Electronic payments service provider, Visa has received RBI approval to provide inbound cross border remittance facility to Visa debit as well as prepaid cards issued in India.

With this permission, Visa has become the only electronic service provider to offer customers the facility of receiving remittances on their debit and prepaid cards. It supports over forty banks in the country including ICICI Bank , Canara Bank and HDFC Bank.

With this facility, Visa supported banks can use this new channel for receiving international remittances, said Visa.

Also the strong payment network of Visa will provide a cost effective and secure way of fund transfer to Visa debit or prepaid cards account.

India is the largest recipient of recorded international remittances as per World Bank estimates.

The electronification of a service that is still dominated by cash will also help the government's objectives of driving transparency, lower costs and financial inclusion in the money transfer market, said Visa India Country Manager Uttam Nayak.