Western Union
Expands its Digital Wallet to Latin America
DENVER--(BUSINESS WIRE)--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.
Source: Business Wire
New
Acquisition Expected to Accelerate Market Launch, with Brazil Anticipated to be
Live in First Half of 2023
“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”
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.
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.