Western Union plans domestic money transfer services

By Our Corporate Reporter

CHENNAI, AUG. 21. Western Union Financial Services Inc. one of the world's leading money transfer companies, is planning to introduce money transfer services in India, in compliance with the regulatory authorities.

Western Union has crossed the one lakh agent location mark in the world with the inauguration of the location at the GPO, Mumbai. To mark this milestone, Mr. B. N. Som, director general, India Post, formally inaugurated the location.

According to Mr. William Thomas, President, Western Union International, the company plans to launch a complete range of financial services in India, including domestic money transfer service, subject to approval from the Central Government. The service will enable resident Indians to send and/or receive money throughout the country within minutes. Western Union aims to consolidate its position in South Asia, especially India, in the coming years. It hopes the domestic money transfer service will be of immense value to a cross-section of consumers. In January this year, Western Union and India Post signed an agreement to expand the availability of Western Union Money Transfer services in India. The agreement allows Western Union to extend its reach to rural areas and urban communities through the Department of Posts' extensive postal system.

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Section  : Business
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