According to the announcement, customers in the US and Canada are able to send money by using Western Union’s mobile app, its website, or from one of its retail locations to Mercado Pago wallet accounts in Mexico.
Once customers send money using The Western Union app, Mercado Pago wallet account holders in Mexico can easily withdraw cash for free with a debit card in thousands of ATMs and stores, use the funds to pay for services directly through the Mercado Pago application or transfer funds to others.
This new capability extends the geographic reach and level of choice for Western Union's and Mercado Pago's customers, while also aiming to provide speed and convenience. Once sent, the money is credited to Mercado Pago accounts without leaving the comforts of home.
Officials from Mercado Pago Mexico stated that the growth of the companies’ relationship confirms that they are improving an important transaction for millions of families in Mexico.
According to Mercado Pago, the goal of this partnership is to become a great banking app for receiving remittances in Mexico and now with this development, the company intends to become a simple option for those who send remittances from the US and Canada.
Officials from Western Union stated that together with Mercado Pago, the two collectively share a mission to increase customers’ access to digital and traditional financial services. As Western Union builds on growth and innovation across Mexico and its key corridors, its continued work with Mercado Pago provides choice across digital and physical channels for its customers.
Other recent updates from Western Union
UK-based fintech Paysend
partnered with Western Union to add an additional direct to card payout option for Western Union clients.
This agreement with Western Union aimed to facilitate seamless and efficient cross-border money transfers, as the integration with Western Union will enable consumers to send funds through Western Union's branded digital solution directly to Visa and Mastercard debit cards.
In the company press release, officials from Paysend expressed their enthusiasm for the collaboration, emphasising Paysend's mission to simplify money transfers for all. They also talked about Western Union and described it as a company known for its global reach and commitment to financial inclusion.
