India Post rolls out international money transfer service
Tribune News Service
INSTANT CASH The service will be available at 17,500 post offices across the country by November The Department of Posts has signed an agreement with Wall Street Exchange, a company of the Emirates Post Group of the UAE The service will be provided through the International Financial System of Universal Postal Union |
New Delhi, October 11
India Post, Department of Posts, has signed an agreement with Wall Street Exchange (a company of the Emirates Post Group of the UAE) for launching an International Electronic Money Transfer service through 'Instant Cash' product of the Emirates Post Group.
The service was launched here earlier this week by P. Gopinath, Secretary, Department of Posts, by receiving the first payment from the UAE at a function organised here.
The service will be rolled out nationally in a phased manner and will be made available at approximately 17,500 post offices across the country by next month.
The service will be provided through the International Financial System (IFS) of Universal Postal Union.
This tie-up offers the Indian diaspora worldwide - especially in the Gulf region - a safe, secure and reliable money transfer service for their families back home. The service has its own significance going by the fact that globally, India is the largest recipient of remittances with over $70 billion annually, half of which come from the Gulf.
'Instant Cash' is a wholly owned subsidiary of the Emirates Post Group, and its services are available in 59 countries through more than 60,000 locations. They provide instant money transfer service so that the money is available to the customers within minutes of completing the transaction.
As per the salient features of the service, the recipients will be able to receive their payment at any of the identified 17,500 post offices by producing the unique transaction number along with their identity and KYC documents and the money will be available for payment immediately.
India Post is the largest postal network in the world and has completed 158 years of existence. It boasts of a network of 1.55 lakh post offices in the country, of which more than 1.39 lakh are in the rural area.
Besides mail, it also provides various financial services like small savings instruments under Post Office Savings Bank and Money Remittance, both domestic and international.
Courtesy: The Tribune
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