e-Money order to be launched between India and UAE
India Post is targetting a business revenue of Rs 3000 crore this year from its various premium products, including a cost effective electronic International Money order facility between India and United Arab Emirates which is likely to be be laun...
By PTI |
KOCHI: India Post is targetting a business revenue of Rs 3000 crore this year from its various premium products, including a cost effective electronic International Money order facility between India and United Arab Emirates which is likely to be be launched this month.
The e-Money order envisages delivering money at the customer's doorsteps. The facility would be launched in Kerala and the four metros-- Delhi, Mumbai, Kolkatta and Chennai, Union Postal Secretary, I M G Khan, told a press meet here.
With this, a long felt need of Indian expatriates for an economic and reliable electronic Money Order facility, would become a reality, he said. About $27 billon comes as inward remittances annually from the Gulf.
Joining hands with Emirates Post, India Post will make international payments at the customers doorsteps. The alliance uses the Universal Postal Union's secure International Financial System (IFS) for the purpose.
There are also plans to extend the facility in Saudi Arabia, US and Korea. Talks have already begun with US officials, he said.
The salient features of the eIMO are that it was cost effective money order facility, was reliable, safe and fast.
Initially service through 97 head post offices, covering over 2400 Sub Post Offices in Kerala, Delhi, Mumbai, Chennai and Kolkata would commence. All the 51 head post offices and Mahe sub-post office would provide this facility in Kerala, he said.
The e-Money order envisages delivering money at the customer's doorsteps. The facility would be launched in Kerala and the four metros-- Delhi, Mumbai, Kolkatta and Chennai, Union Postal Secretary, I M G Khan, told a press meet here.
With this, a long felt need of Indian expatriates for an economic and reliable electronic Money Order facility, would become a reality, he said. About $27 billon comes as inward remittances annually from the Gulf.
Joining hands with Emirates Post, India Post will make international payments at the customers doorsteps. The alliance uses the Universal Postal Union's secure International Financial System (IFS) for the purpose.
There are also plans to extend the facility in Saudi Arabia, US and Korea. Talks have already begun with US officials, he said.
The salient features of the eIMO are that it was cost effective money order facility, was reliable, safe and fast.
ADVERTISEMENT
Initially service through 97 head post offices, covering over 2400 Sub Post Offices in Kerala, Delhi, Mumbai, Chennai and Kolkata would commence. All the 51 head post offices and Mahe sub-post office would provide this facility in Kerala, he said.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
