International remittance giant Western Union inked a deal with financial technology company Thunes to improve its abilities to send funds to mobile wallets in emerging markets.
The agreement means users of Western Union’s network of agents around the world will be able to transfer cash directly to mobile wallets provided by companies connected to Thunes’ network.
In a statement, the partners said the deal would enable greater financial access for consumers in developing markets by offering services direct to mobile wallets or bank accounts.
Western Union global head of account payout network Sobia Rahman said: “Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.”
Thunes is a rebranded segment of Singapore-based financial technology company TransferTo, which runs a remittance hub focused on providing access to mobile wallets in developing markets. It has previously signed a number of deals with operators and payment processing companies.