One of the leading names in the money exchange business, Western Union, seems to be part of the cryptocurrency news today for its recent partnership with a cross-border payments network so that its customers can take advantage of a new solution – mobile wallets.
In other words, senders can now use Western Union’s growing digital network or agent location to send funds in a recipient’s mobile wallet, according to a press release shared on Finextra.
The network that Western Union partnered with is named Thunes. The process is simple – customers can send funds into a recipient mobile wallet directly – all they need to do is go online or visit one of the many agent locations as they do to make traditional money transfers.
Long known as the place to make wire transfers and pay bills, Western Union has advanced in the world of fintech and finally went outside the brick-and-mortar business. According to the global head of Account Payout Network named Sobia Rahman, the company is continuously making improvements.
As he stated:
““We are continuously expanding and enhancing our account payout portfolio, providing customers with multiple payout options including bank accounts, cards or mobile wallets. Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.”
The collaboration with Thunes, according to Western Union, will help the company better serve the customers who lack access to traditional financial services. They will be connected to the alternative payment solutions such as the mobile wallets.
— Sam Conner (@samconnerone) March 20, 2019
The collaboration also includes Stellar as the platform of choice for Thunes – and the distributed and open-source blockchain platform that connects financial systems. According to Thunes, Stellar provides an instant clearing, settlement and execution platform.
The CEO of Thunes, Steve Vickers, commented the partnership saying:
“Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems. By utilizing our vast networks, Western Union customers will have more flexibility when sending money across borders.”
The collaboration will obviously result in better financial access for consumers – especially ones lacking access to traditional financial services – by connecting them to alternative payment solutions such as mobile wallets that can help drive better financial inclusion on a global scale.
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