India Post Launched International Money Transfer Service- 'Instant Cash'
The India Post on 11 October 2013 launched instant electronic money transfer service in partnership with Wall Street Exchange.
The India Post on 11 October 2013 launched instant electronic money transfer service in partnership with Wall Street Exchange, (a company of UAE's Emirates Post Group) in New Delhi.
In this regard India Post signed an agreement with Wall Street Exchange for launch of an International Electronic Money Transfer service through Instant Cash product of the Emirates Post Group. The service was launched by P. Gopinath, Secretary, Department of Posts, by receiving the first payment from United Arab Emirates.
Instant Cash is a wholly owned subsidiary of the Emirates Post Group, and its services are available in 59 countries through more than 60000 locations.
The salient features of the service are
1.Recipients will be able to receive their payment at any of the identified 17500 post offices by producing the unique transaction number along with their identity and KYC documents.
2.Money will be available for payment immediately.
3.Safe and secure transactions through established International Financial System of Universal Postal Union.
4.The service will be rolled out nationally in a phased manner.
5.The service will be provided through the International Financial System (IFS) of Universal Postal Union.
About India Post
India Post is the largest postal network in the world and has completed 158 years of existence. It has a network of 1.55 lakh Post Offices in the country, of which more than 1.39 lakh are in the rural area. Besides mail, it also provides various financial services like small savings instruments under Post Office Savings Bank and Money Remittance, both domestic and international.