Western Union Onboards UPI Channel
Link to my blog : https://innovationinbanking.blogspot.com/2020/04/western-union-onboards-indias-upi.html
On Mahatma Gandhi’s birthday last year, Western Union announced its entry to India’s UPI channel vide FAQs ‘How do I send money to India with UPI’, on its website.
The FAQs outlines the process through which its global customers can remit money to Indian Bank Accounts in minutes.
The rollout is planned in a phase manned. In the first phase, Western Union cross border remittances via UPI will be available for senders in over 200 countries and territories via Western Union’s retail network in the last quarter of 2019, and progressively thereafter on WU.com and Western Union mobile app commencing with the U.S. and followed by the rest of the world.
Customers need to log into their Western Union Account and follow the instructions therein.
Customers need to very careful, very careful while transferring monies through the UPI Channel. The VPA is the link to the underlying bank account. Be doubly sure of the VPA before initiating any transfer. Keying in a wrong VPA is disastrous and there are high chances of the amount being transferred to the wrong beneficiary. It is a very tedious task to seek a refund and the refund chances are practically NIL.
Ex: Remittance is to be made to nnshantin@idbi, however Remittance is made to nshantin@idbi. If nshantin@idbi is a valid VPA linked to a different bank account, the remittance will go to nshantin@idbi instead of nnshantin@idbi. And, you can say goodbye to your funds.
The FAQs on Western Union website are easy to follow and assist the user to complete a Safe UPI remittance in the quickest possible money.
Western Union’s banking partner for UPI channel is YES Bank.
QUOTE
During his visit to India, Hikmet Ersek, CEO, Western Union, said, “We are expanding from our roots of creating one of the largest physical money movement networks covering the first and last mile in India to pioneering integration with India’s advanced real-time payments systems.”
“These cross-border services will allow millions of Indians living and working abroad to send money back home or to other parts of the world digitally and in real-time,” Ersek added.
UNQUOTE
This tie-up reinforces the popularity of UPI across the world and numerous Banks and FinTech are interested to replicate the success of UPI.
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