Today, Visa (NYSE:V) announced a 7-year agreement with Western Union (NYSE:WU).
Under the new agreement, Western Union customers will be able to send money to eligible Visa cards and bank accounts of family and friends in 40 countries across five regions.
The deal includes card issuance, integration of Western Union with Visa Direct and provision of value-added services, including risk products. Western Union customers will also be able to receive prepaid Visa cards in select markets, offering an innovative solution that bridges the physical and digital worlds.
Western Union and Visa also develop disbursement programs for humanitarian organizations and governments to support the delivery of critical resources during a disaster. The programs are intended to support emergency and humanitarian aid payments, cross-border pension payments and domestic benefit and disbursement payments.
“People rely on remittances to send lifesaving payments to their loved ones abroad. When we consider the urgency and need for accessibility, secure payment options with added convenience can make all the difference,” said Chris Newkirk, Global Head of Commercial & Money Movement Solutions, Visa. “Visa’s global scale and Western Union’s digital capabilities are revolutionizing the way customers send funds around the world. We are proud to offer more people fast and efficient solutions for cross-border payments.”
“Aspiring populations around the world rely on Western Union to provide them with innovative and accessible financial services that deliver flexibility, value and trust,” said Sam Jawad, Head of Ecosystem, Western Union. “By strengthening our strategic partnership with Visa, together we will offer products and services that can help our customers build a lifetime of opportunity for themselves and their loved ones.”
The deal builds on Western Union’s existing integrations with Visa Direct in 2022 and 2019, which allowed US and European customers to send and/or receive money directly to eligible Visa cardholders overseas.