An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Western Union and Beforepay Offer ‘Send Now, Pay Later’ Service to Consumers for International Money Transfers
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Western Union has announced a groundbreaking collaboration with Beforepay, enabling Australian consumers to enhance their international money transfers by borrowing up to AUD 2000. This innovative 'Send Now, Pay Later' option allows customers to supplement their remittances through Beforepay's wage-advance product, accessible via Western Union's digital platforms. Research indicates that 44% of Australians desire this payment flexibility. This partnership reflects both companies' commitment to providing accessible financial services, aligning with Western Union’s 'Evolve 2025' strategy, which aims to combine valuable retail and digital financial solutions.
Positive
Collaboration allows consumers to borrow up to AUD 2000 to boost money transfers.
Partnership aligns with Western Union's 'Evolve 2025' strategy for accessible financial services.
Negative
None.
A first-of-its-kindcollaboration, allowing consumers in Australia to boost their international money transfers (remittances).
Consumers can borrow up to AUD$2000 to supplement transfers, with the flexibility to repay in multiple installments.
Collaboration demonstrates Western Union’s and Beforepay’s commitment to ensuring accessible financial services for all.
SYDNEY--(BUSINESS WIRE)--
Western Union and Beforepay today announced a first-of-its-kind collaboration, allowing consumers to boost their cross-border money transfers by accessing reliable, ethical and affordable short-term lending. Consumers can ‘Send Now, Pay Later’ by borrowing up to AUD 2000 through Beforepay’s wage-advance product on Western Union’s digital channels.
Meeting consumer expectations
Exclusive insights from Western Union research show that as many as 44% of Australia’s consumers would like to have the choice to ‘Send Now, Pay Later’ when transferring money around the world. Today’s announcement means that consumers will be able to do just that. By accessing Beforepay’s wage-advance product through Western Union’s mobile app and website, customers will be able to increase how much they transfer. Registration to access the additional funds can be completed within minutes and once issued, can be repaid in multiple installments. International money transfers through Western Union can be sent to over 200 countries and territories.
“We are committed to supporting our customers and their communities by offering financial services that are accessible, ethical, and reliable,” said Gregory Laurent, Regional Vice President of Australia, New Zealand and the Pacific Islands at Western Union. “Western Union’s mission is to make financial services accessible to people everywhere. Our collaboration with Beforepay is another step towards achieving this mission - giving customers the opportunity to access additional funds as they send money to families and communities. We are excited about the positive impact it can have for consumers, as they proactively look for convenient options to meet their financial needs.”
Accessible financial services for all
Today’s announcement reinforces Western Union’s ‘Evolve 2025’ strategy to combine high-value, accessible retail and digital financial services. Beforepay’s wage-advance product is designed to give customers the opportunity to meet temporary cash-flow challenges. The average advance Beforepay offers to customers is approximately AUD$400. The full amount is repaid within an average of three to four weeks.
“We’re excited to collaborate with Western Union to support their customers with access to safe, affordable short-term lending,” said Beforepay CEO Jamie Twiss. “Beforepay and Western Union share a vision of providing inclusive financial services to aspiring consumers around the world.”
About Western Union
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and approximately 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
About Beforepay
Beforepay (ASX: B4P) is an Australian fintech providing ethical-lending products to consumers. Beforepay’s wage-advance product enables its more than 750,000 registered users to borrow small amounts of money for short periods of time in a safe, affordable manner. The company’s flagship product charges a fixed fee of 5%, with no interest, late fees, penalty fees, or other costs of any kind. For more information, visit www.beforepay.com.
What is the collaboration between Western Union and Beforepay about?
The collaboration allows Australian consumers to borrow up to AUD 2000 to enhance their international money transfers, introducing a 'Send Now, Pay Later' option.
How much can consumers borrow using Beforepay's product?
Consumers can borrow up to AUD 2000 through Beforepay's wage-advance product.
What percentage of Australians want a 'Send Now, Pay Later' option?
Research shows that 44% of Australians would like to have the option to 'Send Now, Pay Later' for international transfers.
What financial strategy does Western Union's collaboration with Beforepay support?
The partnership supports Western Union's 'Evolve 2025' strategy aimed at making financial services more accessible.
Where can consumers access the new borrowing feature for money transfers?
Consumers can use the borrowing feature through Western Union's mobile app and website.
