Western Union, a leader in cross-border, cross-currency money movement, has announced a new partnership with TerraPay to enable mobile wallet and bank account payout options across Africa, Europe, Asia and Latin America.
The partnership further expands upon Western Union’s account payout network for sending remittances directly into customers’ mobile wallets across these regions.
TerraPay’s low value payments network connects financial instruments internationally. The company’s interoperability engine enables customers to send and receive transactions across diverse payment instruments and platforms – enabling mobile wallets in international, regional and domestic markets.
“Joining with TerraPay is a great opportunity to further diversify and expand our payment options across the globe, delivering remittances into mobile wallets,” said Sobia Rahman, global head of account payout network for Western Union. “Extending our network to TerraPay’s users will provide a convenient and automated channel that customers are looking for.”
“We are excited about this new alliance with Western Union. Uniting our strengths will play a pivotal role in expanding TerraPay’s network into new markets and help migrant workers send money home to a mobile wallet or bank account, through a reliable and convenient service,” said Ambar Sur, founder and CEO of TerraPay.
The Western Union global account payout network connects to local banks, national payment settlement switches, third-party payment processors, mobile wallets, prepaid and other card connections.