Competition in the money transfer business is heating up after Emirates Post and India Post agreed to jointly launch a service that will deliver payments to customers’ doorsteps.
The alliance will offer an electronic money order service using the United Postal Union’s secure International Financial System (IFS) – a global network of 660,000 post offices.
The partners hope the scale of the operation will enable them to challenge Western Union Money Transfer, which dominates the remittance market globally.
India Post has a network of 155,333 post offices, the largest in the world, which covers the remotest corners of the country. [Read more]
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