- US-based international transfer provider to partner with leading mobile banking app in South Korea
- Deal will open more payment options for Koreans both at home and abroad
- Customers can expect greater flexibility, speed and convenience in online money transfer services
Western Union, a US-based global leader in cross-border payments, has just announced a partnership with South Korea’s most popular mobile banking app. The agreement with kakaobank will provide international money transfers to users in Korea and around the world through the app.
Over 6 million Korean citizens and expats use kakaobank, and the deal will give these users access to more than half a million Western Union agent locations in 200 countries around the world, including the United States and Canada. Mobile app users will be able to send or receive remittances 24/7 right from their smartphones or mobile devices.
This partnership represents a wider industry trend, where traditional money transfer services are linking up with mobile and fintech providers to offer consumers greater choice, flexibility and convenience when sending and receiving international payments.
According to recent data, Korea is ranked the most digitally connected nation in the world, with 94% of adults having a smartphone and 96% of adults reporting regular internet usage.
“With the increased popularity of mobile banking, providing customers with convenient digital money transfer services in addition to retail services, is key to serving their needs,” said Western Union Global Money Transfer President Odilon Almeida. “We are delighted to work with kakaobank to bring digital, cross-border money transfer services to customers in Korea and those wishing to send money to Korea from around the world.”
Western Union launched its services in Korea in 2001 and now has more than 4,300 physical agent locations across the country.
To see how Western Union stacks up against the competition for remittances to South Korea and beyond, read our detailed money transfer comparison guide here.
