Western Union has announced that State Bank of India (SBI) customers will soon be able to receive cross-border money transfers in their bank accounts using their mobile phones. In July, Western Union introduced the Account-Based Money Transfer (ABMT) service, to be launched in early 2011. This service will enable SBI customers with online bank accounts to pull a Western Union Money Transfer directly into their accounts via the Internet or an ATM.
The new mobile service will provide SBI customers with an additional option to direct a Western Union Money Transfer into their accounts anytime and anywhere.
SBI has 110 million account holders, of which more than 4 million are registered for online banking. Western Union's Account-Based Money Transfer service complements SBI's nationwide network of more than 12,000 branches currently offering the Western Union Money Transfer service. With this agreement with SBI, consumers will be able to send money from one of Western Union's 380,000 Agent locations around the world to an SBI account.
"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 $52 billion in 2009, according to the World Bank.”
Khalid Fellahi, Western Union's head of mobile transaction services, added, " 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."
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