Consumers can ‘Send Now, Pay Later’ by borrowing up to USD 1343 through Beforepay’s wage-advance product on Western Union’s digital channels.
Insights from Western Union research show that as many as 44% of Australia’s consumers would like to have the choice to ‘Send Now, Pay Later’ when transferring money around the world. This announcement means that consumers will be able to do just that.
By accessing Beforepay’s wage-advance product through Western Union’s mobile app and website, customers will be able to increase how much they transfer. Registration to access the additional funds can be completed within minutes and once issued, can be repaid in multiple instalments. International money transfers through Western Union can be sent to over 200 countries and territories.
Western Union’s officials stated that they are committed to supporting their customers and their communities by offering financial services that are accessible, ethical, and reliable. Western Union’s mission is to make financial services accessible to people everywhere. The collaboration with Beforepay is giving customers the opportunity to access additional funds as they send money to families and communities.
The announcement reinforces Western Union’s ‘Evolve 2025’ strategy to combine high-value, accessible retail and digital financial services. Beforepay’s wage-advance product is designed to give customers the opportunity to meet temporary cash-flow challenges. The average advance Beforepay offers to customers is approximately USD 268. The full amount is repaid within an average of three to four weeks.
Commenting on this development, representatives from Beforepay said they’re happy to collaborate with Western Union to support their customers with access to safe, affordable short-term lending. The two companies share a vision of providing inclusive financial services to consumers around the world.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now