Western Union and Mastercard Expand Global Partnership

Rhea-AI Summary

The Western Union Company (NYSE: WU) has expanded its strategic partnership with Mastercard, enhancing their digital collaboration in cross-border payments. The integration of Mastercard Send into Western Union's network allows U.S. domestic recipients to load funds onto debit cards instantly. Additionally, 16 European markets can now send money transfers directly to Mastercard debit cards, improving transaction speeds. This partnership aims to position Western Union as a leading global financial network.

Positive

• Expanded integration of Mastercard Send into Western Union's network enhances U.S. domestic money transfers.
• New service allows beneficiaries to receive funds on debit cards quickly, improving convenience.
• 16 European markets benefit from real-time money transfer options to Mastercard debit cards.

Negative

• None.

Companies Increasing Choice and Convenience for Global Customer Base

DENVER--(BUSINESS WIRE)-- The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, and Mastercard, a global technology company in the payments industry, have bolstered their decade-long strategic partnership. The deepened partnership expands Mastercard Send integration into Western Union’s global money movement network, and also Mastercard’s Cross-Border Services delivery via Western Union Business Solutions. It represents the latest iteration of Western Union’s digital partnership strategy to become the world’s leading global financial network.

Western Union/Mastercard partnership (Graphic: Business Wire)

The partnership expansion will broaden choice for both Western Union’s consumers and Mastercard’s business clients.

First, by integrating Mastercard Send, Western Union is broadening payout possibilities for its U.S. domestic money transfer receivers. This enables beneficiaries of Western Union transfers in the U.S. to re-direct any U.S. domestic transaction to a selected bank card. The service is available to load funds on any debit card network within the U.S., with money delivered in minutes to the receiver’s debit-card-linked account.

Second, Western Union customers in 16 European markets¹ will now have the option to leverage Mastercard Send to send money transfers, in near real time, directly to their receiver’s Mastercard debit card, increasing transaction speed and simplifying the receive process. The service is live today with receive destinations including Russia, Turkey, Romania, Hungary, Serbia, Slovakia, Croatia and Kosovo. More countries on both the send and receive sides will be added in the coming months.

In addition, Mastercard will integrate into Western Union Business Solutions’ global network, to pay out funds for Mastercard’s Cross-Border Services, enhancing the offering to existing bank and trade network relationships.

“We’re very proud of the relationship that we continue to build with Mastercard, and the role we play for them as a trusted partner and provider of innovative cross-border payment solutions,” said Gabriella Fitzgerald, President, Americas Region at Western Union. “This is just one more example of the world’s leading financial services companies coming to Western Union for our technology, expertise and the power of our omni-channel global financial network to meet their cross-border money movement and payments needs.”

“Western Union is a critical partner for Mastercard as together we focus on digitizing and modernizing the movement of money — for consumers and businesses,” added Leigh Amaro, Senior Vice President, Enterprise Partnerships at Mastercard. “Combined, our networks offer unique global reach, for efficient and secure transactions.”

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About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and approximately 600,000 retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

About Mastercard

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

¹ Austria, Belgium, Estonia, Finland, France, Germany, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovenia, Slovakia, and Spain

View source version on businesswire.com: https://www.businesswire.com/news/home/20211112005435/en/

Claire Treacy/ Claire.Treacy@westernunion.com

 

Source: The Western Union Company

FAQ

What is the significance of the Western Union and Mastercard partnership?

The partnership enhances Western Union's payment capabilities, allowing faster and more convenient money transfers.

How does Mastercard Send integration affect Western Union's services?

It broadens payout options for U.S. recipients and allows near real-time transfers to European Mastercard debit cards.

Which markets will benefit from the new money transfer services?

Customers in 16 European markets can now send money directly to Mastercard debit cards.

When was the Western Union and Mastercard partnership expanded?

The partnership was announced on a recent date in November 2021.