Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more
The money transfer industry never seems to sleep. This week we have seen some interesting moves amongst established players and new companies. Some seek continued relevance in the market, while others are expanding to new territories.
Western Union Further Collaborates with Mobile Messaging App Viber
On Wednesday (December 7, 2016) Western Union announced that they will be further collaborating with Mobile Messaging App Viber in the UK. The technology released by the duo allows money to be transferred within the chat interface of Viber. This technology is particularly unique, because the entire process, from start to finish, can be completed within the messaging app, rather than leaving the app in order to complete the money transfer. The app gives Viber users the ability to transfer money both domestically and internationally to more than 200 different countries and territories.
This is not the first product of teamwork between payments giant Western Union and Viber. Earlier in 2016 the same service was announced for US Viber users. According to Western Union Executive Vice President of Global Operations and Technology and CTO David Thompson, “Western Union’s imperative has always been to make the money transfer experience for our customers convenient and fast. This means continuing to invest in technology to provide choice for the customer to send money when and where they would like to do so.”
To promote this new launch, Western Union customers transferring money via Viber will not be charged a transfer fee - but only for a limited time.
WorldRemit Opens New Remittance Routes to Africa and Asia via Xpress Money
Earlier this week (December 6, 2016) WorldRemit announced that its customers will be able to make secure, instant payments via Xpress Money’s agent partner network. Xpress Money has locations in 160 countries, with 180,000 live payment locations throughout the world. The partnership between WorldRemit and Xpress Money will give WorldRemit customers access to Algeria, Egypt, Ethiopia, Fiji, Lebanon, Pakistan, Sri Lanka and Tonga. Following the launch of money transfer to live agents, eventually payment recipients will be able to receive payments via bank accounts and mobile wallets.
Ismail Ahmed, founder and CEO of WorldRemit, said of the launch, “We want to offer our customers the widest and most convenient choice of payout options. Xpress Money is a trusted and dependable money transfer brand with a fantastic network of agents across the world. Our partnership will extend our footprint into new territories and will enable even more people to make secure, instant money transfers.”
Facebook Messenger Eyes Europe
Facebook launched peer-to-peer payments on their American site in March of 2015. The money transfer industry has been wondering when it would be time for Facebook to launch this service in other countries. Facebook Payments International Limited was granted an e-money license from the Central Bank of Ireland in late October, fueling speculation that money transfer within their European networks may be happening soon.
Because Ireland is a member of the European Union, this license will apply to all members of the European Union, effectively opening up a European market for money transfer within Facebook. Facebook issued the following statement to TechCrunch, “Facebook Payments International Ltd. (FBPIL) is pleased to confirm we have been approved authorization as an electronic money institution by the Central Bank of Ireland (CBI) This license enables us to roll out products like charitable donations on Facebook or peer-to-peer payments via Messenger in Europe, as we have in the U.S.”
Will Facebook eventually be able to facilitate international payments through the Messenger app as well? Time will only tell, but we are looking forward to seeing how Facebook might shake up the money transfer industry.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency
brokers for sending money abroad. The website and the information provided is for informational purposes
only and does not constitute an offer, solicitation or advice on any financial service or transaction.
None of the information presented is intended to form the basis for any investment decision, and no
specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees
of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all
responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly
or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action
resulting therefrom.
We use cookies at fxcompared.com so that you get the best user experience. If you continue to use our website we will take this as meaning that you agree to our use of cookies. If you want to find out more about cookies please see our cookie policy.
