Release Details

       
  • First organized retailer and wholesaler in India to launch money transfer services
  • Service to be available across 122 easyday, 11 easyday Market and 6 Best Price Modern Wholesale stores
  • India is largest remittance receive country in the world

New Delhi, May 24 2011: Bharti Walmart and Bharti Retail in association with Thomas Cook India today announced the launch of MoneyGram International’s global money transfer service in their stores across India. Bharti Walmart and Bharti Retail have partnered with Thomas Cook India, a Principal Agent of MoneyGram International (NYSE: MGI), to bring money transfers service to the stores. The service will be available, in over 121 easyday and 11 easyday Market and 6 Best Price Modern Wholesale stores, across Punjab, Haryana, Rajasthan, Uttar Pradesh, Delhi, Madhya Pradesh, Uttarakhand, Chhattisgarh, Karnataka, Jammu and Kashmir.

 

The global money transfer service augments the value proposition of easyday, easyday Market and Best Price Modern Wholesale stores for the customers and members, by offering them a one-stop shop experience to fulfill their grocery and financial requirements.

In order to receive a money transfer, Indian nationals can show the passcode of the transaction along with valid photo-identity proof and residence address proof and as per RBI guidelines draw upto Rs.50,000 in cash immediately. Transactions above Rs.50,000 are given out in cheque. Foreign nationals can also avail of this service and as per existing regulatory policies, can withdraw cash up to equivalent of USD 2500 after producing valid Passport and Visa.

"Remittances to India make a major impact in the economic growth and financial stability of its citizens. We are pleased that together with Bharti Walmart and Bharti Retail we can offer our services at retail locations that are open long hours with a reputation for convenience, service and value,” said Mr. Dan O’Malley, Executive Vice President of MoneyGram International. "Further, MoneyGram is pleased to extend its U.S. Walmart relationship internationally with Bharti Walmart and we look to continue to introduce our services to people around the globe through this business relationship."

Speaking on the occasion, Mr. Raj Jain, Managing Director and CEO, Bharti Walmart Pvt. Ltd. said, "At Bharti Walmart, it is our constant endeavor to help people save money so they can live better, and the launch of convenient money transfer service through our Best Price Modern Wholesale cash-and-carry stores brings us one step closer to achieving that."

Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd., on the occasion said, "We are delighted to partner with Bharti Walmart and Bharti Retail in this initiative. The money transfer services will provide several benefits of ease, convenience and value to their customers."

The World Bank's Migration and Remittances Factbook 2011 states that in 2010 India was the largest recipient country of remittances and the number two emigrating country in the world. Approximately $55 billion (USD) in remittances were sent to India last year.

About Bharti Walmart Private Limited
Bharti Walmart Private Limited is a business-to-business (B2B) joint venture between Bharti Enterprises and Walmart for wholesale cash-and-carry and back-end supply chain management operations in India to serve small retailers, manufacturers and farmers. The JV launched its first B2B Best Price Modern Wholesale cash-and-carry store in Amritsar in May 2009. A typical cash-and-carry store will stand between 50,000 and 100,000 square feet and sells a wide range of fresh, frozen and chilled foods, fruits and vegetables, dry groceries, personal and home care, hotel and restaurant supplies, clothing, office supplies and other general merchandise items. The JV is expected to open 10-12 wholesale cash-and-carry facilities and employ approximately 4,000 people by end of 2011. Currently, Best Price Modern Wholesale stores are present in Amritsar, Zirakpur, Jalandhar, Kota, Bhopal and Ludhiana.

About easyday and easyday Market
 Easyday and easyday Market stores are owned and operated by Bharti Retail, a wholly owned subsidiary of Bharti Enterprises, one of India’s leading business groups. The company has launched more than 122 ‘easyday’ neighborhood stores in Punjab, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand, Madhya Pradesh, Delhi and Jammu & Kashmir, and 11 compact hypermarkets called ‘easyday Market’ in Punjab, Rajasthan, Madhya Pradesh, Chhattisgarh, National Capital Region and Karnataka. easyday and easyday Markets stores promise "Sabse Kam Daam, Har Din" and offer an extensive product mix at everyday low prices (EDLP) which are relatively lower by at least 3-5% on a 'monthly basket of products' vis-a-vis similar stores.

About MoneyGram International
MoneyGram International, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States through a global network of more than 233,000 agent locations - including retailers, international post offices and financial institutions - in more than 190 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com or connect with us on Facebook.

About Thomas Cook India
Thomas Cook is the largest integrated Travel and Travel related Financial Services Company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, and Insurance. The Company has been in India for 129 years providing world-class travel service. TCIL has the largest network with 180 locations in 72 cities. For more information, please visit www.thomascook.in

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