Western Union announced that it has teamed up with cross-border payments network Thunes to enable customers to send funds directly into mobile wallets around the world.
In addition, users of Western Union’s network of agents can also send funds directly into a recipient’s mobile wallet.
“We are continuously expanding and enhancing our account payout portfolio, providing customers with multiple payout options including bank accounts, cards or mobile wallets,” Western Union Global Head of Account Payout Network Sobia Rahman said in a press release. “Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.”
Thunes (previously TransferTo) provides a cross-border network that delivers payment solutions for emerging economies. Headquartered in Singapore, the company also has regional offices in London and Miami.
The partnership with Western Union will offer more financial access for consumers — especially those without access to traditional financial services — by connecting them to alternative payment solutions.
“We are delighted to be working with Western Union to provide global reach for their customers,” said Thunes CEO Steve Vickers. “Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems, and by utilizing our vast networks, Western Union customers will now have more flexibility when sending money across borders.”
Last month Western Union revealed it would sell its U.S. bill payments business to ACI Worldwide in an all-cash transaction for $750 million. According to Hikmet Ersek, CEO of Western Union, the deal helps Western Union sharpen its focus on building out cross-border payment capabilities, with an eye toward technology-driven initiatives.
In fact, the CEO told PYMNTS’ Karen Webster that the company’s roadmap is on cross-border, cross-currency fund flows done digitally and over mobile devices, well beyond what is considered today to be Western Union’s firm hold on the global remittance space.