Western Union awaits nod to kick off services in India

Our Banking Bureau

Mumbai, Aug 21: WESTERN Union Financial Services Inc (WUFS) is awaiting the Centre’s approval to introduce its domestic money transfer services in India, in compliance with the relevant regulations. The US-based company is planning to start the services before the end of 2001.

WUFS has set up its 1,00,000th agent location in the world at the Mumbai GPO, as part of its international money transfer services. India Post director general BN Som formally inaugurated the location by presenting a “special cover” to Western Union International president William Thomas.

Mr Thomas said, “We plan to consolidate our position in south Asia and, especially India, in the coming years. We are confident that the domestic money transfer service, which we hope to introduce soon, will be of immense value to a cross section of consumers.”

WUFS relies on speed, convenience, reliability, trust and value, in providing money transfer services to its customers. In India, Western Union has 14 alliances and covers 1,800 locations across 350 towns and cities. It is currently in talks with the government for launching money transfer services and other financial services in India.

US consul general David Good, said, “I can tell you that many of the great events of the US are associated with Western Union which is a part of the network of American lives.” Speaking on the occasion Mr Som said, “The network of 1,54,000 post offices can play a significant role in the changed economic situation in the country. We have generated good business and have spread our network fast. We will work together to develop an effective system to meet the requirements of our clients.”

In January 2001, WUFS and India Post signed an agreement to expand the availability of ‘Western Union Money Transfer’ services in India. The multi-year agreement expands its presence throughout India.

The agreement allows to expand its reach to populations in rural areas and urban communities through the Department of Posts extensive network.