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Western Union, the global payment services company, wants to boost its business, given the growth in remittances into the country.
World Bank projectionQuoting the World Bank report, Kiran Shetty, Managing Director and Regional Vice-President, Western Union India, said the projection for 2014 in remittance business is a 7.8 per cent growth, and the company is gearing up to expand to more locations. In Kerala, it has a significant presence in more than 10,000 locations in all the 14 districts.
Remittances to India last year was $71 billion and out of this Kerala received ₹74,000 crore. Declining to reveal the share of Western Union in the remittances, he said the company remitted money to India from over 200 countries.
West Asian markets have started picking up after the slowdown and this will definitely propel growth in the remittance business. The Gulf sector is in the forefront of sending money to India, followed by North America, Europe and the Asia-Pacific region, he said.
The tie-up with India Post for remittances by Western Union has been getting an encouraging response from customers in Kerala, as three post offices in the State work 24x7, he added.
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