Bharti Walmart and Bharti Retail have launched MoneyGram International's money transfer service at their stores in association with Thomas Cook India.
Aimed at providing speedy money transfer services to the Indian diaspora, the service has been rolled out at 121 Easyday and 11 Easyday Market stores operated by Bharti Retail across India and at six ‘Best Price Modern' wholesale stores run by Bharti Walmart, the 50:50 joint venture between Bharti Enterprises and Wal-Mart Stores Inc.
“The global money transfer service augments the value proposition of our stores for the customers and members by offering them a one-stop shop experience to fulfil their grocery and financial requirement,” Mr Raj Jain, Managing Director, Bharti Walmart told reporters.
In order to receive money transfer, Indian nationals can show the passcode of transaction along with identity proof and draw up to Rs 50,000 in cash immediately. Transactions above Rs 50,000 are given out in cheque. Foreign nationals can also get this service as per existing regulatory policies and can withdraw up to $2,500. As per RBI guidelines, this is an inward remittance scheme.
Thomas Cook is a principal agent of MoneyGram International in India.
According to Mr Dan O'Malley, Executive Vice-President, MoneyGram International, “MoneyGram has similar arrangement with Walmart in the US. This tie-up will expand our footprint in the Indian market and increase our brand awareness.”