Western Union works with TerraPay for mobile mania
According to the firms, the alliance expands upon Western Union’s account payout network for sending remittances directly into customers’ mobile wallets across Europe, Africa, Asia and Latin America.
“Joining with TerraPay is a great opportunity to further diversify and expand our payment options across the globe, delivering remittances into mobile wallets,” says Sobia Rahman, global head of account payout network for Western Union.
TerraPay’s “low value” payments network connects financial instruments internationally.
The company says its interoperability engine enables customers to send and receive transactions across various payment instruments and platforms – enabling mobile wallets in international, regional and domestic markets.
On its part, the Western Union network connects to local banks, national payment settlement switches, third-party payment processors, mobile wallets, prepaid and other card connections.
According to Western Union, its platform processed an average of 32 transactions every second and moved $300 billion across 130 currencies in 2017.
It adds that around 70% of its digital transactions globally now originate on mobile devices.