Western Union Works with TerraPay to Expand Payout Options to Millions of Mobile Wallets
December 13 2018 - 7:00AM
Business Wire
Western Union (NYSE: WU), a leader in cross-border,
cross-currency money movement, announces an alliance with TerraPay
to enable mobile wallet and bank account payout. The alliance
further expands upon Western Union’s account payout network for
sending remittances directly into customers’ mobile wallets across
Europe, Africa, Asia and Latin America.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20181213005331/en/
TerraPay CEO Ambar Sur and Head of
Account Payout Network for Western Union Sobia Rahman (Photo:
Business Wire)
TerraPay’s low value payments network connects financial
instruments internationally. The company’s interoperability engine
enables customers to send and receive transactions across diverse
payment instruments and platforms – enabling mobile wallets in
international, regional and domestic markets.
“Joining with TerraPay is a great opportunity to further
diversify and expand our payment options across the globe,
delivering remittances into mobile wallets,” said Sobia Rahman,
global head of account payout network for Western Union. “Extending
our network to TerraPay’s users will provide a convenient and
automated channel that customers are looking for.”
“We are excited about this new alliance with Western Union.
Uniting our strengths will play a pivotal role in expanding
TerraPay’s network into new markets and help migrant workers send
money home to a mobile wallet or bank account, through a reliable
and convenient service,” said Ambar Sur, founder and CEO of
TerraPay.
The Western Union® global account payout
network connects to local banks, national payment settlement
switches, third-party payment processors, mobile wallets, prepaid
and other card connections.
About Western Union’s Cross-Border Platform
Western Union’s cross-border, cross-currency money movement
platform – including a robust digital footprint, settlement,
treasury and compliance infrastructure, a vast global retail
network of over half a million locations, and the ability to send
money to billions of accounts and mobile wallets – sets the
standard for international money movement. With operations in more
than 200 countries and territories, Western Union’s platform
processed an average of 32 transactions every second and moved $300
billion in principal across 130 currencies in 2017.
Connecting the digital and physical worlds of money, Western
Union’s technology stack, APIs, foreign exchange and settlement
engine, agent network, anti-money laundering and fraud detection
capabilities make it one of the largest digital and physical money
movers for consumers around the globe. The company offers digital
transactions in more than 50 countries and territories.
Approximately 70% of Western Union’s digital transactions globally
now originate on mobile devices.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement. Our omnichannel
platform connects the digital and physical worlds and makes it
possible for consumers and businesses to send and receive money and
make payments with speed, ease, and reliability. As of September
30, 2018, our network included over 550,000 retail agent locations
offering Western Union, Vigo or Orlandi Valuta branded services in
more than 200 countries and territories, with the capability to
send money to billions of accounts. Additionally, westernunion.com,
our fastest growing channel in 2017, is available in more than 50
countries and territories to move money around the world. In 2017,
we moved over $300 billion in principal in nearly 130 currencies
and processed 32 transactions every second across all our services.
With our global reach, Western Union moves money for better,
connecting family, friends and businesses to enable financial
inclusion and support economic growth. For more information, visit
www.westernunion.com.
About TerraPay
TerraPay is the world’s first mobile payments switch- a B2B
transaction processing, clearing and settlement service for mobile
wallets. Our best-in-class technology serves as the
interoperability engine that enables our partners’ customers to
send and receive real-time transactions across diverse payment
instruments, platforms and regions.
We believe in the power of the mobile to transform financial
inclusion, and are building the digital payment rails to fulfil our
vision of being able to send money to any mobile.
TerraPay is a B2B company incubated by Mahindra Comviva, a
global leader in delivering mobile financial solutions, itself part
of the USD 18 billion Mahindra Group. TerraPay is registered and
regulated in several jurisdictions. In the UK, it is regulated by
the Financial Conduct Authority (FCA).
WU-G
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181213005331/en/
Western UnionCristina HooleMobile: +44-(0)7766
070978Cristina.Hoole@wu.comTerraPaySundeep
Mehtamedia@terrapay.com
Western Union (NYSE:WU)
Historical Stock Chart
From Aug 2024 to Sep 2024
Western Union (NYSE:WU)
Historical Stock Chart
From Sep 2023 to Sep 2024