Western Union launches Money-to-Account money transfer service in Pakistan and Kuwait
- Kuwait: Monday, September 17 - 2012 at 09:21
- PRESS RELEASE
Western Union, a specialist in money transfer and global payment services, introduced its Money-to-Account money transfer service for the first time in Pakistan. Pakistani expatriates can now directly credit remittances into more than 20 million bank accounts of 20 banks in Pakistan within 24 hours from all Western Union locations in Kuwait.
Highlighting the importance of the service, Sobia Rahman, Western Union's Regional Vice President for Gulf, Pakistan & Afghanistan, said, "Western Union Money-to-Account new service complements the already large network of over 7000 locations in Pakistan. Western Union is innovating and developing money transfer services tailored to the needs of our customers. We are well positioned at the nexus between cash and traditional banking platforms and this new service can help consumers get cash into or out of the financial system. This is a critical need since cash, in most of the world, is the preferred payment method. Our consumers will have the convenience of receiving their funds within one working day depending on the time of transfer."
Remittances sent by Pakistanis living and working abroad crossed $12bn during the period July 2011 - May 2012. Since the launch of the Pakistan Remittances Initiative (PRI), inward remittances through the banking channel have increased considerably from 75% in 2009-10 to 91% in 2011-12 .
"Through the establishment of the PRI, Pakistan has been making various efforts to channelize remittances into the country through legal channels, which has led to an increase in money transfers through the banking medium. Pakistan was the fifth largest remittance recipient among developing countries in 2011. Western Union recognizes the growing need of customers for a fast, convenient and secure money transfer service which we are now offering through Summit Bank and the other banks," added Rahman.
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