Western Union has teamed up with TerraPay, a B2B mobile payments company, to enable bank account and mobile wallet payouts, according to the company.
The partnership will expand Western Union’s account payout network and allow customers in Europe, Africa, Latin America and Asia to send remittance payments directly to customers’ mobile wallets.
TerraPay’s low-value payments network enables customers to send and receive transactions across many different payment instruments and systems, which allows for operability in domestic, international and regional markets.
“Joining with TerraPay is a great opportunity to further diversify and expand our payment options across the globe, delivering remittances into mobile wallets,” said Sobia Rahman, global head of account payout network for Western Union. “Extending our network to TerraPay’s users will provide a convenient and automated channel that customers are looking for.”
Ambar Sur, the CEO of TerraPay, said he’s enthusiastic about the partnership. “We are excited about this new alliance with Western Union. Uniting our strengths will play a pivotal role in expanding TerraPay’s network into new markets and help[ing] migrant workers send money home to a mobile wallet or bank account, through a reliable and convenient service,” Sur said.
Earlier this month, Western Union announced another big move: It completed the relocation of its global headquarters from Englewood to Denver, Colorado. The company wants to make a long-term investment in the area, to the tune of more than $300 million in the next 10 years.
“As the centerpiece of our worldwide operations, our new headquarters reflects the company’s ongoing transformation, with a state-of-the-art workspace that promotes collaboration, innovation and sustainability,” said Western Union President and CEO Hikmet Ersek. “The move to this dynamic city marks another milestone in the significant, long-term commitment we made one year ago to reinvest in community and people, further strengthening our roots in Denver.”