Western Union Expands Real-Time Global Cross Border Payments to India
October 25 2019 - 6:45AM
Business Wire
Western Union Launches Real-Time Global
Inbound Transfers via India’s Unified Payments Interface
Western Union, a leader in cross-border, cross-currency money
movement and payments, today advanced its leadership in digital
payment innovation enabling customers to move money or make
payments in real-time in India, one of the world’s fastest growing
economy.
Western Union became the first money transfer operator to offer
cross border remittances via Unified Payments Interface (UPI), a
real-time payment system developed by the National Payments
Corporation of India under Reserve Bank of India (RBI) guidelines.
It allows Western Union customers globally to send money into bank
accounts in India simply by using the receivers UPI ID, instead of
providing bank account and routing details.
The announcement executes upon Western Union’s strategy to
expand its services across emerging markets and open new growth
areas as the company leverages its core cross-border assets –
including global settlement capabilities, network, compliance and
technology systems – to enable international cross-border payments
in minutes.
During his visit to India, Hikmet Ersek, CEO, Western Union,
said, “We are expanding from our roots of creating one of the
largest physical money movement networks covering the first and
last mile in India to pioneering integration with India’s advanced
real-time payments systems.”
“These cross-border services will allow millions of Indians
living and working abroad to send money back home or to other parts
of the world digitally and in real-time,” Ersek added.
“YES BANK is pleased to collaborate with Western Union on
offering remittance services to a larger set of overseas customers.
We are also the first bank in India to integrate UPI as an
additional mode for facilitating remittances into the country on a
commercial basis,” said Asit Oberoi, Global Head – Transaction
Banking, YES BANK.
“This marquee collaboration reinforces our leadership
positioning in curating digital solutions, and will help us in
further capturing a substantial share in the rapidly growing
remittances space,” added Oberoi.
Western Union cross border remittances via UPI will be available
for senders in over 200 countries and territories via Western
Union’s retail network in the last quarter of 2019, and
progressively thereafter on WU.com and Western Union mobile app
commencing with the U.S. and followed by the rest of the world.
Unified Payments Interface (UPI)
UPI is a real-time payment system developed by National Payments
Corporation of India, under RBI guidelines. It facilitates
real-time fund transfer between two bank accounts using simple UPI
ID instead of requiring bank account details of the beneficiary
like Account number, IFSC, Bank name, etc.
Launched in August 2016 for domestic payments, it is now the
number one preferred mode of domestic digital transactions in India
led by popular apps such as Paytm, PhonePe, Google Pay and BHIM. It
has taken over other globally acclaimed payment systems such as
National Electronics Fund Transfer (NEFT) and Immediate Mobile
Payment Service (IMPS). More than 918 million transactions were
done through UPI in August 2019, while IMPS has processed 200
million transactions during the same period.
RBI recently extended UPI payment service to foreign inbound
remittances to maximum value per transaction of INR 100,000
(approximately USD $1,500).
WU-G
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement. Our omnichannel
platform connects the digital and physical worlds and makes it
possible for consumers and businesses to send and receive money and
make payments with speed, ease, and reliability. As of June 30,
2019, our network included over 550,000 retail agent locations
offering Western Union, Vigo or Orlandi Valuta branded services in
more than 200 countries and territories, with the capability to
send money to billions of accounts. Additionally, westernunion.com,
our fastest growing channel in 2018, is available in more than 70
countries, plus additional territories, to move money around the
world. With our global reach, Western Union moves money for better,
connecting family, friends and businesses to enable financial
inclusion and support economic growth. For more information, visit
www.westernunion.com.
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Western Union Global Communications and Social Channels
Pia De Lima, Pia.DeLima@westernunion.com
Western Union Middle East, Africa, Asia-Pacific Karen
Santos; Karen.Santos2@westernunion.com
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