India Post joins hands with Wall Street Exchange to offer international electronic money transfer

The India Post unveiled instant electronic money transfer service in collaboration with Wall Street Exchange, (a company of UAE’s Emirates Post Group) in New Delhi.

India Post inked a pact with Wall Street Exchange for launch of an International Electronic Money Transfer service through Instant Cash product of the Emirates Post Group. Instant Cash is a wholly owned subsidiary of the Emirates Post Group, and its services are available in 59 nations through more than 60,000 locations.

 Key features of International Electronic Money Transfer service:

•  Recipients will be able to collect their payment at any of the identified 17500 post offices by producing the unique transaction number along with their identity and KYC documents. 
• Instant payment will be made. 
• The transactions will be safe and secure through established International Financial System of Universal Postal Union.
• The service will be expanded throughout the country in a phased manner.

Month: Current Affairs - October, 2013