Western Union will implement Visa Direct, Visa’s real-time push payments platform, in an effort to streamline the process of sending money around the world.
Once Western Union’s implementation of Visa Direct is live, Western Union will be able to offer customers an expedited remittance service onto cards with more transparency and a streamlined user experience for both senders and receivers.
According to the press release, nearly USD 80 trillion is sent via a wire transfer or bank account globally today, but the process is complex. Money can take days to arrive because of multi-step, costly methods. Moreover, 85% of all transactions are still in cash or other physical currency. Therefore, both Visa’s and Western Union’s strategies aim to digitise these solutions.
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