The company says the agreement bolsters its ability to help consumers in Mexico send money all over the world. Customers can choose for their funds to go to bank accounts, mobile wallets or to any of Western Union’s network of retail locations.
The partnership comes less than a week after Western Union announced it was working with PagaPhone to expand cross-border transfer capabilities between the U.S. and Mexico to let recipients to receive funds from their PagaPhone SmartPay account.
See also: Western Union Collabs With PagaPhone to Grow Cross-Border Money Transfers
“Remittances are a lifeline for so many in Mexico, where more than USD $51 billion was sent into the country just last year,” Pablo Porro, head of Western Union Mexico and Central America, said last week. “With this surge in remittances, customers demand choice and added convenience for how and when money is sent and received.”
The company points to figures from Banxico, which show that last year, Mexico received $51,593.9 billion dollars, 27.1% higher than in 2020. Remittances make up 4% of Mexico’s GDP, providing a lifeline for families that depend on these funds.
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Read more: Walmart Relaunches Mexican Remittances Program
Earlier this year, Walmart announced it would make it less expensive for customers to send money to Mexico, allowing customers to send money from any of the retailer’s stores in the U.S. to any in Mexico, for about $2.50 per transaction, using the Walmart2Walmart money transfer program.
Remittances to Mexico were up 27% in March of this year compared to 2021, the company said at the time.
“Our low-fee strategy demonstrates our commitment to continue improving the financial well-being of our customers around the world,” said Julia Unger, vice president, Walmart Financial Services.
