Small BusinessWestern Union diversifies, eyes e-gov, microfinance providers
Money transfer firm Western Union Financial Services plans to tie up with e-governance service providers and microfinance institutions to expand its reach in India.
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"We are looking at alternative class of traders who have strong presence in rural India, especially e-governance and microfinance entities," Kiran Shetty, regional vice-president, India, told PTI.
Till now, the company had been focusing on banks, the postal department, and retail agents to deliver growth in India. Now, it wants to look beyond these three traditional channels.
"We are really wanting to diversify to those channels and grow our distribution very aggressively," Shetty, responsible for managing and developing the Western Union business in India, said.
The company, which has spread to 54,000 locations in India now from just 3,000 in 2001. Shetty said the company expects e-governance service providers and microfinance institutions to contribute in double-digit to the India revenues of the company in two years.