Indian post office at the top of Chamundi Hill, Mysore. Indian post offices will begin offering MoneyGram services.
By W.H.A.| SpeedyPay.info
East Indians living abroad now have a new and convenient way to send money to relatives at home – MoneyGram.
India has one of the largest networks of post offices in the world – not surprising for the world’s second most populous country. In a real coup for MoneyGram, Indian post offices will begin offering MoneyGram services.
This will be a huge boon to the thirty million Indians who live abroad and send remittances home. Much of India’s population lives in rural towns and villages, where banks have only a 5% presence. In the past it has been difficult for Indians abroad to send money to relatives in small villages.
Not that MoneyGram has yet penetrated that market. While India has over 150,000 post offices – ! – the MoneyGram alliance will initially be rolled out in 100 post offices only, in the Indian regions of Delhi, Punjab and Tamil Nadu. If successful, the alliance will be extended to 5,000 post offices in the next three years.
India’s minister of communications and information technology, Shri Kapil Sibal, commenced the start of the agreement by making the first money transfer, from the UAE to Delhi. Sibal noted that 50% of Indians do not have a bank account.
Harsh Lambah, MoneyGram senior regional director for South Asia, said: “MoneyGram’s teaming with India Post reaffirms the company’s commitment to serving its hundreds of thousands of customers in the world’s largest remittance market, and the value MoneyGram brings India Post’s business and customers. Bringing India Post, one of the world’s largest postal services, to our network is very exciting.”
MoneyGram has over 200,000 agent locations all in more than 190 nations. To find a MoneyGram location, use their agent finder here.
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