Visa (NYSE: V) announced a 7-year agreement with Western Union (NYSE: WU).
Under the new deal, Western Union customers will be “able to send money to their family and friends’ eligible Visa cards and bank accounts in 40 countries across five regions.”
The agreement encompasses card issuance, Western Union’s integration “with Visa Direct, and value-added services delivery including risk products.”
Western Union customers will also be able to “receive Visa prepaid cards in select markets offering an innovative solution that bridges the physical and digital world.”
Western Union and Visa are also “developing disbursement programs for humanitarian organizations and governments to support the delivery of critical funds during a disaster.”
The programs are intended to “support emergency and humanitarian payouts, cross-border pension payouts2, and domestic benefits and disbursement payouts.”
Chris Newkirk, Global Head of Commercial & Money Movement Solutions, Visa, said:
“People rely on remittances to send lifeline payments to their loved ones overseas. When we consider the urgency and need for accessibility, secure payment options with added convenience can make all the difference. Visa’s global scale and Western Union’s digital capabilities are revolutionizing how customers send funds around the world. We are proud to offer more people fast and efficient solutions for cross-border payments.”
Sam Jawad, Head of Ecosystem, at Western Union, said:
“Aspiring populations around the world rely on Western Union to provide them with innovative and accessible financial services that offer flexibility, value and trust. By strengthening our strategic collaboration with Visa, together we will deliver impactful products and services that can help empower our customers to build a life of opportunity for themselves and their loved ones.”
The agreement builds on Western Union’s existing integrations with Visa Direct in 2022 and 2019, which enabled US and European customers “to send and/or receive funds directly to eligible Visa card holders overseas.”
As noted in the update, Western Union claims it 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.”