The partnership will enable 150 million Du Xiaoman Financial mobile app users to route any money transfers received by them into their bank accounts
Western Union, a cross-border money transfer and payments services provider, has signed an agreement with Du Xiaoman Financial to expand its real-time international money transfers to more bank accounts in China.
The partnership will enable Western Union to extend the coverage to a majority of bank account holders across China.
It will also allow account payout of any Western Union international money transfer to be directed via Du Xiaoman Financial mobile app. It is expected that the new facility can be used by more than 150 million Du Xiaoman Financial mobile app users to move their money transfers received from across the world into their bank accounts.
To make an international transfer, senders can avail the money transfer services provider’s digital services across 72 countries, or walk-in agent network in more than 200 countries and territories.
Du Xiaoman Financial general manager Wan Tao said: “We are excited to expand our growing portfolio of online services to enable our customers to direct all their international money transfers quickly into their bank accounts in China, with our network of bank partners.”
“Our collaboration with Western Union drives our strategic vision of being a global leader enabling local and global connectivity backed by our innovative technology.”
The expansion will advances Western Union’s ability to partner with a growing base of tech firms
The account payout expansion further advances Western Union’s ability to partner with a growing base of tech leaders by using its assets such as global settlement capabilities, its spanning network, compliance and technology systems, to provide international cross-border transfers.
Western Union global network president Jean Claude Farah said: “Western Union’s quest to build the world’s best money-moving and payments network is made possible with unique collaborations such as the integration with Du Xiaoman Financial’s app and its network of bank partners.”
“We are advancing our goal to comprehensively serve consumers money movement and payment needs. We are enabling cash-in to cash-out or account payout; from one bank account to another; from a debit card to a digital wallet.
“We are making this happen by working with national and international partners across borders and building the world’s ultimate agnostic network for cross-border money movement and payments via a combination of physical and digital touchpoints.”
Last October, Western Union offered cross border remittances in India, through Unified Payments Interface (UPI), a real-time payment system developed by the National Payments Corporation of India under Reserve Bank of India (RBI) guidelines.
With the new service, Western Union customers globally can send money into bank accounts in India by using the receiver’s UPI ID.