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Visa and Western Union announce expanded collaboration transforming how money travels cross-border

6 martie 2024

Using Visa Direct capability, Western Union customers in 40 countries will be able to quickly send funds to friends and family around the world

Today, Visa announced a 7-year agreement with Western Union. Under the new deal, Western Union customers will be able to send money to their family and friends’ eligible Visa cards and bank accounts in 40 countries across five regions1.

The agreement encompasses card issuance, Western Union’s integration with Visa Direct, and value-added services delivery including risk products. Western Union customers will also be able to receive Visa prepaid cards in select markets offering an innovative solution that bridges the physical and digital world.

Western Union and Visa are also developing disbursement programs for humanitarian organizations and governments to support the delivery of critical funds during a disaster. The programs are intended to support emergency and humanitarian payouts, cross-border pension payouts2, and domestic benefits and disbursement payouts.

People rely on remittances to send lifeline payments to their loved ones overseas. When we consider the urgency and need for accessibility, secure payment options with added convenience can make all the difference,” said Chris Newkirk – Global Head of Commercial & Money Movement Solutions, Visa. “Visa’s global scale and Western Union’s digital capabilities are revolutionizing how customers send funds around the world. We are proud to offer more people fast and efficient solutions for cross-border payments.

Aspiring populations around the world rely on Western Union to provide them with innovative and accessible financial services that offer flexibility, value and trust,” said Sam Jawad – Head of Ecosystem, at Western Union. “By strengthening our strategic collaboration with Visa, together we will deliver impactful products and services that can help empower our customers to build a life of opportunity for themselves and their loved ones.”

The agreement builds on Western Union’s existing integrations with Visa Direct in 2022 and 2019, which enabled US and European customers to send and/or receive funds directly to eligible Visa card holders overseas.

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1 The United States, Canada, United Kingdom, Turkey, Romania, Poland, Philippines, Indonesia, Vietnam, Sri Lanka, Thailand, Hong Kong, India, Pakistan, Mexico, Colombia, Brazil, Peru, Costa Rica, Egypt, Kenya, Uganda, and Tanzania among others.
2 Availability varies by market. Please refer to your Visa representative for more information on availability.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

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In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?