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Muthoot Finance has launched Western Union money transfer services from its countrywide network of 2,800 branches linking them to Western Union's network of more than 400,000 locations in over 200 countries.
Speaking on the occasion, Mr George Alexander Muthoot, Managing Director, Muthoot Finance Ltd, said that his company, along with Western Union and Paul Merchants Ltd, the principal agent of Western Union in South and South-East Asia, have come together with the intention of providing a premium money transfer service to customers across the country.
Muthoot Finance, through its extensive network of branches, aims to capitalise on the huge potential of the money transfer business in India, he said.
Mr Anil Kapur, Managing Director - South and South-East Asia, Western Union, said that the company with a 17 per cent market-share in global remittances has completed 214 million consumer-to-consumer transactions worldwide moving $76 billion of principal between consumers, and 405 million business payments.
Mr S.Paul, Chairman and Managing Director, Paul Merchants Ltd, said that the company has facilitated a number of classes of trade to offer Western Union money transfer services to the remotest corners of the country.
The collaboration with Muthoot is one more step in this direction which would positively impact people across the 2,800 branches offering the service, he added.
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