According to a recent report, global payment transfer giant, Western Union (WU) has entered into a partnership with Thunes, a cross-border payments network for emerging markets. The purpose of the partnership is to provide western union users with the ability to transfer funds directly to mobile wallets worldwide.
Western Union revealed via a recent press release that its partnership with Thunes will be targeted at making it convenient for the user of WU’s digital network or WU agent locations to transfer funds directly to recipients’ mobile wallets.
The money transfer giant has noted that this new development will help to increase financial inclusion globally. It will also helps to ease financial access for the underbanked — and anyone currently not supported by traditional financial service providers.
Speaking on the recent development, Sobia Rahman, Global Head of Account Payout Network for Western Union, stated that:
“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.” Rahman continued
Western Union has shown its affinity for blockchain-based digital currencies, in recent times. The president of WU Global Money Transfer has also stated that should cryptocurrencies become an adopted means of exchange between individuals and business, the company “would be ready to launch” support.
Apart from using cryptocurrency, it was previously reported that the company has started exploring the use of DLT to improve its platform. WU is reportedly participating in an ongoing test with Ripple to probe the cost and time efficiency value of Ripple’s blockchain-powered settlement system. Western Union’s Chief Executive Officer Hikmet Ersek also confirmed that testing is taking place during a conference call.
“We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities,” Ersek said, adding “we do have some tests with Ripple.”
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