Visa, Western Union expand cross-border money transfers

  • Visa and Western Union have established a seven-year partnership aimed at enhancing cross-border money transfers, facilitating direct transfers to bank accounts and Visa cards across 40 countries and five continents.
  • The collaboration involves various initiatives, including card issuance, integration with Visa Direct for swift transfers, and risk management services, as well as the provision of Visa prepaid cards in select regions.
  • With a focus on providing seamless digital and analog payment options, the partnership also targets improving emergency assistance, pension transfers, and benefit disbursements globally, including support for humanitarian aid efforts by non-governmental organizations and government clients.

OUR TAKE
Visa and Western Union have joined forces to improve cross-border money transfers. Many banks are enhancing cross-border money transfer services, which are an integral component of the global economy, facilitating transactions between individuals, businesses, and financial institutions across different countries. These payments play a crucial role in enabling international trade by allowing businesses to pay suppliers, partners, and employees in foreign currencies. Cross-border payments are essential for fostering economic growth, supporting global trade and commerce, enabling international remittances, promoting investment opportunities, and advancing financial inclusion worldwide.

–Sylvia Shen, BTW Reporter

Visa and Western Union have forged a seven-year partnership aimed at substantially improving the process of cross-border money transfers.

Streamlined money transfers

Through this partnership, Western Union users will find it easier to send money straight to bank accounts and Visa cards in 40 different countries on five continents.

The collaboration encompasses card issuance, integration with Visa Direct to expedite money transfers, and the delivery of risk management services.

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It will also provide Visa prepaid cards in select countries, providing a smooth fusion of digital and analog payment options. Western Union clients will be able to send money to friends and family anywhere in the globe fast by using Visa Direct.

The programs aims to make emergency assistance, international pension transfers, and domestic benefit disbursements easier. Prepaid cards from Western Union will also be available to non-governmental organizations and government clients who wish to support humanitarian aid efforts.

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Expansion continues

This agreement builds on the two financial services firms’ prior partnerships in 2019 and 2022, which enabled users in the US and Europe to transfer money to Visa cards abroad.

Additionally, the businesses want to provide Visa and Western Union Debit Cards users throughout Europe, Latin America, Asia Pacific, and North America.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, an intern reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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