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Western Union, Airtel Payments Bank tie-up for easy 24/7 remittance

Western UnionGlobal cross-border payments provider Western Union has partnered with India’s leading payments bank Airtel Payments Bank for remittance services.

Through this partnership, Airtel Payments Bank customers can soon direct Western Union money transfers into their bank accounts through the banking section of the Airtel Thanks App in real-time. These transfers will be available for withdrawal at any of the over 500,000 banking points of Airtel Payments Bank. Customers can receive up to a maximum of Rs. 95,000 per transaction.

“The future of money transfer is to deliver what customers want – allowing them to move money whenever, however, and wherever they want. Our platform cuts through the international complexities so millions of new customers can access their funds in real-time,” Western Union President and CEO, Hikmet Ersek said in a statement.

The announcement marks further expansion of Western Union’s unique ability to partner with a growing base of national tech leaders by leveraging its core assets – including global settlement capabilities, network, compliance, and technology systems – to enable international cross-border transfers with customer-facing innovation.

Receiver-directed money transfer services are on the rise with flexible linkages offered by mobile apps and wallets. It offers to receive customers the choice of a preferred payout method based on convenience.

“With India being the largest receiver of global remittances, this alliance is designed to enable better access for the recipients and contribute to financial inclusion in the country. This innovation is an example of how Airtel Payments Bank endeavors to play a role in improving the country’s payments ecosystem,” said Rajesh Sud, Managing Director – Financial Services at Bharti Enterprises and Additional Director at Airtel Payments Bank.

The collaboration will work on the Reserve Bank of India mandated Money Transfer Service Scheme (MTSS), a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible under the MTSS guidelines.

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