Western Union Expands Collaboration with Tencent Financial Technology
04 Junho 2024 - 11:00PM
Business Wire
- Customers around the world can now send international money
transfers from Western Union’s branded digital channels directly to
China’s Weixin (WeChat) users
- Expansion builds on Western Union’s existing service —
Weixin users in China can choose to receive Western Union money
transfers into their Weixin Pay wallets and linked bank
accounts
Western Union today announced that it has expanded its
collaboration with Tencent Financial Technology to partner with
Tenpay Global, Tencent’s cross-border payment platform. Customers
around the world can now send money from westernunion.com and
Western Union’s app directly to their loved ones’ wallets and bank
accounts based in China and available within Weixin — known
globally as WeChat.
Western Union operates one of the world’s largest money transfer
networks. The expanded collaboration underpins Western Union’s
Evolve 25 strategy to accelerate digital growth by providing even
greater choice, accessibility and convenience for its customers
when transferring money internationally.
Unlocking convenience with enhanced
global access
This enhancement builds on Western Union’s existing relationship
with Tencent Financial Technology and Shanghai Pudong Development
Bank. In the current collaboration, Weixin users in China have the
choice to use their Money Transfer Control Number (MTCN) to route
their Western Union money transfers, originally intended for cash
collection, to their bank accounts instead.
Today’s announcement adds onto this, so senders abroad can also
now push money transfers directly to their receivers’ wallets or
bank accounts available within Weixin’s platform. Customers can
send up to USD 5,000 (or local equivalent) per transaction1.
“We are thrilled to expand our services on Weixin, one of the
top digital platforms in China that plays a significant role in the
lives of over 1 billion users,” said Sohini Rajola, Head of Asia
Pacific at Western Union. “China is the third-largest recipient of
remittances globally, receiving approximately USD 50 billion in
2023. Through our collaboration with Tenpay Global, we are excited
to further enhance our services to meet the evolving needs of
customers. By providing a convenient and seamless experience for
our customers, we are reaffirming our commitment to
customer-centric innovation that empowers individuals and families
to send and receive money across borders.”
Creating global connections for China’s
digital-savvy consumers
China is known for its digital-savvy population. Industry
reports state that China has long been the global leader in digital
wallet adoption, underscoring the importance of digital-first money
transfer avenues for customers.
“We are fully committed to improving the user experience, aiming
to make cross-border transfers as simple as sending a message,”
said Royal Chen, Vice President of Tencent Financial Technology.
“Our focus lies in providing fast, convenient, and secure solutions
that connect China with the global community. Weixin is a digital
bridge that allows global users to connect across borders. As we
move forward, we are constantly innovating to facilitate the
creation of a borderless payment network.”
Combining Weixin’s extensive user base and Western Union’s
global reach, the collaboration represents a significant step
forward in making financial services accessible to all by offering
customers greater flexibility and convenience with their money
transfer needs. It reaffirms the companies’ shared mission to serve
customers’ digital needs by providing fast, reliable and seamless
cross-border transactions.
1Additional conditions and limits may apply, depending on send
country regulations.
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 over 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240604427521/en/
Media contacts: Saadia McGlinchey
saadia.mcglinchey@wu.com
Karen Santos
karen.santos2@westernunion.com
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