New Delhi: Eyeing the USD 35 billion money remittances business from Gulf, India Post on Friday announced launch of instant money transfer service in partnership with UAE's Emirates Post Group.
"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," a DoP's official statement said.
'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.
"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," the statement said.
The service was launched in the country this week by DoP, with Secretary P Gopinath receiving the first payment from United Arab Emirates at a function organised by India Post for signing the tie-up between the Department of Posts and the Emirates Post Group, the statement said.
The service will be rolled out nationally in a phased manner and will be made available at about 17,500 post offices across India by next month.
"This new service has its own significance going by the fact that globally, India is the largest recipient of remittances with over USD 70 billion annually, half of which come from the Gulf," the statement said.
The money transfer service will be provided through the International Financial System (IFS) of Universal Postal Union..