Western Union's digital wallet arrives in Latin America
Through various recent business moves, the cross-border payments firm seeks to accelerate its launch in the region.
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Te Enviei, a digital wallet located in Brazil, was recently acquired by Western Union in the midst of its strategy to accelerate the time to market the financial ecosystem offers of the renowned payment and currency exchange firm in the South American country.
The initiative comes after the successful introduction of the company's digital banking in Europe in February 2022, a milestone that undoubtedly anticipated the interest in reaching Latin America with this new portfolio of services and which is expected to be active in the first half of 2023.
We are changing the way we interact with our customers today, moving from a transactional business to a customer-centric, relationship-based approach.
Brazil as a Starting Point
Western Union, through a new strategy that seeks to expand its value proposition for customers, presents them with a set of digital financial services that will allow them to store funds, send money abroad and to the country, pay bills, among others, all with the ease of mobile devices.
“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 explained.
For his part, Ricardo Amaral, President of Western Union Brazil, noted: “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.”
More information about the Company's strategic plans, including those regarding its digital banking offerings, will be shared at its upcoming Investor Day on October 20.
About Western Union
Western Union's platform provides seamless cross-border flows and its leading global financial network links more than 200 countries and territories and approximately 130 currencies. It connects consumers, businesses, financial institutions and governments through one of the world's most far-reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a major global network of retail stores.