Register a company in the United Kingdom and get a Payoneer account in just 3 days!
Sending money abroad gets easier: Western Union and Visa partner up
Visa and Western Union have joined forces in a seven-year agreement to improve how money travels across borders. This partnership will make it easier for Western Union’s customers to send funds directly to Visa cardholders and bank accounts in 40 countries around the world.
The collaboration involves several aspects. First, there will be the issuance of co-branded cards. Second, Western Union will integrate with Visa Direct, a service that allows for faster money transfers. Third, Visa will provide risk management services to ensure the security of transactions.
Sending Money Across Borders Gets Easier
Furthermore, the partnership will introduce Visa prepaid cards in select markets. These cards will combine the convenience of digital payments with the accessibility of physical cards. This, along with Visa Direct, will allow Western Union customers to send money to loved ones quickly and easily.
Looking beyond individual transactions, Visa and Western Union are also developing programs to assist governments and humanitarian organizations during emergencies. These programs will help distribute critical funds efficiently in times of crisis. For example, Western Union’s government and NGO clients will be able to utilize prepaid cards to facilitate relief efforts.
This new agreement builds upon prior collaborations between the two companies in 2019 and 2022, which already enabled money transfers to Visa cardholders in the U.S. and Europe. The future holds even more integration, as the companies plan to issue co-branded debit cards across multiple continents.
At International Fintech Business (IFB), we help to connect companies to VISA, MasterCard, and China Union Pay payment methods. Our experts can help with any questions you may have. Contact us today!
