The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, and Mastercard, a global technology company in the payments industry, have bolstered their decade-long strategic partnership.
The deepened partnership expands Mastercard Send integration into Western Union’s global money movement network, and also Mastercard’s Cross-Border Services delivery via Western Union Business Solutions. It represents the latest iteration of Western Union’s digital partnership strategy to become the world’s leading global financial network.
The partnership expansion will broaden choice for both Western Union’s consumers and Mastercard’s business clients.
First, by integrating Mastercard Send, Western Union is broadening payout possibilities for its U.S. domestic money transfer receivers. This enables beneficiaries of Western Union transfers in the U.S. to re-direct any U.S. domestic transaction to a selected bank card. The service is available to load funds on any debit card network within the U.S., with money delivered in minutes to the receiver’s debit-card-linked account.
Second, Western Union customers in 16 European markets1 will now have the option to leverage Mastercard Send to send money transfers, in near real time, directly to their receiver’s Mastercard debit card, increasing transaction speed and simplifying the receive process. The service is live today with receive destinations including Russia, Turkey, Romania, Hungary, Serbia, Slovakia, Croatia and Kosovo. More countries on both the send and receive sides will be added in the coming months.
In addition, Mastercard will integrate into Western Union Business Solutions’ global network, to pay out funds for Mastercard’s Cross-Border Services, enhancing the offering to existing bank and trade network relationships.
Gabriella Fitzgerald, President, Americas Region at Western Union, said,
“We’re very proud of the relationship that we continue to build with Mastercard, and the role we play for them as a trusted partner and provider of innovative cross-border payment solutions,”
“This is just one more example of the world’s leading financial services companies coming to Western Union for our technology, expertise and the power of our omni-channel global financial network to meet their cross-border money movement and payments needs.”
Leigh Amaro, Senior Vice President, Enterprise Partnerships at Mastercard, added,
“Western Union is a critical partner for Mastercard as together we focus on digitizing and modernizing the movement of money — for consumers and businesses,”
“Combined, our networks offer unique global reach, for efficient and secure transactions.”
News Source: Business Wire, Inc.