Wednesday, October 13, 2010

Western Union and SBI to launch mobile money transfer service

Western Union and State Bank of India (SBI) said that SBI  account-holders will soon be able to receive cross-border money transfers in their bank accounts using just their mobile phones.

Western Union is a leader in global payment services, while SBI is India’s largest bank.

In July, Western Union announced the introduction of the account-based money transfer (ABMT) service to be launched in early-2011. This service will enable SBI customers with online bank accounts to pull Western Union Money Transfer transactions directly into their accounts via the Internet.

The new mobile service will provide SBI customers with an additional option to direct a Western Union Money Transfer transaction into their accounts anytime and anywhere, a press release issued here stated.