Global payment services provider, Western Union, has enhanced its international direct-to-bank transfer service to select banks in India, paving way for customers to transfer money through IMPS.
Western Union customers in major countries – including the US, UK, France, Germany and Australia can now send money directly to select Indian banks in minutes, the company said in a statement.
“Western Union linked its retail agent network and digital transactional sites in select countries to move money in minutes to account holders of select banks via India’s revolutionary Immediate Payment Service (IMPS). The service is available using cash and debit cards at participating agent locations, and debit and credit cards online,” the statement added.
The Western Union President and CEO, Hikmet Ersek, said, “We have connections to transfer money into bank accounts in more than 50 countries. India leads the way and we can now do it in minutes...We are giving them the choice of placing cash on the counter or using cashless send options and yet sending directly into a bank account from major centres around the world.”
Direct-to-bank international money transfers are preferred by customers looking for the convenience of funds received directly into a bank account and accessible on demand, 24/7, according to a Western Union user survey.
The new service is an enhancement to the direct-to-bank money transfer services launched by Western Union last year, which delivers funds within one banking day to 140 banks in India.
This service is provided in collaboration with IndusInd Bank and operates using the National Payments Corporation of India’s (NPCI) IMPS platform, which has recently been approved by the Reserve Bank of India to facilitate cross-border money transfer within minutes to select banks.