See How Global Money Transfer Gets Even Simpler
Western Union, a cross-border, cross-currency money movement platform, upgrades its digital payment innovation that would allow the customers to transfer money or make payments in real-time in India.
“We are expanding from our roots of creating one of the largest physical money movement networks covering the first and last mile in India to pioneering integration with India’s advanced real-time payment systems," says Hikmet Ersek, CEO of Western Union. “These cross-border services will allow millions of Indians living and working abroad to send money back home or to other parts of the world digitally and in real-time,” he adds.
Western Union is the first money transfer operator to provide cross border remittances through UPI, a real-time payment system developed by the National Payments Corporation of India under the guidelines of RBI. Through this collaboration, the Western Union customers across the globe could send money to India, just by using the receiver's UPI ID.
This move is the Western Union's strategy to expand its services across the fastest-growing markets, which would eventually pave the way for new growth areas. It is undergoing expansion in the cross-border assets that include global settlement capabilities, network, and compliance and technology systems, intending to offer international cross-border payments in minutes.
The Western Union's cross border remittances via UPI would be available for senders in more than 200 countries and territories through Western Union's retail network from the last quarter of 2019. Subsequently, this facility would be available on WU.Com and Western Union mobile app.
“YES BANK is pleased to collaborate with Western Union on offering remittance services to a larger set of overseas customers. We are also the first bank in India to integrate UPI as an additional mode for facilitating remittances into the country on a commercial basis,” states Asit Oberoi, Global Head – Transaction Banking, YES BANK. “This marquee collaboration reinforces our leadership positioning in curating digital solutions, and will help us in further capturing a substantial share in the rapidly growing remittances space,” adds Asit.
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