Now Reading: HSBC, Visa say GIFT City speeds cross-border payments for Indians
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HSBC, Visa say GIFT City speeds cross-border payments for Indians
HSBC, Visa say GIFT City speeds cross-border payments for Indians
HSBC and Visa executives say GIFT City will give Indians faster access to foreign exchange and global payments. International transactions that took one to two weeks can now be confirmed on the…
The Story in Brief
HSBC and Visa executives say GIFT City will give Indians faster access to foreign exchange and global payments. International transactions that took one to two weeks can now be confirmed on the same day, HSBC stated. The financial hub in Gujarat aims to ease forex rules for residents, though no specific timeline for broader rollout was given.
The Indian Opinion
The excitement around GIFT City's forex access is real, but claims of seamless global payments need resistance from everyday users. Banks have promised faster remittances before, only to add hidden fees. The real test is whether fees drop alongside turnaround times. Will a student sending tuition money see lower costs, or just quicker deductions? That answer will decide if this is a revolution or just a speed bump.
Source: ndtvprofit.com
This story was synthesised by AI from the source linked above.
