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News

Western Union expands collaboration with Tencent Financial Technology

Wednesday 5 June 2024 15:44 CET | News

Western Union has expanded its collaboration with Tencent Financial Technology to partner with Tenpay Global, Tencent’s cross-border payment platform.

 

As per the official announcement, customers worldwide can now send money from westernunion.com and Western Union’s app directly the receivers’ wallets and bank accounts based in China and available in WeChat.

The expanded collaboration underpins Western Union’s Evolve 25 strategy which aims to accelerate digital growth by providing more choice, accessibility and convenience for its customers when transferring money internationally. 

Western Union has expanded its collaboration with Tencent Financial Technology to partner with Tenpay Global, Tencent’s cross-border payment platform.

 

Enhanced convenience with global access 

This enhancement builds on Western Union’s existing relationship with Tencent Financial Technology and Shanghai Pudong Development Bank. In the current collaboration, WeChat users in China have the choice to use their Money Transfer Control Number (MTCN) to route their Western Union money transfers, originally intended for cash collection, to their bank accounts instead. This announcement is an add on, so senders abroad can also now push money transfers directly to their receivers’ wallets or bank accounts available within WeChat's platform. Customers can send up to USD 5,000, or local equivalent, per transaction. 

The press release further explains that combining WeChat's user base and Western Union’s global reach, the collaboration represents a significant step forward in making financial services accessible to all by offering customers greater flexibility and convenience with their money transfer needs. It reaffirms the companies’ shared mission to serve customers’ digital needs by providing reliable cross-border transactions. 

Source: Link


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Keywords: cross-border payments, partnership, money transfer, payments , online payments
Categories: Payments & Commerce
Companies: Tencent, Western Union
Countries: China
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Payments & Commerce

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