Western Union (NYSE: WU) and Penny Pinch announce that they have launched international money transfer services in the Penny Pinch app.
The co-branded service enables customers in the country to send and receive money globally, “based on their convenience and needs.”
Penny Pinch is Eastern Caribbean’s digital wallet provider.
This announcement means Penny Pinch customers can receive money from loved ones into the wallet “through Western Union’s global network, which spans over 200 countries and territories.”
They reportedly have the flexibility to “send funds to bank accounts and mobile wallets worldwide, as well as for cash pick-up at locations abroad.”
Patrick Rawle, Western Union’s Vice President and General Manager for the Caribbean said:
“Western Union has always been a proud supporter of the people and communities of St Lucia and the Eastern Caribbean region. Collaborating with Penny Pinch takes us further forward in that support by bringing the strength of our global money movement network through accessible and reliable digital channels. Digital transformation sits at the heart of this region’s economies, and we are thrilled to be part of such an exciting journey.”
The collaboration builds on Western Union’s physical presence in St. Lucia that caters “to diverse and fast-evolving customer needs.”
It underpins the company’s “digital focus” on product innovation, scalable investments and partnering with FinTechs – all of which “forms part of its global strategy.”
The move supports both Western Union’s and Penny Pinch’s shared mission to make financial services “accessible for all consumers as they grow and aspire for more.”
Martin Hanna, CEO, Penny Pinch said:
“At Penny Pinch, we believe in transforming the way the world connects through payments, making everyday transactions seamless and empowering you to manage your finances effortlessly, anytime, anywhere.”
Integrating Western Union services reinforces Penny Pinch’s commitment to providing solutions with convenience which “save customers valuable time – allowing them to focus on what matters most.”
In addition to international money transfers, Penny Pinch customers can earn cashback, rewards “from retailers, have access to exclusive coupons, make cashless payments.”
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 over 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, Penny Pinch Inc. is a licensed and regulated money services business (MSB) that “offers a mobile-first alternative to money management and spending.”
Their mobile app enables the ‘banked’ and ‘underbanked’ to open a mobile wallet account “within minutes and have access to a range of merchants, bill payments, P2P, loyalty and rewards, mobile top-up, and remittance services, all backed by a secure platform and an unmatched user experience.”
Penny Pinch is based in St. Lucia and plans to “expand throughout the Caribbean.”