Today, Visa disclosed a seven-year partnership with Western Union. Through this new deal, Western Union clients will have the capability to transfer funds to their acquaintances and family members’ qualified Visa cards and bank accounts across 40 countries spanning five regions.
The deal includes card issuance, the incorporation of Western Union with Visa Direct, and the provision of added-value services such as risk management products. Additionally, Western Union clients in selected markets will gain access to Visa prepaid cards, presenting an innovative solution that connects the tangible and digital realms.
Western Union and Visa are developing disbursement programmes aimed at humanitarian organisations and governmental bodies to aid in the distribution of essential funds in times of crisis. These schemes are designed to facilitate emergency and humanitarian payments, cross-border pension distributions, and national benefits and disbursement payments.
“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,” stated Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa.
“Visa’s global scale and Western Union’s digital capabilities are revolutionising how customers send funds around the world. We are proud to offer more people fast and efficient solutions for cross-border payments.”
“Aspiring populations around the world rely on Western Union to provide them with innovative and accessible financial services that offer flexibility, value and trust,” remarked Sam Jawad, Head of Ecosystem at Western Union.
“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 is a continuation of the existing cooperation between Western Union and Visa Direct from 2022 and 2019, which facilitated the ability for US and European clients to send and/or receive money directly to eligible Visa cardholders internationally.
