Western Union, an international wire transfer service company, has announced that it will provide direct wire transfer services through mobile wallet apps in conjunction with Thunes, a mobile payment service for emerging markets.
Tune is a company that provides cross-border interconnection networks for users who do not have bank accounts in emerging markets. It has P2P remittance processing, corporate mass payment and digital settlement solutions, and has more than 9,000 payment partners in 80 countries. In July last year, iTunes was working with Stellar to try to integrate block-based payment methods into its services.
The partnership will enable Western Union to send money directly to the recipient’s mobile app using their wire transfer network or agency. In addition, alternative payment solutions, such as wallet apps, are expected to enhance access to financial services in areas where traditional financial services are not available, such as in areas where banks are scarce.
Last December, Western Union said it would be ready to start supporting the adoption of cryptography as a means of payment between individuals and businesses. In February of last year, the ripple payment system was also operated as an xRapid pilot. For more information, please click here .