India Post has signed an agreement with Wall Street Exchange, a company of the Emirates Post Group of the United Arab Emirates (UAE), for the launch of aninternational electronic money transfer service through its product, Instant Cash.
The service was launched by Ms. P. Gopinath, Secretary, Department of Posts, by receiving the first payment from the UAE at a function organized here this week.
The service will be rolled out nationally in a phased manner and will be made available at approximately 17,500 post offices across India by next month, an official press release said.
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 reliablemoney transfer service for their families back home, it said.
This new 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.
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 other required documents.
Source : http://netindian.in
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