SAN FRANCISCO & DENVER - Visa Inc . (NYSE: NYSE:V) has entered into a seven-year partnership with Western Union (NYSE: NYSE:WU) to enhance global money movement for customers. Under the agreement, Western Union clients in 40 countries will now be able to send money to recipients with eligible Visa cards and bank accounts across various regions.
The collaboration includes the issuance of co-branded Western Union/Visa Debit Cards and the integration of Western Union's services with Visa Direct, Visa's real-time payment platform. This will allow for faster and more convenient cross-border payments. Additionally, the partnership aims to deliver value-added services and risk management products.
In select markets, Western Union customers will be able to receive Visa prepaid cards, providing a seamless connection between physical and digital financial services. The deal also encompasses the development of disbursement programs tailored for governments and NGOs, particularly for emergency and humanitarian relief efforts.
Both companies have previously worked together, with Western Union integrating Visa Direct in 2022 and 2019, facilitating fund transfers for US and European customers directly to overseas Visa cardholders.
Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa, emphasized the significance of reliable and accessible remittance services for those sending critical funds abroad. Sam Jawad, Head of Ecosystem at Western Union, highlighted the joint effort to deliver products and services that empower customers and support their financial aspirations.
The partnership is expected to leverage Visa's extensive global reach and Western Union's digital capabilities to revolutionize the way customers handle cross-border payments.
This new agreement is based on a press release statement and aims to provide customers with innovative solutions for their international payment needs.
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