Visa, Western Union expand partnership to more than 40 countries

VISA and Western Union are increasing their cross-border money-movement partnership, doubling the variety of international locations the place clients can ship funds.

The settlement between the payments-network big and wire-transfer firm, which runs to 2031, permits clients to ship cash to eligible Visa playing cards and financial institution accounts in additional than 40 international locations, together with Poland, Peru and Pakistan – up from 20 in 2020, in accordance with an announcement on Tuesday (Mar 5). Visa executives previewed the expanded relationship throughout an earnings name in January.

Past iterations of the partnership centered on serving customers in North America and Europe, stated Chris Newkirk, Visa’s head of business and money-movement options.

The new settlement expands the providers “to be truly global,” he stated. The partnership now covers Visa card issuance, integration between funds community Visa Direct and Western Union, and different providers.

“People rely on remittances to send lifeline payments to their loved ones overseas. When we consider the urgency and need for accessibility, secure payment options with added convenience can make all the difference,” Newkirk stated within the assertion.

As a part of the partnership, Visa and Western Union are additionally creating humanitarian disbursement programmes, together with the issuance of pay as you go playing cards.

Visa has recognized the industrial money-movement market as a US$200 trillion annual alternative, a determine chief govt officer Ryan McInerney described as an “enormous number” on the January earnings name. BLOOMBERG