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Western Union Expands in South Korea with Travel Wallet
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Western Union is partnering with Travel Wallet to offer money transfer services through the Travel Wallet app in South Korea. Users can now send money internationally, with plans to enable receipt of funds in the future. The app supports both Android and iOS, allowing customers to fund transfers from local bank accounts. Western Union's extensive global network will facilitate cash and bank account payouts across various countries. This collaboration aims to enhance financial connectivity for users, contributing to Western Union's mission of providing seamless cross-border money movement.
Positive
Launch of Western Union money transfer services on the Travel Wallet app enhances customer convenience.
Users can send money via local bank accounts, expanding WU's reach in South Korea.
Plans to allow users to receive transfers through the app will enhance service offerings.
Negative
None.
Collaboration will Enable Customers to Send and Receive Western Union Money Transfers on the Travel Wallet app
SEOUL, South Korea--(BUSINESS WIRE)--
Western Union, a global leader in cross-border, cross-currency money movement and payments, and Travel Wallet, one of the leading fintech companies in the country, have announced the launch of Western Union money transfer services on the Travel Wallet App.
Travel Wallet users in South Korea now have the choice to send money through Western Union. The Travel Wallet app is available for both Android and iOS users. Customers can fund their cross-border money transfers through their local bank accounts. Cash and bank account payout in select countries is currently available, with plans to scale up to the entire scope and reach of Western Union’s global payout network.
Over the next few months, Travel Wallet users will also be able to receive Western Union money transfers via the Travel Wallet app, for transactions sent through Western Union’s digital money transfer services or Western Union’s worldwide retail Agent network.
“For 170 years, Western Union has put technology to work connecting people—bringing boundless possibilities within reach,” said K. Premmananth, Head of Network, Singapore, Indonesia and North Asia, Western Union. “Remittances connect people, places, economies and societies. We are delighted to offer our services to Travel Wallet users, enabling convenient and reliable financial flows powered by technology.”
“At Travel Wallet, we adopt a customer-centric approach, and are glad to collaborate with a like-minded company like Western Union,” said Hyungwoo Kim, CEO, Travel Wallet. “We are excited to enable our customers to connect to their loved ones around the world through one of the world's widest-reaching financial network. We look forward to putting our collective strengths to work and catering to who really matters—our customers.”
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 consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
About Travel Wallet
Travel Wallet is a leading fintech company in Korea providing mobile based currency exchange, remittance and cross-border payment services. Launching the app service in 2019 under the same name, Travel Wallet is the first company in Korea to target such cross-border related financial services to overseas travelers, especially visiting the Asian region. Travel Wallet also became the 1st fintech company in Asia to receive a principal card issuing license from Visa in 2020, and launched the cross-border payment service TravelPay in 2021. TravelPay supports payment in 15 currencies at the lowest payment and currency exchange fees in the Korean market. Travel Wallet has received over 20 million USD in investments and currently has over 100k active users.
