As it has become known, the world’s leading operator of cross-border and cross-currency money transfers Western Union has entered in a partnership with Thunes that is a Stellar collaborator, a cross-border payments network built for emerging markets.
The main aim of WU and Thunes cooperation is to make it possible for Westen Union clients to transfer funds directly into recipients’ mobile wallets around the world.
Direct Mobile Wallet Transfers
Earlier Thunes was known as TransferTo and it worked together with Stellar project on testing the integration of blockchain-powered settlements on its network.
Now this collaboration with Thunes will help Western Union to widen the opportunities for users of WU’s digital network or services of WU agent locations which is expected to enhance their experience and make transfer options even more convenient for them.
Speaking about their new initiative, Sobia Rahman, Global Head of Account Payout Network for Western Union, stated:
“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.”
It is also said that this move aimed at expanding of the network’s functionality will ensure financial inclusion all over the world by connecting people to alternative payment solutions, such as mobile wallets, and making finance more accessible for those who do not have a possibility to use banking services due to the lack of traditional financial service providers in the region.
CEO of Thunes Steve Vickers also expressed his team’s excitement about this new conjunctive initiative. He said:
“We are delighted to be working with Western Union to provide global reach for their customers. 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.”
Western Union and Crypto-Related Techs
It’s also worth mentioning that it is not the first attempt of Western Union to work with blockchain-based technologies. Since 2018 it has been cooperating with Ripple to test its payment solutions and its management have a very positive stance towards xRapid.
In February it was revealed that Western Union was working on cryptocurrency gateways and other related corridors utilizing Ripple techs which is said to make payments more cost and time-efficient.
Moreover, earlier, Western Union Global Money Transfer President, Odilon Almeida also stated that the company is ready to adopt any kind of currency. And cryptocurrency is not an exception as there is little difference between crypto payments and traditional digital transfers.
As for Stellar, the project is also growing. Recently, it has been disclosed that six international banks are going to issue their own fiat-backed stablecoins on IBM’s Stellar-based cross-border payment network.