Western Union is known as one of the most accessible networks for money transfers. Over the past year, they have been searching for new ways to improve services and save time and money for customers.
The search has been leading the money transfer king towards the world of the blockchain. Western Union just announced that they were partnering with Thunes, a money transfer and remittance service that is focusing on developing markets.
Western Union has already been experimenting with integrating blockchain solutions into their model. They have been working with Ripple since the start of 2018, and have set forth the attitude that if cryptocurrency is here to stay, Western Union will welcome its use.
In a press release, both companies exuded excitement for the potential that the partnership delivers.
Sobia Rahman is Western Union’s Global Head of Account Payout Network and he thinks this move will make Western Union the ultimate interoperable transfer tool.
“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.”
Thunes is a cross-border payment platform that is focusing their attention on establishing a base of users in growing economies. Their CEO Steve Vickers sees this partnership as a way to reach millions of people.
“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.”
Thunes and Western Union’s partnership will bring blockchain technology and the use of cryptocurrencies to millions of new people in emerging economies. As these young markets grow, businesses and people will be able to make transfers at increasingly faster rates with fees that are cheaper than ever. Cryptocurrency will help these economically growing regions. And in a reciprocal way, the emerging markets will help the growth of cryptocurrency.