Western Union has launched its digital platform WU.com in India to facilitate cross-border fund transfers globally.
The platform was launched in collaboration with local private sector lender Yes Bank.
With WU.com, customers can transfer money from their national bank accounts and send it directly to cross-border bank accounts.
The remittance service will be available 24/7 and is live for transfers to select countries across the globe including the US, the UK, Australia, Japan, Germany and Brazil among others.
The launch of WU.com in India is aligned with Western Union’s strategy to expand its services across emerging markets with strong growth prospects.
Western Union CEO Hikmet Ersek said: “Western Union already has a strong brand and presence in India.
“By implementing new digital outbound payment options, we are empowering the rising middle class in India to create a borderless world through the ease of digital global money movement and enable economic opportunity globally.”
Yes Bank global head of Transaction Banking Asit Oberoi said: “Yes Bank is pleased to collaborate with Western Union on offering outbound remittance services.
“We are well poised with the next phase of solutioning to cater to the burgeoning cross border outward remittances business with Western Union.
“This co-created solution is an extremely comprehensive one as it brings together all electronic payment mechanisms to the common benefit of Western Union’s customers through a single-window interface for remittances.”
Alongside, Western Union has started offering cross border remittances through Unified Payments Interface (UPI), a domestic real-time payment system.
The move will allow global Western Union customers to transfer money to Indian bank accounts by using the receivers UPI ID. The process eliminates the need to provide bank account and routing details for such transfers.