NIPL partners Western Union to boost instant int’l money transfer

The overseas arm of NPCI has signed an agreement with Western union to bolster real time money transfer to bank accounts in the country from foreign countries.

This partnership will enable clients in India to receive international money transfers in real time into their bank accounts in the nation, western union, said in a release.

NPCI International Payments ltd and western union have signed a memorandum of understanding to bolster real-time bank account payments in India, it added.

The two companies will work closely over the next few months to enable bank account holders in India to receive cross border money transfers seamlessly and quickly, including UPI IDs, it said.

As much as 80% of Indian adults hold bank accounts, one of the pillars of financial inclusion in the nation.

Western union processes money transfers into billions of bank accounts, including wallets and cards in more than 125 nations and territories, with real time capabilities in 100 of the countries.

It allows money transfers in cash at approximately 6,00,000 agent locations in more than 200 nations and territories.