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TheStreet Open House

Western Union Expands Mobile Money Transfer Service To Nepal

The Western Union Company (NYSE: WU), a leader in global payment services, today announced the launch of a new mobile money transfer service that enables consumers to send money into a mobile wallet in Nepal.

The new mobile money transfer service to Nepal integrates directly with eSewa, one of the leading digital wallet platforms in Nepal with more than 200,000 registered users. The functionality was developed through the collaborative efforts of Western Union, its Agent Nabil Bank Limited, and FonePay Pvt. Ltd., the owner of eSewa.

Consumers in Nepal who subscribe to the eSewa mobile wallet now have the option of receiving a Western Union Money Transfer ® transaction on their mobile phones, or through eSewa’s web interface. International money transfers for mobile pick-up can be initiated at westernunion.com in 23 countries, or at participating Western Union ® Agent locations worldwide.

The new offering complements Western Union services offered through its retail Agent network of more than 5,600 locations in Nepal. 1

According to the World Bank, Nepal had more than US$4.2 billion in migrant remittance inflows during 2011, representing 22% of Nepal’s gross domestic product. The World Bank estimates that remittance inflows to Nepal grew to more than US$4.9 billion in 2012 2.

“Western Union continues to expand its mobile footprint as part of our multi-product, multi-channel strategy,” said Patricia Riingen, senior vice president, East & South Asia, Western Union. “We are very pleased to launch mobile services to Nepal, and we remain committed to building our mobile network in strategic markets around the world.”

Anil Gyawali, chief executive officer, Nabil Bank, commented, “Nabil Bank is delighted to extend its long-standing relationship with Western Union to offer digital money transfer services to Nepal. Remittances are an important aspect of economic stability for the nation, as well as for local communities throughout the country. We are happy to provide more choice and convenience to Nepalese consumers, no matter where they reside.”

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