Western Union has expanded its collaboration with
Tencent Financial Technology to enable customers worldwide to send money
directly to Weixin users in China. Under this agreement, customers utilizing Western Union’s
digital platforms can transfer money directly to Weixin Pay wallets or linked
bank accounts in China.
Enhancing Global Payment Access
According to the payment giant, this integration seeks to streamline the payment
process and allow senders to bypass traditional cash collection methods. With
the option to send up to USD 5,000 per transaction, this enhancement marks a
significant stride towards meeting the evolving needs of customers seeking international money transfer solutions.
Western Union’s collaboration with Tencent aims to
cater to the preferences of China’s tech-savvy population by offering a
better money transfer service. By leveraging Weixin’s user
base and Western Union’s global network, the partnership creates a digital
bridge that connects China with the rest of the world by facilitating
cross-border transactions.
Sohini Rajola, the Head of Asia Pacific at Western Union,
mentioned: “We are thrilled to expand our services on Weixin, one of the top
digital platforms in China that plays a significant role in the lives of over 1
billion users. China is the third-largest recipient of remittances globally,
receiving approximately USD 50 billion in 2023. Through our collaboration with
Tenpay Global, we are excited to further enhance our services to meet the
evolving needs of customers.”
Western Union emphasized the significance of this
collaboration in addressing the growing demand for cross-border remittances,
particularly in a market like China. With approximately USD 50 billion
in remittances received in 2023, China is reportedly the third-largest remittance recipient globally.
Expansion to Cuba
Early last month, Western Union resumed its money transfer service from the United States to Cuba. The step aims to facilitate remittances to Cuban residents holding accounts
at specified local banks. Under the resumed service, Western Union customers can
send money from any US retail location, WesternUnion.com, or the mobile app to
recipients in Cuba. However, the service is limited to consumer transfers, with
each transaction capped at $2,000.
Recipients must possess valid identification documents
and maintain bank accounts at designated Cuban banks, including Banco Popular
de Ahorro, Banco Metropolitano SA, and Banco de Credito y Comercio (Bandec).
Funds can only be received into bank accounts and
debit cards, with transfers restricted to consumer transactions. Upon
presentation of valid government-issued identification, US customers are
permitted to remit up to $2,000 per transaction. The money transfer services are reportedly available for receipt on the same day, even on weekends and holidays.
This article was written by Jared Kirui at www.financemagnates.com.
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