Western Union Expands Cross-Border Payments Partnership With Mercado Pago
Western Union and Mercado Pago are extending their relationship and widening a cross-border payments channel between the United States, Canada and Mexico.
U.S. and Canadian customers can now send money from Western Union’s mobile app, its website, or from one of its retail locations to Mercado Pago wallet accounts in Mexico, the companies said in a Wednesday (Feb. 21) news release.
The partnership with Mercado Pago reinforces Western Union’s role in helping Mexicans send money globally using digital and retail channels, according to the release.
“Western Union and Mercado Pago collectively share a mission to increase customers’ access to digital and traditional financial services,” said Claudia Reyes, vice president and general manager of Western Union Mexico in the release. “As we build on growth and innovation across Mexico and its key corridors, we are excited to continue our work with Mercado Pago while providing choice across digital and physical channels for our customers.”
After money has been sent through the Western Union app, Mercado Pago wallet account holders in Mexico can withdraw the cash for free using a debit card at thousands of ATMs and stores, the release said. They can also use the money to pay for services directly through the Mercado Pago app or transfer the funds to others.
“The growth of our relationship confirms that we are improving a vital transaction for millions of families in Mexico,” Mercado Pago Mexico General Manager Pedro Rivas said in the release. “Our goal is to become the best banking app to receive remittances in Mexico and now with this development, we can also become the simplest option for those who send remittances from the United States and Canada.”
The partnership comes four months after Western Union announced a similar collaboration with Paysend. The two companies partnered on cross-border money transfer services.
The integration with Paysend offers users an additional direct-to-card payout option, enabling Western Union customers to send money directly to Visa and Mastercard debit cards.
That partnership aims to provide efficient cross-border money transfer capabilities to customers using Western Union’s digital platform.
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