Western Union (NYSE: WU) and Mercado Pago have announced growth in their existing relationship, giving United States and Canadian customers the ability to send money from Western Union’s mobile app, its website, or from one of its retail locations to Mercado Pago wallet accounts in Mexico.
The new capability not only extends “the geographic reach and level of choice for the companies’ customers but also provides speed and convenience.”
Once sent, the money is credited in Mercado Pago accounts “without leaving the comforts of home.”
Pedro Rivas, General Manager, Mercado Pago Mexico, said:
“The growth of our relationship confirms that we are improving a vital transaction for millions of families in Mexico. Our goal is to become the best banking app to receive remittances in Mexico and now with this development, we can also become the simplest option for those who send remittances from the United States and Canada.”
The agreement with Mercado Pago reinforces Western Union’s leadership role “helping Mexicans conveniently send money worldwide over digital and retail channels.”
Claudia Reyes, Vice President and General Manager, Western Union Mexico, said:
“Western Union and Mercado Pago collectively share a mission to increase customers’ access to digital and traditional financial services. As we build on growth and innovation across Mexico and its key corridors, we are excited to continue our work with Mercado Pago while providing choice across digital and physical channels for our customers.”
Once customers send money using the Western Union app, Mercado Pago wallet account holders in Mexico can easily withdraw cash for free with a debit card in thousands of ATMs and stores, use the funds to pay for services directly through the Mercado Pago application or transfer funds to others.”
As noted in the update, the Western Union Company is committed “to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities.”
Their cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and nearly 130 currencies—to “connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations.”
Their goal is to offer accessible financial services that “help people and communities prosper.”
As mentioned in the announcement, Mercado Pago claims it is “the largest Latin American fintech company in the region.”
Founded in 2003, it offers the most complete ecosystem of financial solutions for those companies, enterprises or individuals “who want to manage their money in a safe, simple, and comfortable way with a great variety of possibilities in Argentina, Brazil, Chile, Colombia, Mexico, Peru. and Uruguay. Currently, it processes more than 8 million transactions per day; 100 transactions per second.”
