Western Union to Enable Money Transfers to Indian Mobile Phone Users

India's Bharti Airtel and money transfer firm, Western Union have decided to jointly develop and pilot a Mobile Money Transfer service in India. This agreement will usher in the possibility of sending money to India via a mobile phone. The Mobile Money Transfer service is subject to regulatory approval.

According to The World Bank, the number of migrants globally is 200 million - approximately three percent of the world's population. The World Bank also identifies India as the number one remittance recipient market. Statistics from the Reserve Bank of India (RBI) suggest that the inward annual remittance into India stood at over $26 billion for the fiscal year 2006 - 2007, accounting for approximately 10 percent of the global inward remittance market.

"We are delighted to work with Western Union in this path-breaking initiative and be at the forefront of enabling international remittance over mobile for our 50 million mobile phone customers in India. This will help us move money via mobile in a fast and convenient way, supporting low-value transactions," said Mr. Gopal Vittal, director marketing and communications, Bharti Airtel.

In India, Western Union operates through 45,000 Agent locations, including 8,500 post offices and more than 14,000 bank branches across 5,000 towns and cities. This program will enable Indians living abroad to send remittances to their families in India in an easy and convenient fashion through the vast networks of both companies.

The relationship with Bharti Airtel follows a landmark agreement between Western Union and the GSM Association (GSMA). Bharti Airtel chairs the steering committee of the GSMA's Mobile Money Transfer program. Thirty-five mobile networks operators are participating in the program, which is designed to stimulate the development, trials and commercialization of mobile remittance services.

Posted to the site on 29th November 2007