, too, has said that the domestic remittance market has been growing.

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