Global financial service giant, western union and messaging giant WeChat recently partnered to launch a new global money transfer service.
In yet another first , WeChat users will now have the ability to send money cross-border to 200 countries and territories around the world. Although the service is only available to users in the United States ,there are plans to roll it out to other countries in the near future.
The partnership comes shortly after the launch of th recently announced, WU Connect platform which embeds Western Union’s robust global money transfer capability into third-party digital platforms to provide users with new ways to quickly and conveniently send money to friends and family.
In a press release, CEO of Western Union cited the growing importance to have a digital presence on social platforms where most internet uses spend most of their time.
He added, “Given the proliferation of social media around the world, we are expanding our activities in this exciting area. It only makes sense to include the WeChat platform as part of the company’s innovative digital money transfer capabilities. By teaming with WeChat …Western Union is offering yet another new method for customers to move money worldwide.”
This partnership marks WeChat as the first social communication app to support person-to-person cross-border money transfer capabilities and solidifies Western Union as a market leader when it comes to digital money transfer.
Consumers will be able to conduct the money transfer through their debit cards, credit cards or bank accounts. Funds can then be easily directed to a Western Union retail agent location around the world, and to a mobile wallet or bank account where available. Each transaction will be checked for fraud and compliance with local and international regulations.
Tencent Holdings, through their app Weixin already offers a product that lets its social network users make payments domestically inside China. The partnership with Western Union provides similar services to members in the U.S.
According to market researcher eMarketer mobile payments in the U.S. are expected to more than triple next year, to $27 billion from $8.7 billion in 2015. It is also estimated that one in five smartphone users will use mobile payments in 2016.
To Follow the Official Wester Union Account
In WeChat, search for the ID WesternUnionOfficial or scan the QR code below.