Visa and Western Union Collaborate to Revolutionize Remittance Services

In a bid to enhance the remittance experience for millions worldwide, payments giant Visa has teamed up with Western Union, a leading money transfer firm, in a landmark seven-year agreement, as outlined in The Fintech Times. This partnership aims to provide a seamless and efficient platform for Western Union customers to send money to eligible Visa cards and bank accounts in 40 countries across five regions.

Notably, this collaboration enables Western Union customers to receive Visa prepaid cards in select markets, offering an innovative solution that bridges the physical and digital realms. Countries covered by this partnership include the US, Canada, UK, Turkey, Romania, and many others.

This strategic agreement encompasses various aspects such as card issuance, integration with Visa Direct, and delivery of value-added services, including risk products. Additionally, both companies are working on disbursement programs for humanitarian organizations and governments to facilitate the delivery of critical funds during disasters and emergencies.

Chris Newkirk, Visa’s global head of commercial and money movement solutions, highlighted the importance of this partnership, stating, «People rely on remittances to send lifeline payments to their loved ones overseas. When we consider the urgency and need for accessibility, secure payment options with added convenience can make all the difference.»

Sam Jawad, head of ecosystem at Western Union, emphasized the impact of this collaboration, stating, «By strengthening our strategic collaboration with Visa, together we will deliver impactful products and services that can help empower our customers to build a life of opportunity for themselves and their loved ones.»

This agreement builds on Western Union’s existing integrations with Visa Direct, which have enabled customers in the US and Europe to send and receive funds directly to eligible Visa cardholders overseas.