Visa And Western Union Announce Collaborative Expansion Changing How To Send Cross-border Money

Photo: Doc. Visa

JAKARTA - Visa (NYSE: V) announced a seven-year agreement with Western Union (NYSE: WU). Through this new agreement, Western Union customers will be able to send money to their families and friends via Visa cards and eligible bank accounts in 40 countries in five regions, including Indonesia in Asia Pacific.

This agreement includes card issuance, Western Union integration with Visa Direct, as well as providing added-valued services including risk-related products. Western Union customers in certain markets will also be able to receive Visa prepaid cards that offer innovative solutions to bridge the physical and digital world.

Western Union and Visa are also developing a disbursement of funds program for humanitarian organizations and governments to support the delivery of aid during disasters. These programs are intended to support payments in emergency situations and humanitarian efforts, cross-border pension payments, as well as payment of allowances and disbursement of domestic funds.

"Many people rely on sending money to send financial assistance to their loved ones abroad. When we consider the urgency and need for accessibility, the presence of safe and easy payment options can make big differences," said Chris Newkirk, Global Head of Commercial & Money Movement Solutions, Visa, in a written statement.

"The global Visa scale and Western Union's digital capabilities revolutionize the way customers send funds around the world. We are proud to be able to offer fast and efficient solutions to more and more people for cross-border payments."

Sam Jawad, Head of Ecosystem, Western Union said, people around the world rely on Western Union to provide innovative and easily accessible financial services, as well as offer flexibility, value, and trust.

"By strengthening our strategic collaboration with Visa, we will provide huge-impact products and services that can help empower our customers to build an opportunityful life for themselves and their loved ones," he explained.

This agreement is a continuation of the Western Union's integration with the existing Visa Direct in 2022 and 2019, which allows US and European customers to send and/or receive funds directly to eligible Visa cardholders abroad.