Mumbai: The NYSE-listed Western Union Company, a global leader in money transfer services, on Wednesday announced that it has opened its 5,00,000th agent location in New York and its 100,000th location in India.
Western Union opened its 100,000th location in India at Dena Bank's Sandhurst Bridge branch here. Western Union services are offered through Dena Bank via Weizmann Forex, the company's principal agent.
"Western Union locations in India now accounts for a fifth of our world total, starting from a single location at Connaught Place in New Delhi. The company's network in India has doubled in size in only four years and now reaches over 4,000 cities across the country," Western Union India managing director Kiran Shetty told.
Nearly $55 billion was remitted into the country, majority from Gulf countries last year and the company is bullish over the remittance flow in the country.
"India emerges as driving force in growth of global money transfer industry. The current slow down in the world economy has not impacted the company's growth and we are bullish on remittance flow from the Indians living abroad," Shetty said.
At the separate event in New York, the site of the 500,000th location, the company announced a $500,000 commitment to fund economic development and entrepreneurship programmes in India, the Philippines, China, Mexico and New York City over a five-year period.
Western Union is currently expanding its portfolio of financial services. The network spans more than 200 countries and territories. Its strategy is to provide mainstream financial services -- cash, card or digitally-based -- to undeserved consumers and businesses globally.
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