Western Union, AFL WiZ tie up
By Our Banking Bureau | 18 Jun 2003
Chennai:
Western Union Financial Services, the US-based money transfer
company, has tied up with AFL WiZ to offer home delivery
service in India. As per the agreement, AFL WiZ, as Western
Union''s Indian agent, will courier its cheque to the person
to whom the money was remitted overseas.
Western Union''s regional director (South Asia) Anil Kapur says the home delivery option has to be exercised by the person who transfers the money to somebody living in India. "Once the home delivery option is exercised by the transferor, the money is automatically routed to AFL WiZ''s network in India and the payment will be made within 72 hours."
AFL WiZ general manager S Ranganathan says his company will leverage its existing courier infrastructure for the money transfer business. "The total inward money remittances to people living in India is around $20 billion of which $12.5 billion is through legal channels."
Nearly 60 per cent of the remittances are for people living in the South. And Western Union is trying to target this segment.