Wall Street Finance Agent location in Mohali joins Western Union’s 380,000* global Agent location network
The Western Union Company (NYSE: WU), a global leader in money transfer services, today launched its 60,000th Agent location reinforcing its leadership in offering international money transfers services in India. The Western Union India network is the largest single in-country Agent network across the company’s global Agent network in over 200 countries and territories.
Western Union principal Agent - Wall Street Finance Limited’s (WSFL) new location in Mohali, Chandigarh – became a part of Western Union’s 380,000* Agent location network across the globe, amidst a gathering of consumers, representatives of WSFl and Western Union.
“Western Union plays an important role in connecting NRIs from around the world with their families, and we facilitate the inflow of remittances into India, by providing a formal channel for money transfer”, said Anil Kapur, Western Union’s Managing Director for South & South East Asia
With an extensive network of 60,000 Agent locations in India spanning over 7,000 cities, towns and villages we are proud to uphold our commitment in facilitating immediate access for Indian receivers through locations closer to their home - whether that is in urban or rural areas
Speaking at the occasion, Ashok Goyal, Chairman of WSFL commented, "[WSFL’s parent group] Spice Group has been at the forefront of the technological transformation of India. With the acquisition of Wall Street Finance Ltd, we intend to change the way people avail of and transact financial services. India being the largest recipient of global remittances, we are now poised for the next revolution in Money Transfer business.”
“We are pleased to be a part of an expanding global network to offer Western Union Money Transfer services, bringing in our enhanced commitment to the families of NRIs in providing them with easy access to international money transfer services,” he further stated.
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Speaking at the inauguration event, Kiran Shetty, Regional Vice President - India, Western Union said, "At Western Union – we are have many things to be proud of – this year we celebrated the 16th year in which the Western Union® service has been available in India and now have inaugurated the 60,000th location but what we are most proud of is that we continue to uphold our commitment to provide the families of NRIs the convenience of receiving money closer to their homes within minutes2.”
“WSFL is among the largest Western Union® Agents in India and we are honoured that our Mohali branch jhjas been chosen as Western Union’s landmark 60,000th Indian location. With Western Union’s support, we are now aggressively expanding our reach across non-metros, Tier 1 and Tier 2 cities, empowering even more consumers effective and efficient transactional access to fast, reliable and convenient money transfer services. We will conscientiously and aggressively compete with the existing established players in these businesses, providing cost effective, convenient and reliable transactions to consumers. We intend to double our existing market share and transaction volumes within the next three to five years” said Rajeev Maheshwari, Director & CEO of Wall Street Finance Ltd.
Western Union has over 60,000 Agent locations in India spanning over 7,000 cities, towns and villages and includes multiple classes of trade such as India Post, over 30 banks as well as retail institutions.
According to the Reserve Bank of India (RBI), India received over US$52bn in remittances during the financial year 2009-10. A RBI study report released in early 2010 attributed 38% of remittances flowing into India originating from North America followed by Gulf countries accounting for 27% and Europe at 18% of the total remittances received. The World Bank estimates remittances to account for 4.2% of India’s GDP1.
- World Bank report 2008.
- Funds generally available in minutes subject to terms and conditions of service, including Agent location hours and differences in time zones. See “To Receive Money” Form for details.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Custom House branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of approximately 430,000 agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments. For more information, visit www.westernunion.com.
About Wall Street Finance
Wall Street Finance Ltd, which specializes in Money Transfer Services (MTS) and Full-Fledged Money Changing (FFMC) business, is now part of the Spice Global Corporation, after acquisition by billionaire entrepreneur Dr. B.K. Modi in September 2009.
Established as a PLC in 1986 Wall Street Finance Ltd. (WSFL) is also licensed as a Non Banking Finance Company with Reserve Bank of India. It is among the leading providers of Foreign Exchange and Money Remittance services in the country and enjoys the upgraded status of Authorized Dealer Forex-II by the Reserve Bank of India. WSFL achieved Forex business turnover Rs. 2,113 crores (US$ 449 million) during the 2009-10 fiscal year.
WSFL is also among the largest principal agents of Western Union in India, for providing Money Transfer Services. During the 2009-10 FY, over 2,177 crores (US$ 450 million) of inward money transfer was remitted through its network of 3,500+ locations and 63 branches across India. Plans are afoot to expand operations through over 100 branches by the end of FY 2010-11.
Spice Global’s US$ 2 Billion operations include business interests in Mobile Ecosystems, Internet/VoIP Telephony, Retailing, Entertainment and Financial Services. Visionary Chairman Dr BK Modi is also a futurist, educationist, philanthropist and peacemaker, author and film producer. He is particularly keen to explore the potential synergy between WSFL money transfer business and Spice Group’s Mobile Internet capabilities.
WSFL Milestones
- 1986 - Set up as an Non-Banking Finance Company (NBFC)
- 1986 - Listing on the Bombay Stock Exchange (BSE)
- 1993 - First public company to get a money-changing license
- 1997 - Appointed as principal agent of Western Union
- 2006 - Authorized Dealer Category II (AD II) license obtained
- 2009 – Came under the aegis of Spice Global Corporation