Ding- a convenient alternative as remittance costs increase for Indians
As India introduces a tax on traditional money remittance, ding* reminds people of the complimentary service of international mobile top-up to transfer value home.
Dublin, Ireland – 5th December 2014 India has started levying a service tax on “fees or commissions” charged by banks and financial institutions in a push to raise Rs 3,700 ($6 billion) for the cash-strapped Indian Government.
The tax will see an additional 2% charge on all money remittance sent into India increasing the cost of sending money home for Indians living abroad. These increased costs leave the Indian Diaspora looking for alternatives including the illegal hawala route. It is feared the move may even spark a curtailment in remittances as a whole, which in turn would hit the country’s forex reserves.
International top-up has long been seen as a convenient compliment to money remittance. The ability to deliver airtime directly to the mobile phones of loved ones makes it easy for the Indian Diaspora to support home. Mark Roden, founder of ding*, the world’s largest international top-up provider says, “This increase in tax will further burden Indians working away from home who send support home. We remind the Indian Diaspora of the convenience, speed and safety of sending mobile top-up as an alternative way to let their loved ones know they’re thinking of them.”
ding* allows the instant transfer of value to mobile phones in India, primarily sent by the Diaspora working in the Gulf and UAE regions. The service is available on www.ding.com, the ding* apps and from 500,000 retail outlets around the world. ding* also offers a phone-to-phone service allowing the transfer of credit directly from one phone to another.
According the World Bank there is almost $600 billion in money remittance sent globally and India is the highest receiver with $70 billion being sent to India every year. Big players in the remittance market are sure to resist this fee and ding* would fully support them, as the company are fully dedicated to making sending help home as easy as possible for migrant workers.
For the time being ding* continues to offer the Diaspora a convenient compliment that not only allows Indians to add value directly to their loved ones mobile phones . “If only for that one day – this simple gesture makes their lives that little bit better.” adds Roden.