TimesofMoney

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TimesofMoney
Type Limited Liability Company
Industry E-Commerce, Online Remittances
Founded 2000
Headquarters Mumbai, India
Key people Avijit Nanda
Website www.timesofmoney.com

TimesofMoney is a digital payment service provider based in Mumbai, India and serves a varied clientele in India and globally. The company’s offering includes specialized NRI services, India centric and global money transfers and e-payments. The majority stake in this company is owned by U.A.E. based, Network International.

TimesofMoney offerings to its customers can be categorized as ‘personal solutions’ which include NRI centric online remittance and other services such as Window2India, Remit2India along with Remit2Home. Its ‘business solutions’ include DirecPay – an online payment gateway – and white label remittance services.

History[edit]

TimesofMoney was conceptualized and started by The Times Group in 2001. It is a company specialized in the field of cross-border remittances and digital payments. TimesofMoney is headquartered in Mumbai, the financial hub of India.

Key milestones[edit]

2000

  • Company incorporated Mumbai as a Joint Venture between Citi Ventures & Bennett Coleman & Co Ltd (BCCL)

2001

  • February: Commenced operations with the brand Remit2India, which is an online money transfer service for NRIs in the U.S.
  • June: Offered credit card & home loans to customers as an aggregator of different banks’ products. Also launched the first online mutual fund buying & selling platform in India.

2002

  • February: Launched the first ACH (Automated Clearing House) based direct debit remittance service in the U.S. Also launched a service for NRIs in the U.K
  • August: Other competitors such as ICICI Bank’s Money2India & Cash2India launched similar services for NRIs.
  • November: Aired its first brand commercial in the U.S market

2003

  • July: Extended service to NRIs in Australia & Europe
  • September: Created a white-label remittance engine for other banks & exchange houses to use. TimesofMoney would offer the technology, operations & service platform for the partner.

2004

2005

2007

  • June: Remit2India wins the Savile Row Brand Award at the Asia Brand Congress [6]
  • August: TimesofMoney ties-up with Philippine Inquirer [7]
  • November: TimesofMoney ties-up with UAE Exchange
  • November: TimesofMoney launches Window2India

2008

  • April: TimesofMoney launches TimesCard [8]
  • August: TimesofMoney launches MyExchange for its US based customers [9]
  • November: TimesofMoney enters strategic alliance with Axis Bank for remittance solution [10]
  • November: TimesofMoney ties up with Barclays to extend its inward remittance service [11]
  • December: TimesofMoney launches DirecPay [12]

2009

  • July: TimesofMoney receives PCI DSS certification [13]
  • August: TimesofMoney enables Citibank’s Singapore to India remittance corridor [14]
  • August: TimesofMoney awarded ISO 9001: 2000 quality certification (DNV)
  • September: TimesofMoney ties-up with IDBI Bank to facilitate online money transfer for bank customers in UK [15]
  • November:
    • TimesofMoney wins award for Brand Excellence in Internet Business at World Brand Congress 2009 [16]
    • Mr. Avijit Nanda, President, TimesofMoney wins Young Achiever Award at World Brand Congress 2009
  • December: Remit2India won the Brand Leadership Award in the 'Internet Business' category at the World Brand Congress 2009

2010

  • September: Remit2India's Website earns the coveted 'Standard of Excellence WebAward', 2010 from the Web Marketing Award Association

2012

  • November: Network International, a U.A.E. based company acquires majority stake in Timesofmoney.[17] Until now, Timesofmoney was a 100% subsidiary of Times Internet Ltd., which in turn is a subsidiary of Bennet Coleman & Co Ltd., who will continue as minority shareholders.

See also[edit]

Remittance

References[edit]

  1. ^ TimesofMoney Powers HDFC Bank's remittance product – Quickremit Business Line 22 May 2004
  2. ^ TimesofMoney Facilitates Union Bank launches Web-based remittance scheme for NRIs in US Business Line 22 May 2004
  3. ^ TimesofMoney Ties up with Indian Overseas Bank Indiatimes Infotech 10 Jun 2004, 0137 hrs IST,TNN
  4. ^ Dena Bank, TimesofMoney team up for funds transfer Indiatimes Infotech 6 Jan 2005, 0010 hrs IST,TNN
  5. ^ TimesofMoney inks deal with ING Vyasa Times of India 21 Nov 2005
  6. ^ Remit2India awarded 'Savile Row Brand Leadership Award' TimesofMoney
  7. ^ TimesofMoney ties up with Philippines Inquirer Remit2Home 4 Aug 2007
  8. ^ TimesofMoney and Barclays launch India's only entertainment credit card India PR Wire 21 April 2008
  9. ^ TimesofMoney launches 'My Exchange Rate' for NRIs Money Control 18 Aug 2008
  10. ^ TimesofMoney enters a strategic tie up with Axis bank iAMTN 23 Nov 2008
  11. ^ TimesofMoney ties up with Barclays to extend its inward remittance service Business Standard 25 November 2008, 19:57 IST
  12. ^ TimesofMoney Launches DirecPay – Could Wallet365 be next? WAT Blog 10 December 2008
  13. ^ TimesofMoney receives the PCI DSS Certification Press Release Point 21 July 2009
  14. ^ TimesofMoney Enables Citibank’s ‘Singapore to India’ Remittance Corridor The Open Press 6 July 2009
  15. ^ TimesofMoney ties-up with IDBI Bank to facilitate online money remittance for the bank's customers in UK Equity Bulls 16 September 2009
  16. ^ "World Brand Congress 2009: Winners of Global Awards for Brand Excellence announced". exchang4media. 5 November 2009. 
  17. ^ http://www.timesofmoney.com/TOM/html/media-room5_2012.jsp

External links[edit]