A great news for the State Bank Of India (SBI) and the Western Union (WU) consumers. The largest commercial bank of India has tied up with the largest money transfer service to provide the cross-border money transfer services in their bank accounts using just their mobile phones.
"India is a key market for Western Union," said Anil Kapur, Western Union's Senior Vice President, South and Southeast Asia. "It is the world's No. 1 remittance recipient country and received US$52 billion in 2009, according to the World Bank.
Western Union already offers the Mobile Money Transfer service in the Philippines (Smart Communications and Globe Telecom), in Kenya (Safaricom), in Malaysia (Maxis) and in South Africa (Absa Bank). The company also recently announced an agreement with EnStream in Canada and Tunisian Post and Bank of Commerce & Development (BoCD) in Libya. Western Union recently also announced an alliance with Zain in Africa.
"Western Union is committed to offering a wide variety of ways for our consumers to send and receive money. By leveraging our global 'hub' for moving money, we are able to continually offer new and innovative choices for SBI customers to transfer their money from Western Union directly into their accounts through mobile phones, online banking, ATMs and bank branches." Says Mr. Khalid Fellahi, Western Union's Head of Mobile Transaction Services.
As of now, customers can perform Mobile Money Transfers from approx 70,000 Western Union Agent locations in 25 countries and through www.westernunion.com in five countries.
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