Visa and Western Union to Bring Speed, Simplicity and Transparency to Global Payments
Once Western Union’s implementation of Visa Direct is live, Western Union will be able to offer customers an expedited remittance service onto cards with more transparency and an enhanced user experience for both senders and receivers. Western Union and Visa share a vision for modern money movement; this expanded service is intended to make cross border payments more reliable and efficient than ever before.
Nearly $80 trillion (US) of money is sent via a wire transfer or bank account globally today, but the process is harder and more complex than it should be. Money can take days to arrive because of outdated, multi-step, costly methods. 85% of all transactions are still in cash, or other physical currency. The digitization and improvement of these solutions are core to both Visa’s and Western Union’s payment modernization strategies.
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