The Western Union Financial Services has firmed up plans to introduce money transfer services in India in line with domestic regulations before the end of the current fiscal.
The company plans to launch a complete range of financial services in India including domestic money transfer services, William Thomas, president of Western Union International, said at a function at the General Post Office in Mumbai to commemorate the setting up of the Western Union's 1,00,000 agent location in the world.
Western Union aims to consolidate its position in south Asia, especially in India, in the coming years, he added.
"We want to enhance our service offerings to resident as well as non-resident Indians spread across the globe with our reliable, quick and convenient money transfer services. We are confident that money transfer services offered by us will be of immense value to a cross-section of the consumers," Thomas said.
In January, Western Union and India Post, which has a vast network of over 150,000 post offices in the country, signed an agreement to expand the availability of Western Union Money Transfer services in India.
Among the company's business and service partners across the world, postal organisations are the key to its success, Thomas added.
With the addition of the Department of Posts in India, Western Union money transfer services are now available at post offices in nearly 60 countries and territories across the world. In India, Western Union has operations since the last six years through 18 alliances.
B N Som, director general, India Post, said in less than three months India Post was able to get good business through Western Union. Last year, the Western Union did 89 million money transactions across the world.
