- Marqeta’s technology will be integrated into Western Union’s digital banking platform, meaning the latter’s entire remittance service can be offered online.
- This partnership will primarily focus on the European Market.
- Customers will be able to access Western Union services and funds via digital and physical cards.
Western Union has partnered with Marqeta, a leader in innovative payment and card services, to bring its international money transfers and remittance services online and into the hands of millions of customers across Europe.
This project is seen as another step in building the Western Union global brand to include digital infrastructure complementing its traditional retail operations.
Marqeta has been integrated into Western Union’s digital bank platform, allowing European consumers to access funds in real-time and across multiple currencies.
This offering will bring Western Union’s remittance service into the 21st century, with users able to send and access funds via a digital wallet or physical Visa card.
Additionally, Western Union will be able to quantify card activity and create new products, enhancing its omni-channel offerings.
Western Union decided to take this step with Marqeta, who has worked with other well-known companies such as Klarna and Yapeal.
In a statement, Tom Mazzaferro, Western Union’s Chief Data and Innovation Officer, said: “Given our global footprint and strong reputation, any new service has to be extremely robust, resilient, scalable, and secure.
It is vital to do this right and work with best-in-class providers and it was clear that Marqeta was a great choice for card issuing.”
This alliance will also enable Western Union to continue entering new markets with ease and a customized approach.
The creation and design of the card was a joint project of the two companies.
“This hugely complex project was an exciting challenge, so we are very proud of the product we have all built," said the European Strategy Director of Marqeta Europe, Anna Porra.
"At a time when customer expectations are rising, creating a data-driven solution that leverages modern card issuing technology, as well as the expertise of an ecosystem of global partners, is critical to help gain a share of wallet.”
Western Union will offer international money transfers, remittance services, and cross-border payments to their customers via a network of retail locations and digital networks – connecting millions of bank accounts and enabling consumers to send money between over 200 countries.
Please refer to our reviews pages for up-to-date information about the burgeoning partnership.
