Western Union Financial Services plans direct bank credit facility

New Delhi: Western Union Financial Services (WUFS) is planning to start direct money transfers to bank accounts of individuals in India as a new service area to increase its market share in the country.

Currently, WUFS is providing inward remittances sent by persons from outside India to residents here either in cash or cheques, but never directly transferred the sums involved to the bank account of the individual.

But WUFS will require regulatory clearances for this. WUFS regional director (South Asia) Anil Kapur says his company is planning to provide inward remittances directly to bank accounts, expecting that this would help in increasing the market share.

Kapur also says WUFS is yet to set up a wholly owned subsidiary in India and is functioning here through liaison offices of the US-based Western Union Financial Services International.