 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.
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