The two companies have initially collaborated in 2011, through an agreement to make electronic payments easier and convenient for consumers
Western Union, Mastercard expand partnership. (Credit: Lotus Head from FreeImages.)
Global cross-border money transfer company Western Union and payment technology firm Mastercard have extended their strategic partnership that is in place for a decade.
The two companies have initially signed an agreement to make electronic payments easier and convenient for consumers in November 2011.
The extended partnership will enhance the integration of Mastercard Send service into Western Union’s global money movement network.
Also, it will enable the payments technology company to offer its cross-border services through Western Union business solutions.
The expanded partnership is said to widen the service offering for both Western Union’s consumers and Mastercard’s business clients.
Western Union Americas region president Gabriella Fitzgerald said: “We’re very proud of the relationship that we continue to build with Mastercard, and the role we play for them as a trusted partner and provider of innovative cross-border payment solutions.
“This is just one more example of the world’s leading financial services companies coming to Western Union for our technology, expertise and the power of our omnichannel global financial network to meet their cross-border money movement and payments needs.”
With the integration of Mastercard Send, Western Union is enabled to widen its payout possibilities for its US domestic money transfer receivers.
Beneficiaries of the Western Union money transfers in the US are allowed to re-direct any domestic transaction to their choice of bank cards.
The service is available to load funds on any debit card network within the US, with money delivered in minutes to the receiver’s debit-card-linked account.
Western Union’s customers in 16 European markets are now allowed to use Mastercard Send for near real-time money transfers, directly to their receiver’s Mastercard debit card
It increases the transaction speed and simplifies the receiving process.
The service, currently available in Russia, Turkey, Romania, Hungary, Serbia, Slovakia, Croatia and Kosovo as receive destinations, will be expanded to more countries to send and receive.
Also, Mastercard intends to integrate into a global network of Western Union Business Solutions, to support its cross-border services.
Mastercard enterprise partnerships senior vice president Leigh Amaro said: “Western Union is a critical partner for Mastercard as together we focus on digitising and modernising the movement of money, for consumers and businesses. Combined, our networks offer unique global reach, for efficient and secure transactions.”
In 2017, Mastercard and Western Union teamed up to integrate Mastercard Send into the Western Union money transfer service, to deliver funds to virtually all US debit cards.