Western Union Expands its Digital Wallet to Latin America
12 September 2022 - 2:00PM
Business Wire
- New Acquisition Expected to Accelerate Market Launch, with
Brazil Anticipated to be Live in First Half of 2023
Following a successful introduction of its digital banking
offering in Europe in February 2022, Western Union (NYSE: WU) is
gearing up to launch in Latin America. The Company announced the
acquisition of Te Enviei, a Brazil-based digital wallet that will
accelerate the time to market of Western Union’s financial
ecosystem offerings in Brazil.
As part of its renewed purpose-driven strategy, Western Union is
expanding its value proposition to customers by offering a broader
set of digital financial services. By introducing its digital
wallet in Brazil, Western Union plans to enable its customers to
store funds, send money overseas and domestically, and pay their
bills; all from the convenience of their phones.
“We are changing the way we interact with our customers today,
moving from a transactional business to a customer-centric,
relationship-based approach,” said Thomas Mazzaferro, Chief
Innovation & Data Officer at Western Union. “Offering our
Brazilian customers an integrated digital banking and money
transfer solution will be a key milestone in this effort. We
believe this acquisition will allow us to significantly accelerate
our planned technology build, allowing for the faster roll out of
our digital wallet in Brazil,” Mazzaferro added.
“Brazil is a strategically important market where we already
hold a banking license, and it is a highly digitized banking
market. Additionally, our internal research indicates that many
Brazilians are looking for financial products that can address
their needs in a global economy,” explained Ricardo Amaral,
President of Western Union Brazil.
More information on the Company’s strategic plans, including
with respect to its digital banking offerings, will be shared at
its upcoming Investor Day on October 20.
WU-G
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Western
Union’s platform provides seamless cross-border flows and its
leading global financial network bridges more than 200 countries
and territories and approximately 130 currencies. We connect
consumers, businesses, financial institutions, and governments
through one of the world’s widest reaching networks, accessing
billions of bank accounts, millions of digital wallets and cards,
and a substantial global network of retail locations. Western Union
connects the world to bring boundless possibilities within reach.
For more information, visit www.westernunion.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220907006291/en/
Media Relations: Claire Treacy Media@westernunion.com
Investor Relations: Tom Hadley
WesternUnion.IR@westernunion.com
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