Many traditional financial institutions are constantly looking for ways to integrate cryptocurrencies into their systems. The newest globally known brand to make its first steps into the crypto world, is Western Union.
There’s probably no company known better worldwide when it comes to making transfers and paying bills. Western Union is teaming up with the cross-border payment network Thunes. This will enable the users of Western Union to directly send funds into their desired recipient’s mobile wallet. In order to make use of mobile wallets people simply need to log online or use one of the many agent points that handle regular transfers and bill payments.
Western Union is adapting
The recent advancements in the fintech world have really forced the global giant to look for the adoption of new tech. The company’s global head of Account Payout Network, Sobia Rahman stated that the company is constantly making improvements:
“Our efforts include expanding and enhancing our account payout portfolio. This provides our customers with various payout options like bank accounts, credit and debit cards and now, mobile wallets. We hope to make digital transfer services easier to access and we’ll double down on enabling mobile transactions.”
That being said, Western Union’s partnership with Thunes will be extremely beneficial towards customers who do not have a constant access to traditional financial services. This will inevitably increase mobile wallet usage dramatically.
Some people were quick to point out that Thunes was also in a partnership with Stellar.
— Sam Conner (@samconnerone) March 20, 2019
According to Thunes, Stellar provides a very reliable, instant clearing, settlement and execution platform. The CEO of Thunes, Steve Vickers commented on the partnership:
“Our platform easily and reliable connects payment providers globally. It also enables interoperability between different types of payment systems. When Western Union customers make use of our networks, they will have an increased amount of flexibility when it comes to sending money across the border.”
There were talks from last year that Western Union was heavily considering their involvement in crypto. It’s no secret to anyone that a huge part of the world uses the services of Western Union daily.
While the company’s president Odilon Almeida was hesitant to fully embrace the technological innovations that come with cryptocurrency due to the volatility and governance issues, it’s more than obvious he’s steering the company towards cryptocurrencies now.
This is one small step for cryptocurrencies and mobile wallets, but it’s one hell of a leap towards mass adoption.
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