GI Retail Private Limited was established in 2009. GI Retail Group’s Vision is to realize the Great Indian Dream of improving the standard of life of every aspiring Indian by bringing day to day services like money transfer, payments and travel in an easy to access and consume manner at a lower cost through our pan national, digitally enabled distribution network. GI Retail Group firmly believes that Financial Inclusion is not charity but a serious sustainable and profitable business proposition. GI Retail Group's core strengths are technology and innovation in business process and service delivery. This has enabled a effective cost efficient operations that are profitable, scalable and sustainable.
Our Vision has helped us roll out products and solutions which have helped millions of under served (underbanked and unbanked) people do basic day to day transactions with ease through our agent assisted service model as well as our self serve (mobile and web) model. Products and solutions rolled out by GI Retail Group subsidiary, Hermes, are targeted at the niche under served (under banked and unbanked) population specially in the lower strata of the society. Hermes through its network of agent terminals has touched more than 9.5 million Indians. Hermes has been able to achieve this feat by pursuing sustainable financial inclusion by its innovative product mix appealing to the common man apart from basic financial inclusion products.
GI Retail Group's subsidiary, Hermes has touched lives of many people in the period around 2009. This period saw a great decline of STD / PCO booths and Internet Cafes due to advent of mobile penetration in India. They were going out of business and Hermes came with a travel based product which made STD / PCO booth and Internet Cafe owners as a travel solutions provider with railway authorization along with other basic payment products and this gave them a new lease of life. The agency network that Hermes had created has grown over 1000 agents on a monthly basis since then. Today, the same agency network has diversified into offering Domestic Money Transfer, Bill payments and other utility payment apart frmo travel across neighbourhoods across India.
GI Retail is a holding company and it has its subsidiaries GI Technology and Hermes, which, are involved in the business of Payment Solutions and Travel and Retail Distribution respectively. I Cash, RBI approved prepaid cash card operating in Semi-closed payment instrument category is promoted by GI Technology Private Limited and travel technology and pan national electronic distribution platform under the brand names I Cash Center (Formerly The Smart Shop) and Get My Trip is promoted by Hermes I Tickets Private Limited.
Currently, Hermes has been focusing on driving sustainable financial inclusion through its retail points using the GI Technology’s I Cash Pre-paid Payment System product and many other products and services are offered at the retail point to make it more relevant to the common man.
As on date, the accomplishments and contributions of our subsidiary companies are -
GI Retail Group serves daily about 300,000 people who walk into our 76000 agent terminals distributed across India to avail one of the following services specifically DOMESTIC MONEY TRANSFER, PAYMENTS, TRAVEL.
Today, GI Retail Group realizes that the issue in India is not a local issue but a global one and hence we have expanded this vision of taking our products and services to underserved people across all growing economies like Philippines, Indonesia and many countries in Africa. Today the Great Indians dream is transforming into that of a Global Innovation to make GI’s products and services available across several countries behind India on economic and technological development. We want I Cash to be relevant to half of world’s population by 2020.
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