Money Transfer: Two companies will work closely to enable bank account holders in India to receive cross-border money transfers seamlessly.
Western Union and NPCI International Payments Limited (NIPL) have signed a Memorandum of Understanding (MoU) to bolster real-time bank account payouts (money transfer) in India. In a statement, NPCI said this collaboration will enable customers in India to receive international money transfers in real-time into their bank accounts in the country.
According to the statement, the two companies will work closely together over the next few months to enable bank account holders in India to receive cross-border money transfers seamlessly and instantly, including using UPI IDs.
Globally, Western Union can process payouts into billions of bank accounts, including millions of wallets and cards across more than 125 countries and territories, with real-time capabilities in 100 of these countries. Additionally, it also offers payout in cash at approximately 600,000 agent locations in over 200 countries and territories.
“Western Union’s account payout network enables payout into billions of accounts globally – these accounts are not just limited to bank accounts; it’s any consumer account globally, whether it be at a bank or even a mobile wallet or card,” said Sohini Rajola, Head of Middle East and Asia Pacific, Western Union. “Customers want more, and our account payout network capability represents a natural evolution in Western Union’s cross-border platform and omnichannel strategy to reach new digital-savvy, banked and mobile-enabled consumers.
Rajola further said that India is a strategic market for Western Union and this collaboration will help expand real-time money transfer solutions to ensure customers have all the options available to them to move money the way they prefer.
NIPL is looking to drive deep collaboration with overseas partners in the areas of remittance, acceptance, and real-time payments infrastructure, using indigenously developed technologies in digital payments, the statement said.
“We are delighted to join hands with Western Union to facilitate instantaneous and interoperable cross border digital payments,” said Ritesh Shukla, CEO, NIPL. “This strategic partnership will benefit millions of Indian citizens to seamlessly receive money from overseas. We at NIPL, constantly strive to create a robust and innovative payment infrastructure to create a superior customer experience. We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling their unique offerings globally.”
As per World Bank, India was the top remittance-receiving country in the world in 2020.
NIPL is a wholly-owned subsidiary of National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India and an initiative of the Reserve Bank of India (RBI).
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