scorecardresearch
NIPL, Western Union sign MoU to enable real-time cross-border money transfers

NIPL, Western Union sign MoU to enable real-time cross-border money transfers

The two companies will work closely together to enable bank account holders in India to receive cross-border money transfers seamlessly and instantly, including using UPI IDs.

This collaboration will enable customers in India to receive international money transfers in real time into their bank accounts in the country This collaboration will enable customers in India to receive international money transfers in real time into their bank accounts in the country

National Payments Corporation of India (NPCI) on Thursday said its international payments arm NPCI International Payments Limited (NIPL) has signed a Memorandum of Understanding (MoU) with Western Union to enable real-time bank account payout in India.

This collaboration will enable customers in India to receive international money transfers in real time into their bank accounts in the country, NPCI said in a statement, adding that over the next few months, the two companies will work closely together to enable bank account holders in India to receive cross-border money transfers seamlessly and instantly, including using UPI IDs.

Commenting on the tie up, Ritesh Shukla, CEO, NIPL said, “This strategic partnership will benefit millions of Indian citizens to seamlessly receive money from overseas. We at NIPL, constantly strive to create a robust and innovative payment infrastructure to create a superior customer experience. We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling their unique offerings globally."

NIPL is a wholly owned subsidiary of National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India and an initiative of the Reserve Bank of India (RBI).

“Western Union’s account payout network enables payout into billions of accounts globally - these accounts are not just limited to bank accounts; it’s any consumer account globally, whether it be at a bank or even a mobile wallet or card," said Sohini Rajola, head - Middle East and Asia Pacific, Western Union.

“India is a strategic market for Western Union and this collaboration is key to our efforts to expand real time payments solutions, expanding the breadth of our current offerings to ensure customers have all the options available to them to move money the way they prefer," added Rajola.

According to the World Bank, in 2020, India was the top remittance-receiving country in the world, a spot it has held since 2008. Western Union serves customers via a range of retail and digital solutions in India, facilitating convenient service access for all. Currently, Western Union’s agent retail network in India has more than 110,000 locations

Published on: Dec 16, 2021, 4:48 PM IST
Posted by: Aparna Banerjea, Dec 16, 2021, 4:43 PM IST