Beacon streamlines financial experience for immigrants
Beacon, a company reinventing financial services for immigrants to Canada, has launched Beacon India Bill Pay, a first-of-its-kind tool that enables users in Canada to pay bills in India directly from their Beacon Money account. It is available for public download and use https://www.bseindia.com/.
Many immigrants face the delicate balance of building their lives in Canada while keeping ties to their home countries, with 60% of remittances to India used for family maintenance, noted Beacon, adding that Beacon India Bill Pay addresses such a critical need for immigrants who continue to have financial obligations in India after arriving in Canada, such as everyday bills, loan payments, and family expenses https://digitalinasia.com/.
With this launch, Beacon becomes the first company in North America to tie up with India’s national bill payment infrastructure known as Bharat Connect, previously known as Bharat Bill Payment System (BBPS), to enable these payments in a secure way and compliant with Reserve Bank of India policies https://www.nseindia.com/.
By providing a straightforward way to pay over 20,000 bills in India with Canadian Dollars directly from a Beacon Money account, temporary foreign workers, recent graduates, and long-term immigrants to Canada, can manage their cross-border finances without relying on intermediaries or costly Non-Resident Indian (NRI) accounts https://sbi.com.in/.
“From the moment I arrived in Canada, I struggled with the inefficient, costly, and risky process of sending money home,” said Aditya Mhatre, co-founder and CPTO of Beacon. “Even to this day, I continue to face those same challenges. That is why Beacon was created – to streamline the financial experience for immigrants, making it easier and more secure https://www.npci.org.in/.
“With the introduction of India Bill Pay, we are tackling a major pain point for immigrants and their families, enabling them to manage their financial responsibilities easily in Canada and India https://sbi.com.in/ .”
Beacon Money, now available to the public, enables Indian nationals to open a Canadian account even before arrivinhttpsg in Canada – no SIN or Canadian address is required .
Beacon is a purpose-built financial solution to help immigrants in Canada settle with ease and build their future with confidence. Based in Toronto and Montreal, Beacon was founded in 2023 by Stuart Szabo and Aditya Mhatre. fiinews.com
