INSUBCONTINENT EXCLUSIVE:
Western Union processes cash transfers into billions of bank accountsThe overseas arm of NPCI signed an agreement with Western Union to
strengthen real-time cash transfer to checking account in India from foreign nations
The collaboration will allow clients in India to get worldwide money transfers in real-time into their checking account in the country,
stated Western Union in a statement on Thursday, December 16
NPCI International Payments Ltd (NIPL) and Western Union signed a memorandum of comprehending to strengthen real-time savings account
payments in India, it added.The 2 business will work closely over the next few months to allow savings account holders in India to receive
cross-border money transfers seamlessly and immediately, consisting of UPI IDs.Western Union processes cash transfers into billions of bank
accounts, including wallets and cards in more than 125 countries and territories, with real-time capabilities in 100 of these countries,
according to the declaration
It likewise allows money transfers in cash at around 6,00,000 agent areas in more than 200 nations and territories
India is a strategic market for Western Union and this collaboration is key to our efforts to broaden real-time payments solutions,
broadening the breadth of our current offerings to ensure consumers have all the alternatives readily available to them to move money the
way they choose, said Sohini Rajola, Head of the Middle East and Asia Pacific, Western Union.NIPL is the internationally-focused subsidiary
of NPCI, and it is aiming to drive deep into collaboration with overseas partners in the areas of remittance, acceptance, and real-time
payments facilities, utilizing indigenously established technologies in digital payments, according to the statement.The National Payments
Corporation of India (NPCI) is an umbrella organisation for operating the retail payments and settlement systems in India, which is an
initiative of the Reserve Bank of India (RBI).
