Visa And Western Union Announce Expanded Collaboration, Under The New Deal, Western Union Customers Will Be Able To Send Money To Their Family And Friends' Eligible Visa Cards And Bank Accounts In 40 Countries Across Five Regions
Portfolio Pulse from Benzinga Newsdesk
Visa and Western Union have expanded their collaboration with a 7-year agreement enabling Western Union customers to send money to Visa cards and bank accounts in 40 countries. The deal includes issuing Western Union/Visa Debit Cards in North America, Asia Pacific, Latin America, and Europe, and using Visa Direct for quick fund transfers. Additionally, it will support humanitarian relief efforts with prepaid cards for government and NGO customers. This partnership aims to enhance global remittance services by leveraging Visa's global network and Western Union's digital capabilities.
March 05, 2024 | 1:03 pm
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POSITIVE IMPACT
Visa's expanded partnership with Western Union to enable global money transfers to Visa cards and bank accounts, issue co-branded debit cards, and support humanitarian efforts, leveraging Visa Direct.
The expanded collaboration with Western Union is likely to increase Visa's transaction volumes globally, especially in remittances, and introduce new revenue streams from co-branded debit cards and value-added services. The focus on humanitarian efforts also enhances Visa's corporate responsibility profile.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Western Union's agreement with Visa enhances its digital capabilities, allowing customers to send money to Visa cards in 40 countries, receive Visa prepaid cards, and support humanitarian relief with prepaid cards.
This partnership significantly enhances Western Union's service offering by integrating with Visa Direct for faster, more secure money transfers and expanding its product portfolio with co-branded debit cards and prepaid cards for humanitarian relief. This could attract more customers and increase transaction volumes.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90