Western Union and NPCI International Payments Limited (NIPL) have signed a memorandum of understanding to improve real-time bank account payouts in India. Customers in the country will be able to receive international money transfers into their bank accounts in real time as a result of this collaboration.
“Western Union’s account payout network allows for payments into billions of accounts worldwide. These accounts do not have to be bank accounts. It can be any consumer account globally, whether it is a bank or a mobile wallet or card,” said Sohini Rajola, Head of Middle East and Asia Pacific, Western Union. “Customers want more, and our account payout network capability represents a natural evolution in Western Union’s cross-border platform and omni-channel strategy to reach new digital-savvy, banked and mobile enabled consumers,” Rajola added.
“We are delighted to facilitate instantaneous and interoperable cross border digital payments,” said Ritesh Shukla, CEO, NIPL. “We constantly strive to create a robust and innovative payment infrastructure to create a superior customer experience. We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling their unique offerings globally,” he added.