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Western Union (WU) Eases Digital Money Transfers for Weixin Users

The Western Union Company WU recently launched an inbound international money transfer facility to be availed by roughly one billion users of one of the most popular social media messaging apps in China, Weixin.

The facility came into effect as a result of Western Union’s partnership with Tencent Financial Technology, an arm of the developer of Weixin, and Shanghai Pudong Development Bank, one of the commercial banks of China. As a result, customers across China can receive international money transfers digitally into their bank accounts from their loved ones. The process of receiving the money transfers in discussion is enabled by a mini app integrated into Weixin called “Weihuikuan”.

Each of the transfers that the Chinese customers will receive through Weixin can amount to a maximum $3000. Weixin users merely need to furnish their Money Transfer Control Number (MTCN) and other required information in the "Weihuikuan" mini program for depositing funds into their bank accounts through digital means.

The latest tie-up highlights Western Union’s sincere efforts to offer customers wider choices, speed, security and convenience in receiving money transfers. Its constant efforts to engage in partnerships for enhancing and digitizing the money movement process are also clearly reflected in the recent move.

The newly-introduced service on Weixin hints at Western Union's intense focus on strengthening its presence across China. WU shows prudence in keeping a keen eye on China, which occupied one of the top five spots among the recipient of remittances across the globe last year, according to the Global Knowledge Partnership on Migration and Development (KNOMAD).

China has been witnessing widespread digital penetration and a rising number of Internet users so far, providing Western Union with the perfect ground to capitalize on partnerships or technology investments.

Western Union remains the preferred partner for conducting money transfers, considering its expansive worldwide reach into billions of bank accounts, including millions of wallets and cards spanning more than 130 countries. WU also has agent locations stretched across more than 200 countries and territories.

Similar to Western Union, other companies like Mastercard Incorporated MA, Visa Inc. V and MoneyGram International, Inc. MGI resorted to creating a solid digital arm for capitalizing on robust demand for hassle-free money transfer services.

Mastercard is firmly focused on collaborating with global and regional financial service providers to upgrade the money movement process for consumers and businesses. MA continues adhering to a digital partnership strategy and undertaking significant investments to enhance its digital capabilities.

Visa facilitates seamless and secure transfer of funds on a real-time basis worldwide. To complement its endeavor, V pursues collaborations to aid the cross-border payments industry with innovative digital solutions to replace age-old processes. Visa B2B Connect delivers innovative B2B cross-border payments and keeps adding partners to its network.

MoneyGram has been expanding its digital money transfer business rapidly via constant partnerships and significant investments. MGI’s investments in expanding digital network, now extending to more than 100 countries, are paying off as more and more digital partners are using its global platform. In September 2022, MGI extended its strategic partnership with e& (earlier known as Etisalat Group) brand’s e& international that is expected to enable e& money mobile-wallet users to send money globally in real time.

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Mastercard Incorporated (MA) : Free Stock Analysis Report

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