Source: Western Union
Western Union (NYSE:WU), a leader in global payment services, and State Bank of India (SBI), the largest commercial bank in India, today announced that SBI accountholders will soon be able to receive cross-border money transfers in their bank accounts using just their mobile phones.
In July, Western Union announced the introduction of the Account-Based Money Transfer (ABMT) service, to be launched in early 2011. This service will enable SBI customers with online bank accounts to pull a Western Union® Money TransferTM directly into their accounts via the Internet or an ATM.
The new mobile service will provide SBI customers with an additional option to direct a Western Union Money Transfer into their accounts anytime and anywhere.
"India is a key market for Western Union," said Anil Kapur, Western Union's Senior Vice President, South and Southeast Asia. "It is the world's No. 1 remittance recipient country and received US$52 billion in 2009, according to the World Bank.
"Western Union has more than 61,000 Agent locations in India. As we continue to expand our network, this collaboration with SBI realizes our commitment to provide our consumers with the greater convenience of accessing money sent by their families and loved ones from overseas."
Khalid Fellahi, Western Union's Head of Mobile Transaction Services, said, "Western Union is committed to offering a wide variety of ways for our consumers to send and receive money. By leveraging our global 'hub' for moving money, we are able to continually offer new and innovative choices for SBI customers to transfer their money from Western Union directly into their accounts through mobile phones, online banking, ATMs and bank branches."
SBI has 110 million accountholders, of which more than 4 million are registered for online banking. Western Union's Account-Based Money Transfer service complements SBI's nationwide network of more than 12,000 branches currently offering the Western Union Money Transfer service.
With this agreement with SBI, consumers will be able to send money from one of Western Union's 380,000 Agent locations around the world to an SBI account.
Western Union also offers the Mobile Money Transfer service in the Philippines with Smart Communications and Globe Telecom; in Kenya with Safaricom; in Malaysia with Maxis; and in South Africa with Absa Bank. The company also recently announced an agreement with EnStream in Canada and has agreements with Tunisian Post and Bank of Commerce & Development (BoCD) in Libya. In addition, Western Union previously announced an alliance with Zain in Africa.