The agreement expands the reach of Western Union's offerings, allowing its customers to send money to eligible Visa cards and bank accounts in 40 countries across five regions. This collaboration touches on various aspects, including card issuance, integration with Visa Direct for quicker transactions, and the delivery of value-added services such as risk products. Additionally, Western Union customers will have the option to receive Visa prepaid cards in selected markets, providing a mix of physical and digital solutions.
Another important aspect of the partnership involves the development of disbursement programs created for humanitarian organisations and governments. These programs aim to facilitate the delivery of essential funds during emergencies, supporting various types of payouts including emergency relief, cross-border pensions, and domestic benefits disbursement.
In the company press release, officials from Visa emphasised the importance of providing secure and convenient payment options for individuals reliant on remittances. They highlighted the impact of Visa's global reach mixed with Western Union's digital capabilities in revolutionising cross-border payments.
Representatives from Western Union highlighted the commitment to delivering innovative and accessible financial services that benefit customers worldwide.
This agreement builds upon previous integrations between Western Union and Visa Direct in 2022 and 2019, which facilitated direct fund transfers between US and European customers and eligible Visa cardholders overseas.
Individually, Western Union partnered with Mercado Pay in February 2024 to provide customers in the US and Canada with the ability to send money from Western Union. This new capability extended the geographic reach and level of choice for Western Union's and Mercado Pago's customers, while also aiming to provide speed and convenience.
According to Mercado Pago, the goal of this partnership was to become a great banking app for receiving remittances in Mexico. The company also intended to become a simple option for those who send remittances from the US and Canada.
As for Visa, it partnered with AsiaVerify in March 2024 to improve digital payments and banking customer experiences in the region of Asia Pacific.
Following this announcement, the companies focused on delivering new opportunities for financial institutions and banks by combining AsiaVerify’s expertise in Asia Know Your Business (KYB), Know Your Customer (KYC), and Ultimate Beneficial Ownership (UBO) solutions with Visa’s network and resources.
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