Western Union Works with TerraPay to Expand Payout Options to Millions of Mobile Wallets
Western Union (NYSE: WU), a leader in cross-border, cross-currency money movement, announces an alliance with TerraPay to
enable mobile wallet and bank account payout. The alliance further expands upon Western Union’s account payout network for sending
remittances directly into customers’ mobile wallets across Europe, Africa, Asia and Latin America.
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TerraPay CEO Ambar Sur and Head of Account Payout Network for Western Union Sobia Rahman (Photo: Business Wire)
TerraPay’s low value payments network connects financial instruments internationally. The company’s interoperability engine
enables customers to send and receive transactions across diverse payment instruments and platforms – enabling mobile wallets in
international, regional and domestic markets.
“Joining with TerraPay is a great opportunity to further diversify and expand our payment options across the globe, delivering
remittances into mobile wallets,” said Sobia Rahman, global head of account payout network for Western Union. “Extending our
network to TerraPay’s users will provide a convenient and automated channel that customers are looking for.”
“We are excited about this new alliance with Western Union. Uniting our strengths will play a pivotal role in expanding
TerraPay’s network into new markets and help migrant workers send money home to a mobile wallet or bank account, through a reliable
and convenient service,” said Ambar Sur, founder and CEO of TerraPay.
The Western Union® global account payout network connects to local banks, national payment
settlement switches, third-party payment processors, mobile wallets, prepaid and other card connections.
About Western Union’s Cross-Border Platform
Western Union’s cross-border, cross-currency money movement platform – including a robust digital footprint, settlement,
treasury and compliance infrastructure, a vast global retail network of over half a million locations, and the ability to send
money to billions of accounts and mobile wallets – sets the standard for international money movement. With operations in more than
200 countries and territories, Western Union’s platform processed an average of 32 transactions every second and moved $300 billion
in principal across 130 currencies in 2017.
Connecting the digital and physical worlds of money, Western Union’s technology stack, APIs, foreign exchange and settlement
engine, agent network, anti-money laundering and fraud detection capabilities make it one of the largest digital and physical money
movers for consumers around the globe. The company offers digital transactions in more than 50 countries and territories.
Approximately 70% of Western Union’s digital transactions globally now originate on mobile devices.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform
connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make
payments with speed, ease, and reliability. As of September 30, 2018, our network included over 550,000 retail agent locations
offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to
send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in more than
50 countries and territories to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130
currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for
better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information,
visit
www.westernunion.com.
About TerraPay
TerraPay is the world’s first mobile payments switch- a B2B transaction processing, clearing and settlement service for mobile
wallets. Our best-in-class technology serves as the interoperability engine that enables our partners’ customers to send and
receive real-time transactions across diverse payment instruments, platforms and regions.
We believe in the power of the mobile to transform financial inclusion, and are building the digital payment rails to fulfil our
vision of being able to send money to any mobile.
TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions, itself part
of the USD 18 billion Mahindra Group. TerraPay is registered and regulated in several jurisdictions. In the UK, it is regulated by
the Financial Conduct Authority (FCA).
WU-G
Western Union
Cristina Hoole
Mobile: +44-(0)7766 070978
Cristina.Hoole@wu.com
TerraPay
Sundeep Mehta
media@terrapay.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005331/en/