Remittance specialist Western Union has
extended its partnership with State Bank of India, India’s largest
bank, to offer money transfers via mobile phones.
State Bank of India’s (SBI) 4 million online
customers will be able to use the mobile service to route
remittances sent from Western Union agent locations into their bank
accounts. The service will be available in early 2011.
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In July, Western Union announced it would
offer account-based money transfer services to SBI customers,
allowing them to pull remittances into their bank accounts via the
internet or ATMs.
India is the world’s largest remittance
market, with $52 billion transferred into the country in 2009,
while SBI is the country’s biggest bank, with 141 million
customers.
“India is a key market for Western Union,”
said Anil Kapur, Western Union’s senior vice president, South and
Southeast Asia.
“Western Union has more than 61,000 Agent
locations in India. As we continue to expand our network, this
collaboration with SBI realises our commitment to provide our
consumers with the greater convenience of accessing money sent by
their families and loved ones from overseas.”
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By GlobalDataThe mobile money transfer service is also
up-and-running in the Philippines through Smart Communications,
Malaysia with Maxis, South Africa with Absa and Kenya through
Safaricom.
