In an effort to expand its services to the small and medium enterprises in India, Western Union Co.WU has tied up with DCB Bank Limited. Per the pact, Western Union will extend its support to the SMEs of India that are engaged in cross-border trade.
Western Union's Business Solutions segment will provide seamless service to these businesses by allowing them to transfer funds to any bank within the company's global network of banks. They funds transferred by the SMEs to their global suppliers will also guarantee safety, speed and cost effectiveness.
The process of remittances will also guarantee full transparency in that it will give the status of the transaction at each step from initiation to receipt of funds by the beneficiary.
Western Union will also provide door-step service in which the personnel will visit the location of the customer to complete all the documentation.
The company also allows traders to make cross-border payments in their choice of ten currencies, including Arab Emirates Dirham and Singapore Dollar.
Western Union is keen on providing services to the burgeoning SMEs in India since these form the backbone of the economy and contribute significantly to the country's national income. In 2014, SMEs accounted for 40% of India's exports of goods and services, totaling 9,952 billion rupees or $156 billion.
Western Union carries a Zacks Rank #2 (Buy). Other players worth considering in the payments industry are Visa Inc. V , PayPal Holdings PYPL and Equifax Inc. EFX . Each of these stocks carries the same Zacks Rank as Western Union.
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