India Post Launches ‘Instant Cash’ International Money Transfer Service Signs Agreement with Wall Street Exchange to offer the Service Across India
India Post (Department of Posts) has signed an agreement with Wall Street Exchange (a company of the Emirates Post Group of UAE) for launch of an International Electronic Money Transfer service through ‘Instant Cash’ product of the Emirates Post Group. The service was launched here this week by Ms. P. Gopinath, Secretary, Department of Posts, by receiving the first payment from United Arab Emirates at a function organized by her Department for signing the tie-up between the Department of Posts and the Emirates Post Group.
The service will be rolled out nationally in a phased manner and will be made available at approximately 17,500 post offices across India by next month. The service will be provided through the International Financial System (IFS) of Universal Postal Union. This tie-up offers the Indian diaspora worldwide – especially in the gulf region – a safe, secure and reliable money transfer service for their families back home. This new service has its own significance going by the fact that globally, India is the largest recipient of remittances with over USD70 billion annually, half of which come from the Gulf.
‘Instant Cash’ is a wholly owned subsidiary of the Emirates Post Group, and its services are available in 59 countries through more than 60,000 locations. They provide instant money transfer service so that the money is available to the customers within minutes of completing the transaction.
The salient features of the service are as follows:
- Recipients will be able to receive their payment at any of the identified 17,500 post offices by producing the unique transaction number along with their identity and KYC documents;
- Money will be available for payment immediately;
- Safe and secure transactions through established International Financial System of Universal Postal Union.
India Post is the largest postal network in the world and has completed 158 years of existence. During this long journey it has undergone continuous transformation according to the needs of the citizens. It boasts a network of 1.55 lakh Post Offices in the country, of which more than 1.39 lakh are in the rural area. Besides mail, it also provides various financial services like small savings instruments under Post Office Savings Bank and Money Remittance, both domestic and international.