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Western Union, the global payment services company, is looking at improving its business given the growth in remittances into the country.
Quoting the World Bank report, Kiran Shetty, Managing Director and Regional Vice President, Western Union India said that the projection s for 2014 in remittance business is a 7.8 per cent growth and the company is gearing up to expand its footprints to more locations especially in Kerala, where it has a significant presence in 10,000 plus locations in all the 14 districts.
The remittances to India last year was $71 billion and out of this Kerala had received ₹74,000 crore. Declining to reveal the share of Western Union in the remittances, he said that the company in 2013 had money to India from over 200 countries.
Shetty was here to announce the launch of prizes for Western Union customers during the holy month of Ramadan in Kerala.
The business in West Asian markets has started picking up in the recent period after the slowdown and this would definitely propel a comfortable growth in remittance business, as the gulf sector is in the forefront in sending money to India followed by North America, Europe and Asia Pacific region, he said.
The tie up with India Post for remittances by Western Union is getting encouraging response from customers in Kerala, as three post offices in the State is working 24x7 benefiting clients, he added.
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