Western Union eyes growing remittance market in India
Eyeing the growing remittance market in India, Western Union -- a global money-transfer service provider is projecting itself as a safe and reliable medium to transfer money to India.
By PTI |
AHMEDABAD: Eyeing the growing remittance market in India, Western Union -- a global money-transfer service provider is projecting itself as a safe and reliable medium to transfer money to India.
"India has the world's second largest migrant population, of about 25 million, who stay in different countries across the world", Western Union Services India Pvt Ltd South Asia marketing director Suvodeep Das.
"Every year over 75 lakh migrants get added to this list", he said adding, only China (30 million) has a bigger migrant population living across the globe.
According to Das, Western Union with over 40,000 agent locations in 4,000 town, cities and villages helps the migrant Indian population (most of whom hailed from states of Punjab, Gujarat and Kerala) in sending and receiving money.
Giving example of about one lakh Punjabi farmers engaged in farming in Italy, Das said, "Most of the Indian migrants are blue-collared workers and we help them send money to their loved ones living in India".
"Moreover, a large portion of the remittance market in India is informal", Das said adding the size of this market was very difficult to estimate or quantify.
"We are trying to capture this informal market most of which exists in rural India", he added.
Explaining the safety and reliability of the transactions Das said, "we have a paper trial of all transactions and so we can identify both the sender and the receiver".
Das said Western Union has registered a growth of 95 per cent in the last six quarters in India and agent locations has grown from 3000 in 2001 to 40,000.
"India has the world's second largest migrant population, of about 25 million, who stay in different countries across the world", Western Union Services India Pvt Ltd South Asia marketing director Suvodeep Das.
"Every year over 75 lakh migrants get added to this list", he said adding, only China (30 million) has a bigger migrant population living across the globe.
According to Das, Western Union with over 40,000 agent locations in 4,000 town, cities and villages helps the migrant Indian population (most of whom hailed from states of Punjab, Gujarat and Kerala) in sending and receiving money.
Giving example of about one lakh Punjabi farmers engaged in farming in Italy, Das said, "Most of the Indian migrants are blue-collared workers and we help them send money to their loved ones living in India".
"Moreover, a large portion of the remittance market in India is informal", Das said adding the size of this market was very difficult to estimate or quantify.
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"We are trying to capture this informal market most of which exists in rural India", he added.
Explaining the safety and reliability of the transactions Das said, "we have a paper trial of all transactions and so we can identify both the sender and the receiver".
Das said Western Union has registered a growth of 95 per cent in the last six quarters in India and agent locations has grown from 3000 in 2001 to 40,000.
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