The exchange has tied up with C-Sam, led by Sam Pitroda, to launch the facility, B R Shetty, UAE Exchange managing director and CEO said.
Shetty was in Kochi to inaugurate the three-day global conference of the exchange on Thursday. The facility, claimed to be the first of its kind in the world, can be used for money transfer, bill payment, credit and debit card payment, besides utility bill payments, Reddy said.
The UAE exchange with 187 offices spread over the world undertakes remittances to the tune of $6 million per day and has 60 a per cent market share in UAE among 200 exchange houses.
Its annual remittances to India are expected to go up to Rs 6000 crore (Rs 60 billion) this year from the present Rs 5600 crore (Rs 56 billion).
The exchange has plans to set up an IT campus and a four-star health resort in Kochi.
