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Nafex India launches reverse bidding platform for forex

Nafex India launches reverse bidding platform for currency, prepaid forex cards and remittances. Nafex India has collaborated with more than 900 RBI approved money changers and authorised dealers, who bid real-time for any individual currency, prepaid forex card or remittance requirements put up on the platform. Rates comparison allows consumers to compare rates offered, the proximity of the money changer, and make an informed decision to get the best deal for their forex requirements.

Annie Kumar, Co-Founder and Managing Director, Nafex India said, “The money changer market in India and several parts of the world is going through a disruptive phase. Monopolistic rates controlled by few agencies are no longer working out with consumers. Flexibility, transparency, convenience and value are emerging as key considerations for forex buyers and sellers. Nafex India endeavours to safeguard interests of consumers and build trust in transactions.”

The company has tied up Pan India Money changers like Weizmann, Poundwize, UAE Exchange, Spice Money, Centrum along with several hundreds of regional money of changers are participating in the reverse auction. Leisure travel, education, medical treatments are key areas of focus for Nafex India.

Nafex India platform includes currencies from US, Canada, UK, Australia, Europe, UAE, Saudi Arabia, Singapore, China, Sri Lanka, Malaysia and Thailand. Forex is delivered at the consumer location. From its launch, the Nafex India platform has witnessed 100,000+ transactions worth USD 40+ Mn in currency alone apart from Forex cards & remittance.

Nafex plans to add more features to the platform such as B2B and to build end-to-end expertise for enterprise and individual money changing solutions globally.  Currently present in 100 cities, Nafex plans to rapidly launch its services in other Indian cities.

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