India Post launches 'Instant Cash,' signs agreement with Wall Street Exchange
Updated: Oct 11, 2013 04:22:08pm
New Delhi, Oct 11, (KNN) India Post on Friday signed an agreement with Wall Street Exchange for launch of an International Electronic Money Transfer service through 'Instant Cash' which is owned by Emirates Post Group.
The service was launched at a function organized by the Department of Post, with Secretary of the Department P Gopinath receiving the first payment from United Arab Emirates.
The service will be made available at around 17,500 post offices across India by November. It will be provided through the International Financial System (IFS) of Universal Postal Union.
This affiliation offers the Indian diaspora in the gulf region a safe, secure and reliable money transfer service for their families back home. The 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.
‘Instant Cash’ 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 service will allow the recipients 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. It will also provide safe and secure transactions through established International Financial System of Universal Postal Union.
India Post is the largest postal network in the world having 1.55 lakh Post Offices in the country, of which more than 1.39 lakh are in the rural area. It also provides various financial services like small savings instruments under Post Office Savings Bank and Money Remittance, both domestic and international. (KNN/ST)
The service was launched at a function organized by the Department of Post, with Secretary of the Department P Gopinath receiving the first payment from United Arab Emirates.
The service will be made available at around 17,500 post offices across India by November. It will be provided through the International Financial System (IFS) of Universal Postal Union.
This affiliation offers the Indian diaspora in the gulf region a safe, secure and reliable money transfer service for their families back home. The 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.
‘Instant Cash’ 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 service will allow the recipients 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. It will also provide safe and secure transactions through established International Financial System of Universal Postal Union.
India Post is the largest postal network in the world having 1.55 lakh Post Offices in the country, of which more than 1.39 lakh are in the rural area. It also provides various financial services like small savings instruments under Post Office Savings Bank and Money Remittance, both domestic and international. (KNN/ST)
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