Avijit Nanda (AN):North America is the biggest market for us. It's reflective of the fact that most of the Indian NRIs have migrated here. That's where most of the consumption of knowledge workers has happened. The NRI footprint is the strongest there. We also have UK, Europe, Canada, Australia, Singapore and Hong Kong. While we have coverage of about 24 countries today, these are our top markets. We will still continue to focus on these countries while improving product offerings and customer experience based on customer needs. Our product development team constantly researches customer needs and behaviour so that we are able to quickly translate that into a product offering through partnerships and alliances. So while we also focus on newer geographies to get more customers, our focus will also be towards trying to achieve depth in each of these countries. While the overall market is about $58 billion, the online space is just about 20% of that. Out of this $58 billion, at least 70% comes from North America in terms of volume. In terms of value, about 60% comes from the Gulf.
Since we are an Internet-based service provider it is easy for us to reach out to clients. We are not dependent too much on physical infrastructure or capabilities to reach out. We do pilots on the basis of which we tweak our product offering. One such product which is in the pipeline is the bill-pay product. The idea behind it is that remitters need to send money for several reasons. There is this bouquet of non-financial services that we are looking at. We have an offering called Window2India which provides an NRI an opportunity to connect to India, much beyond remittances - a connect to his parents in the form of gifting or healthcare planning for parents, etc. Health is a very emotional play with immigrants there because they are not around to look after the wellbeing of their parents. We also offer services around investment advisory for asset classes like property. Our property services team researches real-estate solutions available in residential and commercial verticals. We give them end-to-end solutions of walking them through various options, providing background research on builders. Beyond that there are smaller services where NRIs can send money for charity or religious causes, donate money to their alma-mater or even make utility bill payments on behalf of parents. That is a big connect we are trying to establish. This is part of the BillPay2India service which we will launch shortly.
Our focus will be to build value beyond remittances. This is why we continue to focus on non-remittance solutions to surround the customer with. Our services should become a one-stop-shop for all his into-India requirements.
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