Westmin Union is moving forward in the digital world, joining forces with the cross-border payment network so its customers can take advantage of mobile phone wallets.
The network is Thunes, through which Western Union customers can send money directly to the recipient’s mobile wallet. All they need is to connect to the Internet or visit one of the many dealer locations as they do for traditional transfers.
Why is this news important?
Westmin Union has long been known as the place to make bank transfers and pay bills, but advances in the financial technology world have made traditional remittances an old one. Subia Rahman, President of Global Network Payments Company, responded that the company is constantly making efforts to add improvements. These include expanding and strengthening the account payout portfolio; providing customers with multiple payment options, including bank accounts, cards or mobile wallets in their efforts. She said:
“Our goal is to make digital money transfer services easier, with particular emphasis on enabling transactions on mobile phones”
Western Union says collaboration with Thunes helps them better serve customers who lack traditional financial services. They will be connected to alternative payment solutions such as mobile phone wallets.
Not the first cooperation
Collaboration brought some fun comments from the observers. Western Union has partnered with Thunes, but Thunes has partnered with Stellar.
Steller is a distributed, open source platform linking financial systems. It also facilitates transfers across assets. Thunes says Stellar provides an immediate platform for settlement, clearance and execution.
Patience and time are the two important strategies
Last year, the CCN reported ideas from Almeida, president of Western Union, on digital currencies. Almeida said the company was evaluating the best way to use digital currency and bauxite. Despite praising technology and innovation in space, he said that volatility, governance and compliance were a stumbling block to their growth.