SAN FRANCISCO—Visa is reporting it has entered a seven-year agreement with Western Union to help the latter’s customers send money to their family and friends’ eligible Visa cards and bank accounts in 40 countries across five regions.
As a result of the collaboration, Western Union customers will also be able to receive Visa prepaid cards in select markets offering an innovative solution that bridges the physical and digital world, Fintech Times reported.
Countries covered by the partnership include the U.S., Canada, U.K., Turkey, Romania, Poland, Philippines, Indonesia, Hong Kong, India, Pakistan, Mexico, Colombia, Brazil, Peru, Egypt, Kenya and Uganda.
The agreement encompasses card issuance, Western Union’s integration with Visa Direct, and value-added services delivery including risk products, Fintech Times said.
What’s Being Developed
Western Union and Visa said they are also developing disbursement programs for humanitarian organizations and governments to support the delivery of critical funds during a disaster.
The programs intend to support emergency and humanitarian payouts, cross-border pension payouts, and domestic benefits and disbursement payouts, Fintech Times, according to the report.
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